Supporting startups in Cambodia became a key aim for the government during the COVID-19 pandemic. It is why Khmer Enterprise, a state entity under the Ministry of Economy and Finance, was launched. The organization’s goal is to ensure startups in the country can be competitive with their regional peers.
While startups in Cambodia may still trail those in countries like Singapore and Indonesia, the gap may be closing. Khmer Enterprise has grown in stature while providing much needed assistants to newly created companies.
“Since our inception, we have supported thousands of companies. However, it is important to note that hundreds of thousands of companies are aware of KE’s commitment to supporting local businesses,” Chhieng Vanmunin, Khmer Enterprise CEO, told the Phnom Penh Post. “At Khmer Enterprise, we have established numerous projects. Although we initially had fewer team members, we began our journey with determination and mobilized human resources. Currently, we are actively working on nearly 300 projects. Our project portfolio has grown gradually, and we now have a substantial workforce dedicated to this cause.”
This success has led to the creation of a new startup ecosystem and investment program. Khmer Enterprise, in conjunction with Swisscontact and co-sponsored by the Swiss Agency for Development and Cooperation (SDC) and the Korea International Cooperation Agency (KOICA), has launched the Enhancing Entrepreneurial Ecosystem and Investments (3Ei) scheme.
The 3Ei program is seen as the next step for Khmer Enterprise as it works towards supporting startups in Cambodia. The hope is that this unlocks the country’s entrepreneurial spirit while making it a more desirable investment destination.
“We believe in the power of strong partnerships. Sometimes, we allocate our budget to capable partners for project implementation. We acknowledge that when we handle everything ourselves, we may lack objectivity. Therefore, partnering with organizations who can provide valuable assistance is crucial,” Chhieng explained. “We design and organize our own programs and actively seek partners to collaborate on their implementation. Swisscontact is one such partner with whom we are working. As we have numerous programs to execute, it is impossible for us to undertake all of them independently. Therefore, finding capable partners who can support us is essential.”
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Khmer Enterprise not alone in supporting startups in Cambodia
Another organization supporting startups in Cambodia is the Startup Cambodia National Program. It provides access to digital platforms, seed funding and research. A recent ADB report noted that the Cambodia Digital Economy and Society Policy Framework are among the key policies supporting growth in this sector.
However, the number of startups in Cambodia remains low compared to its Southeast Asian neighbors. At the end of 2021, there were 90 startups registered with the Startup Cambodia National Program. Another major incubator said it had roughly 150 active members.
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