Aiming to recognise and encourage the most outstanding and active young Cambodian entrepreneurs who have contributed to the growth and prosperity of the country, the Young Entrepreneurs Association of Cambodia and Junior Chamber International founded the first national-level award, the Cambodia Young Entrepreneur Awards, in 2015. Drawing participation from many people from various kinds of business, organisers recently announce the fourth competition, Cambodia Young Entrepreneur Awards 2018, at Sokha Phnom Penh Hotel and Residence last week.
According to Kouch Pheng, national president of YEAC, this competition is really beneficial to all young entrepreneurs, as it helps them better understand the level of capability at which their companies need to operate. They can also get access to business opportunities and developments.
“Once applicants fill out their application, they will know what criteria their companies should be adding and strengthening in order to be sustainable. It is a crucial way for companies to understand their weaknesses,” said Mr Pheng.
He added that there are also prizes and benefits for award winners. He said the prizes can show that the companies are being led very effectively and making good progress. They are intended in part to encourage them to do better as well as to establish broader networks. This plays a role in developing society and the economy of the country. It also helps to create friendship, connections and support platforms, and well as spread business information, references and profiles, he said.
“Once companies are growing, the demand for staff will come along. So then it creates a larger market job for Cambodians. If good leadership exists, staff will learn from their leaders and be good leaders afterwards. It is not only about making job market but also building knowledge and soft skills too,” said Mr Pheng.
He added the competition will allow the applicants to make company presentations and will be committees set up.
Applicants have to go into a room where they will be judged and given a critical evaluation and score for their business impartially and fairly.
The Cambodia Young Entrepreneur Awards 2018 will be given to young entrepreneurs in more than five provinces including Siem Reap, Battambang, Preah Sihanouk, Kampong Cham and Kandal. It is aimed at encouraging entrepreneurs from diverse areas to participate.
For those who want to apply, please follow the instructions below:
- Entrepreneur must not be over 45 years of age (on April 29 of the Awards Year)
- Entrepreneur shall not have enterprise or business relations with judges and project orgainsing committees such as shareholders, board directors or board members of JCI or YEAC.
- The business must have been founded in Cambodia and legally registered and operating in Cambodia for a minimum if two consecutive years and beat least 51-percent owned by a Cambodian national. (The exception is the Start Up category, in which the firm must have operated for under two years.)
- Prohibited industries: gambling, illegal logging, tobacco and alcohol
- The business shall have at least 5 permanent full-time staff.
- Women are encouraged to apply.
For Business Association nominations: A business or professional association can nominate one of their members for one of the award categories using the Nomination Form. However, they still need to fill in the offline application form.