Impact Hub Phnom Penh is partnering with Toyota (Cambodia) to set up a new entrepreneurship program with about $10,000 in funds to support young innovators who create solutions to challenges surrounding transport, smart cities, road safety and the environment.
Impact Hub is the largest community and co-working space for entrepreneurs, creative and techies in Phnom Penh.
Impact Hub Phnom Penh is a member of Impact Hub, a global network of community space.
The program, called, Toyota Impact Challenge, is due to launch on April 7 at Impact Hub Phnom Penh. The first entrepreneurship program in Cambodia is to focus on transport and road safety.
The program aims to raise awareness of these largely untapped sectors and inspire youth to become passionate leaders in these fields.
Olivia Hough, managing director of Impact Hub Phnom Penh, said that the Toyota Impact Challenge’s goal was to help young innovators through the most difficult part of developing a venture – the first few steps and access to funding.
“We will support entrepreneurs to create an impact-driven product and a business plan that can realistically grow, attract investment, and most importantly, create a positive impact,” Ms Hough said.
Hiroyuki Itoh, president of Toyota (Cambodia) said that by supporting the startup ecosystem in transport, smart cities, environment and road safety, it was possible to create more collaboration and potentially new, innovative services between Cambodian entrepreneurs and Toyota Cambodia.
Impact Hub says applications will open on April 7, and ten teams will be selected to go through an intensive two-day boot camp. They will have one month to validate their ideas and prepare to pitch their venture in July.
Three team will be selected to go through incubation for six months at Impact Hub Phnom Penh, where they will receive tailored, mentoring, master classes, an inspiring workspace (IHPP’s co-working space) and access to Impact Hub’s extensive local and international network.
“Three teams will once again pitch their ideas at the end of the incubation period for the chance to win $10,000 to fund their venture,” Impact Hub said.