The Ministry of Posts and Telecommunications yesterday announced that Phnom Penh will host this year’s regional Seedstars competition, a prestigious tech startup contest.
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Seedstars Asia Summit will be held in November in the Cambodian capital, according to the ministry, with the winner receiving up to $500,000 in equity investment.
Leading up to it, a national competition will be held in October, with the winning startup gaining a ticket to participate in the regional contest.
The application process is now open for the national contest. To qualify, applicants must have a minimum viable product and no more than $500,000 in funding to date.
Dr. Kan Chanmeta, secretary of state at the Ministry of Posts and Telecommunications, said 18 countries across Asia will be represented in the regional contest.
He noted that the winner of the regional summit will compete at the next level, Seedstars Global Summit, which will be held in Switzerland sometime next year.
“We invited Seedstars to come to Cambodia and host their competition here in an effort to boost the startup ecosystem in the Kingdom,” Mr Chanmeta said.
A local startup, Joonaak Delivery, came first at last year’s Seedstars Asia Summit, which was held in Bangkok, Thailand.
Joonaak Delivery CEO Jay Kong said participating in the contest alongside Asia’s leading startups gave him great insight into his own business and where it stands.
He said he learned a lot about growing his startup and met many potential investors.
“It was a great opportunity to showcase my business at a regional level,” he said. “It is more than just competition.”
According to the Ministry of Posts and Telecommunications, there are about 300 tech startups operating in the Kingdom.