The San Francisco based 500 Startups, the most active global early-stage venture capital firm is bringing its world-class startup programming and will help drive the formation and scaling of technology-driven startups to Cambodia.
The announcement was made during the partnership with Khmer Enterprise, the firm which is launching Angkor 500 to support entrepreneurs in their efforts to establish startups and prepare for regional expansion.
Over the initial two-year partnership, 500 Startups will conduct a range of programs to accelerate the development of the Cambodia ecosystem, including: The startup Generation programs that will bring together founders from throughout the country to form teams and technology companies, globalisation Bootcamps designed to improve the readiness of Cambodian startups for engagement with international markets and investors, and the international Showcases that will raise the global profile of the Cambodia ecosystem by connecting startups to key industry stakeholders and corporate partners.
Vongsey Vissoth, Minister Attached to the Prime Minister, Permanent Secretary of State of the Ministry of Economy and Finance and Chairman of Entrepreneurship Development Fund, highlighted that this program will ignite Cambodia’s vibrant entrepreneurial ecosystem with a broader base of digital enterprises, despite the operational challenges during the COVID-19 pandemic.
He said the program is intended to serve as a gateway for business founders to gear themselves up for the tech industry, and entrepreneurs will be able to plug into regional startups ecosystems. “This is one of the implementation plans of the Royal Government of Cambodia as articulated in Rectangular Strategy phase IV to accelerate a healthy environment for SMEs and innovative startups to become much more competitive when moving to the digital economy,” he said.