Cambodia's startup scene is developing rapidly in recent years. Numerous startups are turning up on the scene, with over 300 tech startups currently operating in the country and the number is estimated to double over the next 3 years. Though this is undoubtedly good news, many founders come with the preconception that launching a startup is easy. The mindset that 'anybody can do it' and the possibility of 2-hour work days and millions of dollars payout makes for some false enthusiasm and positivity. Though starting up might not be as easy, surviving is an even more cutthroat business. This is where startup incubators and accelerators come in. They play an important role in preparing founders and equipping startups with the physical and intellectual assets that will give them the best chance of success.
In this article, we have compiled a comprehensive list of startup incubators and accelerators in Cambodia. They have been subdivided into applicability for startups in their 'ideation', 'launch', or 'growth' stages, so you would be able to find a program that'll help you navigate your next steps at any stage!
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WHAT IS THE DIFFERENCE BETWEEN A STARTUP INCUBATOR AND AN ACCELERATOR?
Before we delve into the list of accelerators and incubators, let's first discuss the two entities.
A startup incubator is designed to 'incubate' an idea from inspiration to launch. In an incubator, you can start out with just a rough idea and they'll provide the environment and mentoring so you can come up with iterations that'll become your main business proposition. As such, a business incubator is oftentimes more flexible and doesn't adhere to a particular schedule. However, it is not to say that getting into an incubator is easy, as startups also need to go through a selection process to get in.
Once selected, startups may need to relocate to a specific location closer to the incubator. In many instances, incubators provide shared space in a co-working environment for you to work and get connected to other entrepreneurs in the local community. In this space, you'll engage in various activities that will help you develop your ideas and validate your business plans. You might also get involved in networking events that'll get you in touch with investors or strategic partners within the startup ecosystem.
A startup accelerator is designed to speed up the growth of a new business, either to launch locally or scale internationally. As such, your startup needs to be in a position ready for such growth - you should already have a validated idea that is ready for the market. You'll go through intensive learning sessions within a strict schedule to refine your business offering and model. Essentially, you'll learn years of knowledge and build your business in a matter of months. At the end of the program, you'll have the opportunity to pitch to investors and venture capitalists to obtain further funding.
To support these activities, startups usually receive a small seed investment and access to experienced mentors that'll guide them through the process and provide valuable input for business strategies. For early-stage startups, this network of mentors, industry expertise, and professional advice are the most valuable aspects of the accelerator program. However, getting into a startup accelerator is quite tough. There are a large number of applicants and the selection process is rigorous and competitive, with each program accepting only a very small number of startups to participate. Hence, it is important for you to prepare your applications thoroughly to increase your chances of being selected.
As can be seen, both incubators and accelerators share similar characteristics. Though comparing them directly can be quite difficult, there are key differences that make each program unique. For instance, an incubator is directed at startups at the ideation stage, focused on mentoring, and oftentimes features a coworking space. Meanwhile, accelerators are targeted toward startups with validated ideas that are ready for the market and focused on financing and/or preparations for fundraising. The question to which you should apply completely depends on your circumstances, however, the above outline should help inform you of your decision.
FULL LIST OF STARTUP INCUBATORS AND ACCELERATORS IN CAMBODIA
Ideation Stage Startup Incubators in Cambodia
The complete list of ideation phase incubators in Cambodia:
Who is it for: Early startup with a team
Need to have an idea: Yes
Focus: STEM
Duration: -
The GIC Incubation Center is an initiative by the Department of Information and Communication Engineering at the Institute of Technology of Cambodia, a STEM-focused university in Cambodia. To promote startup creation in the field of STEM, the incubation center supports students with business ideas or researchers with R&D activities with basic facilities and pre-incubation activities. Like many incubators, they offer office space and meeting rooms to work from, as well as activities such as training, workshops, seminars, competitions, and conferences. They will help teams connect with mentors that will guide them in developing their business ideas, business models, and business plans, and facilitate networking with experts and investors for their next steps.
Who is it for: Early startup with a team
Need to have an idea: Yes
Focus: Technology
Duration: -
Startup Cambodia is the official government initiative led by the Ministry of Economy and Finance to support the development of local startups and the startup ecosystem in Cambodia. Though not an incubator per se, they are a national platform where you can access resources and information about startups and programs related to startup-building in Cambodia. They list information on various programs such as mentoring programs, hackathons, and challenges, so it is a great place to find any kind of support programs that may be of interest. It is also a space where you can find information and get connected to other founders, mentors, entrepreneurs, investors, and parties of interest.
Who is it for: Early startup with a team
Need to have an idea: Yes
Focus: Information and Communication Technology
Duration: -
Recognizing the advance of digitalization and the digital economy, The National Incubation Center of Cambodia (NICC), backed by the Korean International Cooperation Agency (KOICA), is an initiative to promote the implementation of ICT technology in business ventures. The NICC actively organizes training events, workshops, and seminars revolving around information technology, communication, business, and marketing topics to help participants explore the use of technologies to construct innovative solutions. They also hold the Bandos Digital Startup program, an annual competition that includes training, mentoring, pitching opportunities, and a chance to receive a total of US $10,000 for winning teams.
Who is it for: Early startup with a team
Need to have an idea: Yes
Focus: Technology
Duration: -
To harness the power of technology for social good, Tek4Good is an incubation center that provides an enabling environment for startups in Cambodia through mentoring, networking events, and office space facilities. They offer business coaching to help startups learn about business development and other relevant skills. They also host regular events such as monthly skill-sharing events, discussions, summits, and seminars, where you'll get to network with and learn from inspiring entrepreneurs, technologists, and other players in the startup ecosystem. Like all incubators, they provide a working space that is fully equipped with projectors, conference rooms, and other facilities. There, you'll meet and work alongside other startup residents such as PhsarTech, Solution-BI, Bi-Kay, and Kokopon.
Who is it for: Aspiring entrepreneurs with an idea and seeking cofounder, Early startup with a team
Need to have an idea: Yes
Focus: Technology
Duration: -
To support Cambodian founders and foster entrepreneurship in Cambodia, the Royal Government partnered with 500 Global, a venture capital firm and renowned accelerator, to launch the Angkor 500 program. Having worked with over 6,000 founders representing more than 2,500 companies around the globe, they leverage their extensive experience and a global network to take startups to the next level.
In the Angkor 500 program, they offer 4 core programs for various purposes: Team Formation programmes, Business Activation programmes, Global Accelerators, and International Showcases. The programme is divided into 3 phases following the growth cycle of startups: beginning from Startup Generation, where selected founders participate in team-building initiatives and develop and test the initial product and business model. It is followed by a Global Accelerator with a focus on broadening the customer base and preparation for fundraising. Finally, selected teams will participate in an International Showcase to meet and pitch to corporations, key industry players, and partners from the 500 Global and Khmer Enterprise network.
Launch Stage Startup Incubators and Accelerators in Cambodia
The complete list of launch phase incubators and accelerators in Cambodia:
Who is it for: Early startup with a team
Need to have an idea: Yes
Focus: Health, Water Sanitation and Hygiene, Village-based Micro Enterprises, Female-specific
Duration: 6 months
Created by SHE (Support Her Enterprise Co., Ltd), a social enterprise in Cambodia, the SHE Incubator program is specifically designed to support women entrepreneurs with micro-sized businesses. A gender-specific program, the program involves business training and mentoring that takes into account the gender and cultural lenses of female Cambodian entrepreneurs. As such, the program itself is delivered in Khmer language by Khmer female facilitators who understand the specific business challenges that these entrepreneurs face and how to address them.
The curriculum revolves around building up skills and financial literacy not just in business but also at home, so that women can increase their income and decision-making power in their businesses and in their households. Empowering women to become leaders in their communities, the program is open to rural and urban-based micro and informal enterprises across all sectors.
Who is it for: Aspiring entrepreneurs with an idea and seeking cofounder
Need to have an idea: Yes
Focus: Social Enterprise
Duration: 3 months
Looking for youth changemakers, the Changemakers Social Incubator is aimed at young people who can come up with innovative solutions to challenges faced by the community. The program is designed in a unique way, as participants will first join a hackathon to come up with a project that responds to a certain topic. Then, participants will be given a $1,000 grant and work with some women entrepreneurs to implement the project, with the aim to bridge the gap between youth and women entrepreneurs.
Winners will then participate in a study tour in Battambang and receive training and mentoring from Impact Hub Phnom Penh to further implement the project. After the completion of the project, the winners and the women entrepreneurs will present the results and learning experiences on the topic to the local government, which will be used to develop initiatives that will impact the community.
Who is it for: Early startup with a team
Need to have an idea: Yes
Focus: Digital SME
Duration: 17 weeks
With the mission to ignite innovation and lift up Cambodia, the Royal Government set up the Techo Startup center as a co-innovation hub between Cambodian entrepreneurs and young talents. The center provides incubator, accelerator, and research and development programs to help build and nurture successful tech startups.
The Digital SME Accelerator program is designed to help startups move from concept to execution - starting from the creation of a minimum viable product. To do that, you'll receive training regarding the fundamentals and tools of business-building, as well as coaching and feedback on your product, market, and business model. To support all your business activities, they also offer services such as specialized training programs to increase your knowledge, mentoring to guide your direction, and connections to talent and investment to grow your businesses.
Who is it for: Early startup with a team
Need to have an idea: Yes
Focus: Technology
Duration: 3 months
Designed to accelerate your startup to launch, the Startup Accelerator program will guide you through the process with structured training programs and personalized support. The learning sessions will be built around three key pillars: marketing/sales, data and metrics, and fundraising and financing. Guided by trainers experienced in building tech startups, you'll learn about building your customer base through a customer-centric mindset, develop growth hacking strategies for your startup, and demonstrate proof-of-concept. At the end of the program, you'll have the opportunity to showcase your business to potential angel investors and venture capitalists, as well as to the impact community, your friends, and your family.
Who is it for: Early startup with a team
Need to have an idea: Yes
Focus: AgriTech
Duration: 6 months
Passionate about improving the lives of smallholder farmers and rural youth, the SAAMBAT Digital Agriculture Accelerator supports agri-tech entrepreneurs that leverage technology to improve efficiency in the agricultural value chains. The program is designed to get startups ready to launch, starting from the formation of a business model to the creation of an MVP and customer validation. You'll receive masterclasses in business and technology topics, technology-oriented mentoring programs, and access to the KAS Core Platform API for digital outreach activities and support. The program is equity-free, but it also comes with a strict set of requirements that you can check on their website.
Who is it for: Early startup with a team
Need to have an idea: Yes
Focus: Agriculture
Duration: 2 months
The DakDam Incubation program is an entrepreneurship training program for founders with innovations positively impacting the agricultural sector in Cambodia. In particular, they have 4 focus areas: 1) processing vegetables, fruits and food, 2) agricultural technology, 3) community involvement, and 4) agricultural methods, training, rehabilitation and rotation planting in Sangkha cycle.
To help launch the business into the market, agriculture entrepreneurs will go through a series of workshops, mentoring, and training by experts in the field. You'll also receive a chance to present your business to investors, strategic partners, and the public, as well as connect with Impact Hub's national and global network to promote and grow your business.
Who is it for: Early startup with a team
Need to have an idea: Yes
Focus: Sector Agnostic
Duration: -
FYT101 is a business acceleration program that aims to turn businesses into investment-ready startups. From the idea stage to exit, the program will guide high-growth startups in all areas such as developing a business plan, structuring the company, setting up the legal paperwork, preparing a pitch deck, presenting to investors and banks, and closing deals. You'll be introduced to potential partners and investors in their network for fundraising opportunities and gain access to IT specialists and legal and accounting professionals when needed.
Who is it for: Early startup with a team, Mature startup with a team
Need to have an idea: Yes
Focus: Solar Technology in Agri-Fishery
Duration: 1 year
As the name indicates, the Switch to Solar Startup program supports the use of solar technology for businesses in the agri-fishery market. They offer a hackathon, pre-incubation, incubation, and acceleration programs that target all startup stages from ideation to validation, launch, and scale-up.
The hackathon will encourage the exploration of ideas and business solutions involving the use of solar, followed by pre-incubation that will take you through the business validation process and prototyping. The incubation will then provide teams with a validated business concept with training, mentoring, and funding to get your business to launch and reach customers, followed by an acceleration program to scale up the established businesses through investment-readiness training, technical mentorship, and networking with potential investors.
Who is it for: Early startup with a team
Need to have an idea: Yes
Focus: Sector Agnostic
Duration: 10-15 weeks
Part of the Cambodian-Japan Cooperation Center (CJCC), the CJCC Accelerator is aimed at seed and early-stage startups who are getting ready for investments and seeking funds for growth. The program is broken down into two phases: First Phase to develop business capacities and Second Phase to provide business matching and fundraising opportunities.
The First Phase of the program involves intensive workshops and one-on-one mentoring brought by Cambodian and Japanese business professionals. You'll learn topics around business fundamentals such as business model validation, financial management, team building, and marketing. Selected startups will be eligible to enter the Second Phase of the program, participating in an online demo day and business matching to Japanese and Cambodian companies along with an actual visit to Japan.
Who is it for: Early startup with a team
Need to have an idea: Yes
Focus: Sector Agnostic
Duration: 6 months
Powered by the Cambodian Investors Community Association, the BIO business accelerator program is targeted at early and later-stage businesses to provide them with access to knowledge, market, finance, and expertise that will help catapult their growth. Involving training sessions and workshops, company diagnosis, mentoring sessions, strategy development bootcamp, and financing access support, the program is comprehensive and covers all the basis of startup development.
Although the program is fee-based, you'll receive numerous benefits from joining the accelerator. Guided by experienced professionals and successful entrepreneurs in the field, you'll build your business capabilities and skill set. By tapping into CiC's data coupled with knowledge sharing, you can get invaluable insights into the industry's emerging trends, benchmarks, customer trends, strategy and operations, which will help you build a solid business growth strategy. They also provide numerous financing options, such as debt investment, equity investment, strategic investment, angel investment, and other investments under the management of CiC Plc., CiC Capital Partners, and other partners.
Growth Stage Accelerators in Cambodia
The complete list of growth stage accelerators in Cambodia:
Who is it for: Mature startup with a team
Need to have an idea: Yes
Focus: Technology
Duration: 6 months
Aimed at startups poised for expansion, the Startup Factory Investment Readiness Programme will build upon startups' existing growth to make them attractive for investments. Brought to you by trainers and mentors who have experience in running tech startups and raising funds, you'll go through a structured learning program built around 3 pillars: Lead, Build, and Grow. You'll focus on building your leadership capacity, startup acumen, and an effective customer-centric technology startup. You'll also receive tailored one-to-one support that will evaluate your startup's KPIs and implement a roadmap for the startup's growth and fundraising activities. At the end of the program, your startup will be well-prepared and well-positioned to welcome both local and international investments.
Who is it for: Early startup with a team
Need to have an idea: Yes
Focus: Health and Wellness
Duration: 7 months
The Lafiya Innovators is a health incubation program that supports and accelerates early to growth stage startups solving a pressing issue in healthcare. In particular, they seek startups directly impacting the UN SDG 3: Health and Wellbeing, in the areas of clinical care, public health, community health, nutrition, hygiene, and other core operational areas.
As part of the program, you'll receive coaching for your own personal development and tailored mentoring and support, along with business masterclasses delivered by health industry experts and business experts. Most importantly, you'll learn how to conduct regular field trips with target beneficiaries and analyze the results of prototype testing and business models to strengthen your business strategy. After the incubation, the top 3 ventures will be selected to join a field trip to Switzerland for an ecosystem tour alongside winners from Dhaka, Medellin, and Accra. In addition, each of the winning teams will receive CHF 10,000, equivalent to USD 10,131 for prototyping purposes.
Who is it for: Early startup with a team
Need to have an idea: Yes
Focus: Clean-Water
Duration: -
The BIO Water Program is a paid acceleration program for entrepreneurs and startups in the Clean-Water industry, collaborated by the Cambodian Investors Community Association and Water Partners Cambodia. The program involves workshops and training that doesn't just focus on business management, but also on the soft skills and technical skills of founders. Productivity enhancement, cash flow management, and business negotiation are some of the topics discussed in the workshop, along with specific water treatment and water-related techniques.
The interesting part of the program is the company diagnosis, where your company will go through a 'health checkup' to identify issues in daily operations or barriers to strategic development. Then, you'll engage in mentoring sessions where you can meet with relevant mentors to receive input and discuss resolutions regarding the challenges. Finally, for startups in need of financing, you can gain access to financial solutions such as debt and equity investment, strategic investment, and angel investment provided by CiC partners.
Who is it for: Early startup with a team
Need to have an idea: Yes
Focus: Services of Tomorrow, New Enterprise, Sustainability, People and Wellness
Duration: -
Coordinated by EY, one of the Big Four accounting firms offering a range of professional services, EY Foundry is a virtual incubator operating across Oceania and ASEAN markets. Driven by the business challenges and opportunities in the field, they are looking for tech startups that can add value to the EY business and the professional services industry.
The program includes interactive workshops that will help you test and validate your idea and refine your strategy for international expansion. Leveraging deep EY insights, extensive experience in the technology field, and deep networks of EY global clients, you'll develop your startup to be fit for a global scale.
Closing Thoughts on Joining a Startup Accelerator or Incubator in Cambodia
To birth and grow a lasting startup, one shall require the essential resources, the right talent, a nurturing ecosystem, and a strong community of supporters and collaborators. Some of these things are what accelerators and incubators can provide for you. However, there is one thing that often gets overlooked in the process.
Building a startup requires sacrifices. Oftentimes founders have to take on a huge responsibility with loads of pressure. It is a long journey to success - one that might take years to see the fruits of labor. In that sense, finding the right accelerator or incubator is crucial - it will be your starting point to develop the right mindset and gain a support system to fall back on when you need help navigating the challenges of starting up your venture. On some days, it might just be the place to assure yourself of your commitment to your startup, and why you did it in the first place.
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