Cambodia Investment Review

RG & CIR Start-Up and Innovation Festival 2023: The Most Important Trends Impacting Startups in Cambodia

RG & CIR Start-Up and Innovation Festival 2023: The Most Important Trends Impacting Startups in Cambodia

Cambodia Investment Review

Rising Giants (RG) and Cambodia Investment Review’s (CIR) inaugural Start-Up & Innovation Festival Cambodia 2023, featured its second speaker panel discussion on “The Most Important Trends Impacting Startups In Cambodia”. The sold-out event took place on April 8 at FACTORY Phnom Penh and brought together leading players in the startup space from Cambodia and Southeast Asia.

Read more: RG & CIR Start-Up and Innovation Festival 2023: The Key Issues Impacting Venture Capital in Southeast Asia

The panel included Richard Yim of Quantum Engineering and Manufacturing as the moderator, Langda Chea of BookMeBus, Daneth Reasmey of Tenbox, Sopheakmonkol Sok of Codingate Technology, and Daniel Pacheco of Samai Distillery.

The growing impact of artificial intelligence 

The conversation began with moderator Richard Yim highlighting the growing impact of artificial intelligence (AI) and generative text technologies like ChatGPT on the business landscape. The panelists shared their views on implementing these technologies in their respective businesses.

Daniel Pacheco, founder of Samai Rum Distillery, commented on the potential applications of AI in manufacturing. He stated, “The obvious opportunities for this technology appear be more in marketing, content creation for social media, and even accounting. However, we are looking even beyond that now and how we can completely change our HR, financial decisions, and risk management.”

Daniel Pacheco, founder of Samai Rum Distillery, and Langda Chea, the founder of BookMeBus.

Pacheco also mentioned the potential for AI to assist in decision making and leadership roles, pointing out some companies have even taken it to the extreme of having appointed specifically trained AI Bots as their CEO or CFO Obviously not something for most companies but goes to show the transformative potential of this technology in all aspects of business.

Daneth Reasmey, founder of Tenbox, a wholesale e-commerce platform, compared the advent of AI to the internet boom in the 90s. Reasmey mentioned the company’s use of AI applications for design, which provides blog posts and photo captions. She  added, “Whether you want to or not, the next generation will be AI kids.”

Reasmey also emphasized the potential of AI to improve the efficiency of Tenbox’s operations, pointing out that the technology can analyze vast amounts of data to optimize pricing strategies, inventory management, and demand forecasting. By leveraging AI, Tenbox can offer a more personalized and seamless experience to its clients, improving customer satisfaction and retention.

Concerns about technology disruption 

The panel then addressed concerns about AI disrupting industries, with a focus on no-code programs lowering the barrier of entry for software development. Sopheakmonkol Sok, CEO of Codingate Technology, acknowledged the cost reductions and increased speed of development afforded by AI technologies like ChatGPT. However, he emphasized the need for experienced developers to review and ensure the quality and security of code produced by AI.

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“AI-generated code might be efficient, but it doesn’t guarantee flawless results,” Sok explained. “A human touch is still necessary to evaluate the code’s quality and security and make necessary adjustments. By combining the expertise of our developers with the efficiency of AI, we can deliver top-notch software solutions to our clients,” he added.

Sopheakmonkol Sok, CEO of Codingate Technology.

Langda Chea, the founder of BookMeBus, shared his experience using ChatGPT as an assistant in the tourism industry. He explained how the technology could improve sales service, customer support, and ticket management. Chea emphasized that technology should be used as a tool to work hand in hand with humans, rather than replace them.

“Robot-type technology has been around for years, and while many people thought it would replace humans, that still isn’t true,” Chea said. “We must use these tools to work together with humans, complementing our skills and abilities. In the tourism industry, it’s about how we can serve our customers better, and AI can help us achieve that through improved communication, faster response times, and a more personalized experience.”

New verticals or horizontals for businesses

The conversation shifted towards market expansion and the exploration of new verticals or horizontals. Daneth Reasmey revealed that Tenbox is considering expanding its product offerings, exploring logistics, financial products like credit lines, and new product verticals in fashion and cosmetics. By diversifying its portfolio, Tenbox can attract new clients and better serve existing ones, driving growth in the competitive Cambodian market, she commented.

Langda Chea highlighted the potential of blockchain technology as a game-changer for the Cambodian tourism industry. He explained that blockchain could help create a new economy for the sector by addressing existing issues and providing innovative workarounds. By embracing this technology, businesses can increase transparency, security, and efficiency in their operations, revolutionizing the way they serve customers.

Daneth Reasmey, founder of Tenbox.

Sopheakmonkol Sok discussed the importance of AI in enhancing communication and customer service in his company, Codingate Technology. He shared that one of the biggest challenges his company faces is the language barrier between project managers and clients. By leveraging AI-powered tools like ChatGPT, Codingate can improve communication and better understand customer needs, leading to more effective sales automation and client service.

Cambodia’s emerging industries and ideas 

Toward the end of the discussion, the panelists were asked about their plans if they had to start again from scratch in a new industry. Langda Chea said that he would focus on a niche market that leverages technology to succeed without large-scale funding. He shared his experience of building a grocery store ordering application during the pandemic, which proved to be a valuable learning experience.

Read more: Cambodia’s entrepreneurial ecosystem strengthening is underway with CAMESCO

Daniel Pacheco stated that as a startup founder, it is crucial to utilize technology to boost productivity and resource management. He also emphasized the importance of addressing challenges and seizing opportunities in the wider ecosystem. Pacheco mentioned his interest in using blockchain technology to facilitate investments in spirits as an asset class and using the data generated to help distilleries worldwide.

The sold-out event took place on April 8 at FACTORY Phnom Penh and brought together leading players in the startup space from Cambodia and Southeast Asia.

Daneth Reasmey revealed her interest in addressing the underserved market for financial products for SMEs in Cambodia. She believes that by focusing on B2B financial products, she could make a significant impact on the Cambodian economy. Sopheakmonkol Sok expressed his desire to create an educational training platform dedicated to sharing knowledge about business and technology tools.

The expert insights shared by the panelists underscore the importance of AI, blockchain, and market expansion for Cambodian startups. The discussion highlights the need for businesses to leverage emerging technologies, focus on niche markets, and explore new opportunities to stay competitive in an ever-changing landscape.

As Cambodian startups continue to innovate and adapt, AI, blockchain, and other advanced technology trends will play a vital role in driving growth and addressing industry challenges.

Listen to the full podcast here on the Rising Giants platform.

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