Cambodia Investment Review
In new initiative to better prepare Cambodia’s emerging tech industry for investment, Prestige Consulting, along with its supporters Khmer Enterprise and sponsors ABA Bank and Alibaba Cloud, has rolled out the SprintX program. Aimed at local tech startups and SMEs, the program seeks to bridge the investment gap by offering a comprehensive package of training, mentorship, and investment advisory services.
The SprintX program was unveiled at a launch event in Phnom Penh, where key stakeholders laid out the program’s objectives and benefits. Jolyda Sou, Managing Director of Prestige Consulting, explained the unique angle of her program. “We hear you, whether you’re a startup struggling to get funding or an investor finding it hard to back the right tech venture. SprintX is here to bridge that gap,” she said. Jolyda also went on to detail how the program will offer a range of services, from investment readiness training to deal negotiation, all free of charge for the top-performing ventures.
SprintX, Turning Digital Dreams into Reality
Chhieng Vanmunin, CEO of the national platform for promoting entrepreneurial activities in Cambodia Khmer Enterprise spoke about free valuation services for local startups. “We’re also providing free valuation services. This way, both startups and investors can enter negotiations knowing they’re getting a fair deal,” he explained. Chhieng emphasized the importance of a third-party benchmark to ensure transparent and fair deal-making.
ABA Bank’s Mrs. Romny Theam, Chief External Affairs Officer Regional Manager, spoke to Cambodia Investment Review after the launch about the bank’s role in the program. “As a leader in digital banking, we’re all in on tech innovation. By supporting SprintX, we’re turning digital dreams into reality,” she said. Romny also mentioned that ABA Bank’s involvement aligns with the Royal Government of Cambodia’s digitalization goals, as outlined in the Cambodia Digital Economy and Society Policy Framework 2021-2035.
The SprintX program is broken down into three phases:
- Pre-Program, Accelerator, and Deal Support. The first phase sets the stage with startup recruitment and ecosystem engagement.
- The Accelerator phase, lasting two months, dives into the nitty-gritty of investment readiness training, pitch practice, and mentorship. A highlight is the Demo Day, where select startups will receive grant funding.
- The final Deal Support phase, extending for three months post-Demo Day, offers investment advisory services and connects startups with both regional and local investors.
Connect Startups with Investors and Offer Deal Support
The benefits of participating in SprintX are numerous, from grant funding and investment advisory to training and mentorship. The program also promises to connect startups with investors and offer deal support for up to three months post-Demo Day. Weekly training sessions and one-on-one consultations with experts are also on the agenda.
The program has a clear timeline, with the Accelerator Orientation set for October 7th and Semi-Finalists to be announced on December 8th. The much-awaited Demo Day is scheduled for December 16th. Eligibility criteria are comprehensive, targeting early to growth-stage tech startups or tech-based SMEs with a prototype or market fit. Additional requirements include some customer traction, some revenue generation, founder quality, relevant experience, and a time commitment to the program.
The application deadline is September 9th, 2023 via the link: https://forms.gle/uLmWqVBMhrkWkr6r8. For more information, interested parties can reach out to +855-88-288-2289 or connect via Prestige Consulting’s Telegram channel https://t.me/prestigeconsulting and email info@prestigealliance.co.
