Cambodia Investment Review
In episode 99 of the Rising Giants podcast hosts Max Thornton and Dom Kalousek sat down with Shivam Tripathi, a distinguished entrepreneur who began his career at J.P. Morgan in Mumbai. Known for his entrepreneurial endeavors in Cambodia, including co-leading OBOR Capital and co-founding Camboticket, Shivam recently initiated another venture, newme, in Bangalore.
Read more: Shivam Tripathi kicks off OBOR and Khmer Enterprises SME IR Program
Shivam opened the conversation explain his journey to Cambodia was born out of a quest for excitement and opportunity. His background in engineering led to an initial three-year stint at J.P. Morgan, but a thirst for a more dynamic environment led him to study for a master’s in finance in 2012.
However, Europe’s slow economic growth steered him toward Southeast Asia, it was a short assignment in Cambodia that revealed the untapped potential of the country. “When I moved here, I saw the immense potential of the country and the opportunities that were here, which turned into 8 years,” Shivam said.
Cambodias Palpable Rate of Change
Asked about Cambodias business appeal, Shivam emphasized the palpable rate of change in the nation. “The constant evolution of everything from shop houses on the street to new high rises was evident,” he noted. He was struck by the immediate access to company founders and the variety of sectors one could explore. However, he also identified a gap: the human resources were not growing in tandem with the economy. “That was the opportunity I saw,” he stated.
This observation led to his venture into the Cambodian travel sector with Camboticket. Discussing the experience of building a company from scratch, Shivam said, “You have to be very hands-on in Cambodia.” For example, initial hurdles included the reluctance of bus companies to list their prices online. Shivam and his team took a proactive approach, visiting each bus service provider to demonstrate the benefits of their platform.
When asked about the key lessons learned, Shivam mentioned perseverance and a long-term approach as essential in emerging ecosystems. “Just because you are first in market does not mean you will win,” he added. He also emphasized that things could take two or three times longer than expected, necessitating adequate planning and capital.
Expanding Outside the Cambodian Market
Regarding the evolution of Cambodias digital landscape, Shivam acknowledged substantial progress since the launch of Camboticket, particularly in human resources and the startup sector. However, he noted a dip in seed-stage funding post-COVID-19. “Its still a young person’s agenda to start or work for a startup here, unlike in the US, Europe, or Singapore where mid-career individuals also take the plunge,” he observed.
Read more: OBOR Management aims to improve Cambodian SMEs financial management skills
As for the emergence of the next generation of Cambodian startups, Shivam said theres still a long way to go. Most of the well-known startups were adaptations of regional ideas with a local twist. “The key really is how you can expand outside the relatively small market of Cambodia,” he advised.
Shifting the conversation to his recent entrepreneurial journey in India with newme, Shivam pointed out contrasts such as a more mature investor landscape and a better talent pool. However, he reiterated that guidance is crucial to fulfill the companys vision. He also warned against common pitfalls like mismanaging cash flow and underestimating the importance of a strong team.
As for the best business structure for a startup, Shivam emphasized having key members skilled in finance, technology, and operations. “Operations is an area where you can’t just create a product and sit back, especially in Cambodia,” he said.
Navigating Emerging Market Entrepreneurship
In closing, when asked about misconceptions people have about him, Shivam mentioned the cultural barriers to receiving direct feedback in Cambodia. Despite these hurdles, he remains committed to improving himself and his businesses. His most useful piece of advice in business? “People are people. If you want them to change or pick up a new skill, you must be patient and continually help educate them,” he concluded.
On the aspirational front, if given the opportunity to have coffee with anyone, Shivam chose Jamsetji Nusserwanji Tata, the Indian industrialist who founded the Tata Group. For practical wisdom, he recommended the book “The Hard Thing About Hard Things” and the podcast First Principals.
Shivam Tripathi’s journey thus serves as a case study in navigating the challenging but rewarding waters of emerging market entrepreneurship, both in Cambodia and beyond. With his new chapter at newme, the business world waits to see what milestones he will conquer next.
