Cambodia Investment Review
In episode 102 of the Rising Giants podcast hosts Max Thornton and Dom Kalousek sat down Jolyda Sou, a Fulbright scholar and an expert in financial management, venture capital, and project management, discussed the launch of her new venture, Prestige Consulting. The firm aims to fill a significant gap in Cambodia’s burgeoning startup and investment ecosystem by offering specialized services in financial management, marketing, and staff training.
Jolydastarted Prestige Consulting in response to observing challenges faced by businesses in areas like marketing, retention, and investment pipelines. “I saw an opportunity to utilize my previous consulting experience to address these issues,” Jolydasaid.
Her firm’s initial projects include two business accelerator programsGCIP Cambodia (clean-tech) and SprintX. SprintX, developed in collaboration with partners such as the Ministry of Economy and Finance, Khmer Enterprise, ABA Bank, and Alibaba Cloud, aims to support startups and SMEs leveraging technology, particularly those that have crossed the ideation stage and have some revenue stream or customer base. “It’s a timely program, especially given the slowdown in startup growth due to COVID-19,” Jolydanoted.
Valuation expectations and customer traction
During the interview, Jolyda also reflected on her participation in the RG & CIR Startup and Innovation Festival in early 2023. “Being on the panel was a great privilege. The festival successfully brought local and regional stakeholders together and provided an excellent platform to discuss the challenges startups face, particularly in fundraising,” she said. When asked if there were aspects of the event that could be improved, Jolyda suggested making it bigger, with discussions angled more towards the investment challenges in the sector.
Discussing the contrasting landscape of Cambodia’s startup ecosystem, which saw a significant boom between 2016 and 2019 but has since slowed down, Jolyda attributed this deceleration to a range of factors. “There seems to be a disconnect between valuation expectations and real-world effort in gaining customer traction,” she analyzed.
Dom, observed that making money online might not be as rewarding as it is often portrayed, a sentiment that Jolydaaffirmed. “Recent workshops on making money online drew large interest, but attendees soon realize that it’s not as simple as it appears, especially with increasing government regulations,” she said.
Challenges of Current Global Slowdown
In discussing the macroeconomic impact on startups due to increasing interest rates and high real estate speculation, Jolydawarned of a “cash flow crunch.” She called on governmental intervention to ensure the sustainability of the startup ecosystem. “Despite the current challenges, I am optimistic about 2024 as a year of recovery,” Jolydastated.
Jolydas accelerators are particularly interested in logistics and health-tech sectors. “Companies like PillTech are doing groundbreaking work in health-tech, and there’s a common drive to utilize technology to reduce time and cost in logistics,” she explained.
On the future of Prestige Consulting, Jolydaoutlined a long-term vision: “Our consultancy is not just about writing reports; it’s about ensuring key deliverables for our clients and bridging the investment gap in Cambodia.” She detailed how her firm offers investment advisory services and assists startups in communicating with regional and international investors.
Impact Investment to Get Better in Coming Years
Jolydanoted that limited impact investments might be due to the market’s immaturity, a situation she expects to evolve over the next five years. “You can’t just wait for impact investors to come to you; you need to go to them,” Max said.
Lastly, when discussing management techniques and her leadership approach at Prestige Consulting, Jolyda emphasized the importance of adaptability. “Managing millennials and Generation Z requires different techniques. For me, it’s not about hours logged; it’s about deliverables,” she said. She also highlighted the challenges of finding reliable and accountable staff, even establishing a recruitment agency to address this issue.
With a mission to be a pivotal player in Cambodia’s investment and startup scene, Jolyda Sou’s Prestige Consulting is clearly a firm to watch, as it brings solutions to some of the most pressing issues facing the country’s entrepreneurial ecosystem.
