Cambodia Investment Review
The 27th edition of the Give a Day event took place on Friday, March 21, 2025, at Khmer Enterprise in Phnom Penh, bringing together key stakeholders from Cambodia’s entrepreneurial ecosystem. Organized as part of a monthly series, the event serves as a platform for Entrepreneurial Support Organizations (ESOs), startups, investors, and development partners to share insights and align efforts to strengthen Cambodia’s startup landscape.
This edition focused on the changing dynamics of funding for ESOs and the broader implications for the ecosystem’s sustainability. The session included networking opportunities, group discussions, and a keynote presentation that addressed emerging challenges and strategies for adaptation.
Keynote: Ecosystem Faces Strategic Crossroads Amid Shrinking Funding
In his keynote address Michael Tan, CEO of Aquarii BD Cambodia, addressed the mounting pressures facing Entrepreneurial Support Organizations (ESOs) as funding becomes increasingly constrained. He described the current moment as a “critical juncture” for the ecosystem, calling for urgent adaptation in how support services are structured and delivered.
Tan outlined two major shifts already taking shape:
- Consolidation: A reduction in the number of ESOs and a narrowing of the services they provide, as limited funding forces organizations to scale back or close entirely.
- Re-rationalization: A strategic pivot by many ESOs to align their activities more closely with available funding sources, often at the expense of mission-driven work.
These changes, he noted, are contributing to what he described as an inefficient allocation of resources across the ecosystem. In practical terms, this has led to:
- Cutbacks in long-term, impact-focused initiatives
- A shift toward easier-to-implement or more funder-friendly projects
- Exits from the support ecosystem by smaller or overstretched organizations
Despite these challenges, Tan emphasized that the current funding environment presents an opportunity for innovation. He encouraged ESOs to take a proactive role in reshaping their operational and financial models. Key strategies included:
- Diversifying funding sources beyond traditional donors to include commercial, philanthropic, and alternative capital
- Developing sustainable revenue streams, comparing the approach to a “supermarket model” based on service variety and volume
- Focusing on measurable impact to demonstrate clear value to both funders and entrepreneurs
- Treating entrepreneurs as customers, rather than passive beneficiaries, to ensure more tailored and effective support
- Embracing collaboration to reduce duplication and maximize shared resources
- Leveraging digital tools to increase operational efficiency and expand reach
Tan also referenced the EBN Roadmap initiative as a potential framework to help coordinate ecosystem efforts and strengthen long-term sustainability. He concluded by noting that the strength of Cambodia’s entrepreneurial support system should not be measured by the number of actors, but by the diversity, quality, and complementarity of the services offered.
While the current environment poses risks, Tan emphasized that with the right strategies, Cambodia’s ecosystem has the potential to emerge stronger, more targeted, and better equipped to drive meaningful socio-economic development.
A Range Of Voices From Across The Support Ecosystem
A key highlight of the event was a panel discussion moderated by Ms. Hun Sreynang, Entrepreneurship Ecosystem Specialist at Khmer Enterprise, featuring a range of voices from across the entrepreneurship support ecosystem:
- Ms. Peng Lody, National Project Coordinator, UNIDO
- Mr. Chim Tithamatak, Director of Entrepreneurship Education, Impact Hub Phnom Penh
- Mr. San Thai, Operations and Program Manager, Enterprise Vision Academy
The session focused on strategies to mitigate the risks of donor dependency and explored practical pathways for local entrepreneurship support organizations (ESOs) to diversify funding sources, enhance financial resilience, and ensure long-term sustainability.
Panelists shared real-world examples and organizational shifts, including the introduction of pay-for-use services, encouraging SMEs to contribute token payments, and bundling support into tiered offerings. The discussion underscored a growing recognition that while donor funding remains important, it cannot be the sole foundation for ecosystem growth.
Breakout group discussions further reinforced this perspective, with participants echoing the need for ESOs to clearly define their value proposition and consider more structured, market-based service models. Several attendees noted that charging even modest fees can improve engagement and accountability while also helping organizations plan for the long term.
Other key strategies discussed included improving internal financial systems, building strategic collaborations across the region, and adopting digital tools for monitoring and demonstrating impact. Across both the panel and group sessions, a common theme emerged: the future of the ecosystem will depend on adaptability, transparency, and a shift toward more financially sustainable models.
Continuing the Dialogue
As with previous editions, Give a Day 27 aimed to create a space for honest conversation about the challenges and opportunities facing Cambodia’s entrepreneurial ecosystem. The event concluded with a call for increased collaboration and ongoing dialogue among ecosystem players, particularly as they navigate an environment marked by financial uncertainty and shifting priorities.
The Give a Day initiative remains an important fixture for the local startup and ESO community, encouraging shared learning and coordination among those working to foster entrepreneurship and inclusive economic growth in Cambodia.
