The National Incubation Center of Cambodia (NICC) on December 29 presented Cambodian entrepreneurs with a special event in which seven young Koreans presented their business models to the assembled experts and eagerly awaited the feedback.
A more-than-three-month collaboration between students from the Royal University of Phnom Penh (RUPP) and South Korea's Hanyang University resulted in a reliable secondhand trading platform with an AI recommendation system, while a data-based house search app was also unveiled.
Twenty students from Korea and 19 from Cambodia formed six mixed teams from October to December to diligently develop their business models, with weekly online meetings over 11 weeks allowing the students to refine their models.
Guidance from NICC mentors as well as RUPP and Hanyang University professors imparted a comprehensive understanding of Cambodia's startup ecosystem, and allowed the students to practise the IT technology they are studying.
The exchange programme was conducted under the “Establishment of Business Incubation System Between Universities and Industry in Cambodia”, a joint project between Cambodia's Ministry of Education, Youth and Sport and the Korea International Cooperation Agency (KOICA).
“This programme provides opportunities to young people in both countries to grow entrepreneurship, foster a global consciousness and explore the international market.
“In 2024, NICC will continue to bridge ideas and resources between the youth and businesses of Cambodia and Korea,” said Srun Sovila, the Director of NICC.
As part of the programme, six RUPP students visited Korea's Hanyang University from November 14-17, 2023.
The trip included an introduction to the Korean Education Center, insights into the Korean transport system, team-building activities and participation in the Seventeen Hearts Festival – an innovation extravaganza held at Hanyang University.
Seven students from Hanyang University then visited Cambodia from December 26-29, 2023, exploring Cambodia's startup ecosystem.
Building on the prior visit by RUPP students to Hanyang University, the Korean students gained exclusive access to startup support organisations in the Kingdom such as NICC and Khmer Enterprise (KE).
The exchange included an insightful exploration of VERYWORDS, a Korean company making strides in the Cambodian market, with the visit fostering cross-cultural ties, providing invaluable insights and promoting the exchange of knowledge.
In alignment with its explicit purpose of supporting Cambodia's startup ecosystem, NICC’s plans for 2024 include a range of activities such as the 5th Bandos Digital Startup Competition, the 7th Startup Technology Conference, the 7th Networking Day and the Startup Camp.