“Korea and Cambodia have different geographical locations and socio-cultural characteristics, but I am confident that startup ideas that combine concepts from both countries will bring significant benefits to both.”

On November 15, six teams made up of Korean and Cambodian students presented their startup items in the lounge on the second floor of the Student Welfare Center at Hanyang University. The startup items they came up with were ▲atmospheric heat management platform ▲health food development (fermented brown rice yogurt) ▲automatic plastic sorting and recycling solution ▲child management solution ▲smart irrigation system ▲product development project using pomelo.

Each team clearly presented the startup ideas they had honed over the course of six months beginning last May. They were unembarrassed and skillfully answered the judges' tough questions. It was the performance of unrivaled 'professionals.'

The presentations of the six teams lasted about 2 hours and 30 minutes, and as a result of the final judging, the team 'KRATIE', which proposed an item that cultivates pomelo, a citrus fruit from Southeast Asia, using a smart farming system and turns it into powder, became the final winner. Sotheavy Thoeun from Cambodia and Hanyang University students Kim Hyo-na, Ha Seo-yeon, and Kim Min-kyung cheered, while other team members applauded in congratulations. They were awarded $1,000 in startup support.

This event, where students from Korea and Cambodia gathered to share startup ideas, was the final presentation of the '2024 Korea-Cambodia ICT Startup Exchange Program,' which has been held annually since 2023 by KOICA, the Korea Productivity Center, and Hanyang University, in collaboration with the National Incubation Center of Cambodia (NICC).

The Korean government presented 'Promotion of Next-Generation Exchanges Leading to Future Prosperity' as a key task of the 'Korea-ASEAN Solidarity Initiative,' a specialized policy for ASEAN, while the Cambodian government emphasized the importance of nurturing young people and supporting startups through the 'Cambodia Digital Economy and Society Policy Framework 2021-2035.'

In response, KOICA, together with the Korea Productivity Center, has been implementing the 'Establishment of Business Incubation System between University and Industry in Cambodia ($7.91 million)' from 2019 to 2024. The goal of this project is to strengthen national competitiveness by creating Cambodia's technology startup ecosystem and achieving industrial diversification.

On March 14, KOICA established the NICC at the Royal University of Phnom Penh (RUPP) in the capital of Cambodia and held an opening ceremony. With Korea’s support, a ‘digital startup mecca’ was created where Cambodian youth can develop their dreams of innovative startups. The Cambodian government designated NICC, Cambodia’s first business incubation center, as a national institution.

NICC was built as a four-story building measuring approximately 2,300 m². The center is equipped with offices, conference rooms, prototype labs, and digital studios. At this facility, 31 Cambodian startups and prospective ones are provided with an environment where Cambodian youth can turn their innovative ideas into reality. In addition to the facilities, the 31 tenant companies won a competition in Cambodia through mentoring, consulting, and networking events provided by NICC, receiving a prize of $40,000, and are growing rapidly, attracting an investment of $10,000 from a Korean company and 1 million yen from a Japanese company.

KOICA has provided business space, initial funding, management support, and digital technology training to prospective young Cambodian entrepreneurs through NICC. In addition, by implementing the Korea-Cambodia University ICT Startup Exchange Program, KOICA has been supporting opportunities for future generations of both countries to cooperate and pioneer new markets. This is a program in which college students from Korea and Cambodia team up to jointly develop startup ideas and evaluate business possibilities through local market research and exchanges with startups.

The cooperation between Korean and Cambodian youth to develop startup ideas has great significance for the economic development of both countries and for strengthening the global capabilities of future generations. In addition, this cooperation goes beyond simply developing startup ideas and holds greater value in helping young people from both countries understand each other's cultures and build a global network.

Prospective startup teams from Korean universities visit Cambodia to share startup ideas and evaluate the possibility of entering Cambodia through local market research and exchanges with startups. Cambodian startup teams also visit Korea to tour successful startups and have the opportunity to upgrade their startup ideas through expert mentoring and business introductions to Korean investors. 

This year, the exchange began in May, and Hanyang University's preliminary startup team visited Cambodia to conduct market research and a mid-term evaluation. In November, the Cambodian startup team visited Korea and worked on their startup ideas. Last year, interns were selected only from young people living in Phnom Penh, but this year, they were selected from all over Cambodia, and interest in the Korea-Cambodia University Startup Exchange Program spread throughout the country. Thanks to the participation of young people from all over the country, startup ideas have become abundant, as seen in the idea of the winning team, KRATIE. Students participating from a province called 'KRATIE' in Cambodia teamed up with students from Korea (KR) and were proud to propose a smart farming project for pomelo, a specialty of Kratie province, naming the team KRATIE, composed of KR and KRATIE.

In addition to the University ICT Startup Exchange Program, KOICA plans to continue cooperating with NICC to foster startups in the agricultural sector by conducting entrepreneurship education for young people in rural Cambodia, in collaboration with ChildFund Korea and Wonders International. KOICA will also further strengthen the connection between the two countries' startup ecosystems by attracting global investors and facilitating connections with Korean companies looking to enter Cambodia. 

“I have participated in a variety of activities because I have always been interested in starting a business. Then, I applied to this startup exchange event since I wanted to learn about other countries’ startup ecosystems and methods. By going to Cambodia, conducting market research, and talking with local students, I was able to understand the different, yet similar, ways of starting a business and thinking. It was also beneficial to learn how to find market analysis data through mentoring. Above all, the biggest achievement was being able to overcome the language barrier and develop teamwork while collaborating with my Cambodian friends. It was a time when I was able to further upgrade my perspective on starting a business.”

“I learned how to communicate effectively with Koreans, which I think will be of great help in building an international network in the future. Additionally, during the process of starting a business, I was able to learn practical skills such as market research methods, item implementation, and operation strategies. I can’t wait to return to Cambodia and share what I learned in Korea with my local team members. Finally, I hope that these exchange projects will go beyond personal success and have a positive impact on the economies and industries of both countries.”