Impact Hub Phnom Penh, a local platform for entrepreneurs and start-ups, has announced the launch of Cambodia’s first one-year incubation program aimed at providing resources and training for aspiring start-up developers.
The EPIC program is a 12-month incubation project that will provide essential support and guidance needed to develop Cambodia’s start-up potential, Impact Hub spokesperson Laura Smitheman said yesterday.
“We have not officially launched the program yet and applications will open later this month, but it is something very new that has never been done in the country before,” she said.
Applications open on August 29. Ten teams will be selected for incubation, starting in mid-October. The number of teams will later be narrowed down to five for the acceleration phase of the program, which helps them produce a market-ready product.
The final five teams will receive 36 weeks of business training and mentoring as well as the possibility to access a $20,000 stipend to fund the start-ups’ further development.
At the end of the year, teams will be given the chance to pitch their ideas to potential investors and grant-givers to receive additional funding.