ITET 2014: Funding for Incubators & Innovation

In a previous article about all happenings at the International IT and Electronics Expo (ITET), we mentioned the insightful conference that happened on the first day. Organised by the ICT Federation of Cambodia and supported by the Ministry of Posts and Telecommunications (MPTC), the expo took place from 14 to 16 November at Koh Pich.

Read our coverage of the conference’s third session on e-commerce and cyber security here!

Now, we bring you all the juicy tidbits from the conference’s final session on funding for incubators and innovation.

Panel discussions began with Mr. Lem Chansamrach, Executive Manager of the Cambodia Investor Club speaking about fundraising in Cambodia.

The chart below summarises his presentation on what types of funding are available for your business from birth to maturity:

Chart

Following that, Mr. Ok Kim, Advisor and Founding Member, Korea Standard Venture Forum, spoke about venture capital for incubators and innovation.

IMG_3073Mr. Ok Kim giving a presentation on funding.

According to him -

Incubators: Helps you to walk, has a life cycle of two to three years.

Accelerators: Helps you to run, has a life cycle of three to six months, US$10 – 15k.

He noted that some of the top accelerators in Asia are -

China: INNOSPACE

India: GSF

Indonesia: IDEOSOURCE

He cited some reasons that incubators and accelerators fail as a result of too many companies and too little mentorship, no clear funding path after the program, and a lack of business development resources.

Up next, how to get funding in supporting innovation by Dr. Hul Sengheng, Director of Research, Institute of Technology of Cambodia. From his personal experiences, he gathered some information on how to go about and get funding.

Firstly, where? Dr. Sengheng names the government, private sector, foundation and collaboration partners as entities to get funding from.

Secondly, how should you get the fund?

1. Information: Colleagues, collaboration partners, government, the Internet.

2. Write up the proposal: Understand clearly the objectives of the grant, and look for resources (e.g. human and facilities). The several writing methods are: Concept note, academic proposal, logical framework style, specific format.

3. Follow-up tasks: Get the proposal revised once the proposal review has commented, and implement the project carefully and fruitfully. This assures the possibility of a next grant. Then, open up some room for extension of research work for your next proposal.

Some tips that Dr.Sengheng  provided were:

1. Understand the heart of the grant.

2. Importance of human resource.

3. Show visibility of the problem to be addressed as well as methodology applied to achieve the goal.

4. Look for right projectmates (expert, common interest, can get along with each other).

5. Clearly understand the guidelines once implementing the project.

That concludes the end of our ITET 2014 coverage. We hope you have learnt as much from the conferences and exhibitions as we have!