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3 tips for startup founders in emerging markets

By Sneha Choudhary
-    May 30, 2024
Credit : GMI Post

A key element in Cambodia’s five-pronged long-term development plan is the strengthening of the country’s digital economy by expanding connectivity, broadening digital payment systems, and facilitating last-mile logistics services, among other steps.

Home to around 600 tech startups, Cambodia is quickly becoming a popular destination for startup investments.

Internet penetration among the youth, who make up most of the population, is robust at 85%, creating a wealth of opportunities for digital products and services.

The present situation has given startups an advantage over traditional businesses in terms of scalability, efficiency, and quick adaptability to shifting market trends. By embracing digital transformation from the outset, new organizations can streamline workflows by automating tasks, strategizing supply chain effectively, and developing new growth models.

Startups often worry about the cost of new embracing technologies. But, the beauty of digital transformation is that it doesn’t have to be expensive.

Here are three ways startups in emerging markets can adapt digital transformation without breaking the bank:


Innovate with your target consumer from the get-go


Invite possible users of your solution to collaborate during the strategy’s conception, evaluation, and development stages. Known as “co-creation,” the process involves using customer input throughout the product development cycle. The best innovations respond to customers’ needs identified through this collaborative process. By doing this, startups avoid the temptation of creating solutions simply because they are popular.


Design a scalable and adaptable business model


Startups should continually evaluate if their business model is scalable and adaptable to sudden changes in the market. Workflows should be optimized for unexpected increases in demand, and reliance on manual resources should be minimized in case of supply issues.

Organizations must consider their ability to respond quickly to external opportunities and threats. An integral part of digital transformation is using technology to innovate business models and be ready for any changes.


Empower your team with the tech they need, not the tech you want


Simply adopting the latest technology for the sake of having it is not digital transformation. Does your team need an AI-powered CRM? Will installing an automated time-tracking software help with their productivity?

Startup founders need to think about the problems their teams face before introducing any new technology. Doing so will foster a culture where creativity, trust, and collaboration are welcomed. Start by assessing their challenges and pain points to identify areas for innovation.

Article Tags: Cambodia, Startups

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