You are here: Home › 3 tips for startup founders in emerging markets

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

Business opportunities in Latin America for Japanese companies

Thanks to Texas' proximity to the emerging markets of Central and South America, several major Japanese companies with significant investments in L...

The Evolving Military Balance in the Taiwan Strait

Panelists discuss the risk of an armed conflict between the United States and China over Taiwan and how the United States should adapt its defense ...

Young Professionals Briefing: The Future of Democracy Around the World

Panelists discuss democratic backsliding, the rights of marginalized populations living under authoritarian regimes, and the prospects for and obst...

TWSE: Cultivating Growth

When gauging a country's economic prospects, analysts first study the historical performance of its financial market and activity that characterize...

Philippines' top EdTech startup secures Series A funding as it boosts reach and engagement

Edukasyon, the leading education technology platform in the Philippines, recently closed its Series A financing round, joined by Asian and European...

Japanese carmakers: A vital part of the U.S. economy

Over nearly four decades, Japanese-brand automakers have built up a vast American presence. It has made a cumulative manufacturing investment of ab...

Casino slot manufacturer attributes success to hard work, vision, and dedication to core values

Japanese gaming giant Konami has invested heavily in Las Vegas, setting up a huge head office in the city from where it develops and markets indust...

Reaffirming a commitment to create equal opportunity

Tracing its origins back more than a century, LHAG has nurtured a reputation for excellence and expertise in dispute resolution, international arbi...

Malaysia: A fresh start

Ten months since historic elections that rocked the nation's political landscape, Malaysia, once again headed by Prime Minister Mahathir Mohamad, i...

latest special Reports:

More Special Reports: more...

Upcoming Reports from




  • Global Media is your partner in reaching a powerful international audience through high-level economic reporting.

    Our ambition is to highlight under-reported developments and opportunities around the world, and allow leaders in these regions and sectors to take their message to the highest global level. We partner with top media to communicate with the world’s most powerful audiences. We specialize in communication and branding initiatives that help our clients effectively get their messages to their existing and potential partners. We achieve results for our clients by introducing them and their initiatives to an audience of elite international business and government leaders.

    Global Media Inc. is an independent media agency with offices in Hong Kong and Canada. GMI has more than a decade of experience in the writing, researching, and production of promotional country reports, with media partners from East Asia to North America. We have teams worldwide that develop country and thematic reports on the latest economic trends and developments.

    We are a media partner of Foreign Affairs,the United States’ most influential publication, published by the New York-based Council on Foreign Relations.

    Nearly a century old, there isn’t a more influential or higher-reaching publication in the United States than Foreign Affairs. The journal is ranked #1 in influence by U.S. opinion leaders in a recent nationwide study conducted by Erdos and Morgan, the premier business-to-business research firm. Their findings place Foreign Affairs ahead of all media, both print and broadcast, including The New York Times, The Wall Street Journal, The Economist, and The Washington Post.

    Testimonials:

    “We were extremely impressed with how efficient, well-coordinated, responsive and reliable the Global Media Inc. team was. We owe them a lot for their professionalism. We were very pleased with the outcome, and the article was very well-written. We hope to have an opportunity to work with Global Media Inc. again in the near future.� – Japan Airport Terminal Co. Ltd.
    “The Global Media team’s professionalism was excellent. Their team was great and always gave us the right suggestions and information. The product was excellent, and we were very happy to have such a great opportunity working with their excellent team.â€� – National Graduate Institute of Policy Studies (GRIPS)
    “We were honored to be chosen as one of the good universities in Japan. This article conveyed Seigakuin University’s educational ideals and the message from President Akudo. The advertisement was conspicuous and gave a good impression that Seigakuin nurtured students to contribute to world peace. We really appreciated what Global Media Inc. had did for us.â€� – Seigakuin University

    Whom we have featured:

    • Australian Prime Minister Julia Gillard
    • Australian Foreign Affairs Minister (and former Prime Minister) Kevin Rudd
    • Japanese Prime Minister Shinzo Abe
    • Qatari Minister of International Trade and Industry Dato’ Sri Mustapa bin Mohamed
    • Japanese Minister of Education, Culture, Sports, Science and Technology Yoshiaki Takaki
    • Taiwanese Foreign Minister Yang Chin-Tien
    • Taiwanese Finance Minister Lee Sush-Der
    • Taiwanese Economic Affairs Minister Shih Yen-Shiang
    • Taiwanese National Science Council Minister Lee Lou-Chuang,
    • Taiwanese Deputy Minister of Transport and Communications Yeh Kuang-Shih
    • Taiwanese Political Deputy Minister of Education Dr. Lin Tsong-Ming
    • Indonesian Ambassador to the United States Dr. Dino Patti Djalal
    • Indonesian Investment Coordinating Board Chairman Gita Wirjawan
    • Philippine President Benigno S. Aquino III
    • Philippine Senate President Juan Ponce Enrile

Join our newsletter

Sign up for our weekly newsletter to get the latest news and updates directly to your inbox.