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The Strengthen Entrepreneurship and Innovation initiative, under the Enhancing Entrepreneurial Ecosystem and Investments (3Ei) project, is funded by Khmer Enterprise (KE), Swiss Agency for Development and Cooperation (SDC) and Korea International Cooperation Agency (KOICA) and co-implemented by Khmer Enterprise and Swisscontact. This initiative is dedicated to supporting entrepreneurial support organizations (ESOs) and startups in overcoming significant challenges such as limited technical proficiency, local talent shortages, and low resilience. A crucial component of this initiative is the Entrepreneurs-In-Residence (EIR) program. The EIRs bring their firsthand insights and innovative ideas to local ESOs and startups, addressing the shortage of local experts and introducing new thinking and methodologies for building successful companies. For 2024, four EIRs are scheduled to be dispatched, with Keo Sar being the first in this series.
Keo Sar is a Khmer-American entrepreneur, advisor, speaker, and angel investor with over 12 years of experience scaling US-based startups in the San Francisco Bay Area. A two-time Chief Revenue Officer, Keo has led teams in Business Development, Sales, Customer Success, and Operations. Since 2020, he has been residing in Belgrade, Serbia, focusing on supporting innovation ecosystems in the Western Balkans and other emerging markets. Currently, Keo is the COO and Partner at Matter Product Studio, an AI-focused digital transformation firm that collaborates with mid-market and enterprise clients to enhance their technology capabilities.
A diaspora's contribution to their home country is pivotal, especially when individuals like Keo bring back valuable expertise and experiences. Keo's extensive background in scaling startups and enhancing innovation ecosystems, acquired from his years in Silicon Valley and his current work in Serbia and the Balkans, uniquely positions him to enrich Cambodia's entrepreneurial ecosystem. His insights significantly benefit local startups and entrepreneurial support organizations (ESOs) and Keo's commitment to mentoring and empowering local talents underscores the diaspora's potential to catalyze positive change and sustainable development within Cambodia.
Through the EIR program, Keo successfully conducted two workshops aimed at enhancing investment readiness and pricing strategies for Cambodian startups and ESOs. The first workshop on “Investment Readiness”, held on July 18th – 19th, 2024, focused on equipping participants with essential insights into preparing for fundraising, including financial readiness, business planning, and effective investor pitching. This session provided practical tools, resources, and case studies to bolster participants' understanding of investment readiness. This workshop was co-organized with Impact Hub Phnom Penh.
The workshop on investment readiness was attended by 22 participants. Based on the post-workshop survey, most participants found the workshop helpful for their fundraising journey. They gained knowledge on different investments, investor types, term sheets, due diligence, and business valuation. Impressively, 100% of ESOs’ respondents said the training improved their knowledge on investment readiness to support entrepreneurs in fundraising.
Following this, from July 24th – 25th, 2024, Keo led the "Pricing Models: Fundamentals and Approaches" workshop, designed to empower ESOs, startups and SMEs with optimal pricing strategies crucial for business success. Participants gained expertise in aligning pricing models with value propositions, business goals, and scalability considerations, enhancing their competitiveness in the market.
The workshop on pricing modeling was attended by 30 participants. Based on the post-workshop survey, most participants found the workshop helpful in preparing their pricing strategy and gained valuable knowledge on pricing models, creating defined pricing and business models, and pricing optimization.
Apart from the workshops, Keo also provided one-to-one mentoring to eight companies working in different sectors ranging from agriculture to health supplements, to tech and blockchain focused companies, during his visit. All the companies that received the mentorship also mentioned that the international perspective provided was highly valuable for them and were confident that they could apply the learnings in a practical manner. A significant majority of the companies that received this mentorship support also mentioned that they will continue to connect with Keo and are also interested in similar mentoring sessions with different experts through the EIR program.
Keo Sar's workshops played a vital role in empowering Cambodian startups and ESOs, providing them with crucial skills and knowledge to navigate their entrepreneurial journeys. These sessions not only address key challenges but also foster a culture of innovation and resilience within the local entrepreneurial ecosystem.
By leveraging his diaspora experience, Keo exemplifies the significant impact that returning professionals can have on their home country's economic development and entrepreneurial landscape. His contributions highlight the invaluable role of the diaspora in driving sustainable growth and fostering a vibrant entrepreneurial spirit in Cambodia.
The Entrepreneurs-In-Residence (EIR) program under the Strengthen Entrepreneurship and Innovation initiative is part of the Enhancing Entrepreneurial Ecosystem and Investments (3Ei) project, funded by Khmer Enterprise (KE), Swiss Agency for Development and Cooperation (SDC), and the Korean International Cooperation Agency (KOICA).
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