PHNOM PENH: Haystack Labs, an early-stage incubator and creative studio dedicated to developing Cambodia’s emerging technology sector, was launched this week by Haystack Fund, the global investment firm with offices in Phnom Penh.
Haystack Labs will be a full 360-degree creative studio for local entrepreneurs and a bridge to veteran investors with decades of experience in the startup ecosystem. Haystack Labs will be a safe space for innovators to turn bold ideas into powerful solutions.
“It’s exciting to see this dream materialize: to run a startup incubator and a digital studio in Cambodia backed by investors who aren’t afraid to experiment. We’ll be there to help selected startups accelerate through their learning phase,” said Jeff Laflamme, Chief Technical Officer at Haystack Labs.
“We didn’t choose the word ‘labs’ lightly. We intend to be like scientists who experiment until they get it right. Cambodia’s startups have tremendous upside.”
“Too many startups run out of oxygen in the early stages, unable to test their ideas and products — and many are testing blindly on assumptions instead of being based on experimentation and results,” Laflamme said.
“At Haystack Labs, we are adepts of the lean startup cycle: build, measure and learn. We have a holistic and strategic-thinking approach, but we also consider entrepreneurial indicators such as gut feelings.”
The incubation process involves Haystack Labs helping local tech entrepreneurs, brands and corporations with new technologies, strategy, branding, design and expertise in UX/UI.
Haystack Labs is the major project in Cambodia by Haystack Fund, a global venture capital firm with offices in Canada, Portugal and Phnom Penh.
Haystack Fund, which expanded in Cambodia this month with more than US$2 million to invest in digital ventures, recently acquired Hanuman Capital, a Phnom Penh-based digital studio.
The chairman of Haystack Labs will be Frédéric H. Proulx, the managing partner of Haystack Fund. The Chief Executive Officer will be David Said, a successful manager and entrepreneur who feels Phnom Penh is at a “crossroads after years of structuring investment.”
Haystack Labs vows to team up with leading local entrepreneurs to provide sustainable and innovative solutions that meet international demand.”
David Said, CEO
Haystack Labs will now manage the creative side of existing projects such as Wonderpass, a smart-ticketing venture approved by the Ministry of Tourism, and Bong Tees, a Phnom Penh-based clothing and design brand, that will open its first retail outlet on April 15.
Haystack Fund also continues to develop Huggr, a person-to-person activity-sharing platform scheduled to launch by the end of 2021 in a number of regional markets.
Haystack Fund has also invested in land development projects, including Breathe Wild, a coffee plantation & eco-lodge in Mondulkiri province, and a green villa project in Kep.
For more information, please visit the Haystack website at haystack.fund.
