Nation needs more start-ups to drive economy
Nation needs more start-ups to drive economy
Laos needs more new start-up businesses each year to drive its economic growth, according to the founder of Toh Lao Coworking Space (TCS).
Its founder Ms Souphaphone Chanthavong made the remarks recently at Start-up Weekend Vientiane under the “Social Entrepreneurship” theme, noting there were many emerging opportunities for Lao start-up businesses.
Meanwhile, according to the Small-Medium Enterprise Promotion and Development Office of the Ministry of Industry and Commerce, Laos should have 500,000 new start-ups and Small-Medium Entreprises (SMEs) by 2020 compared to its population of 6.4 million to support economic and social development.
The processes in setting up start-up businesses and SMEs are rather similar, but the growth rates of SMEs are 10-20 percent lower per year globally.
Ms Souphaphone said Lao people could use the internet and other forms of information technology and there were more social media users. This meant start-ups were using social networks to promote their products and services.
However, before investing their money local start-ups should access information on how to look for business opportunities. Accordingly, TCS has organised meetings of interested people through seminars and competitions, which saw three model start-ups establish their own businesses last year. This year, TCS hopes to uncover five new model start-up companies in Vientiane to make further contributions to economic development.
Toh Lao Coworking Space is supported by the Lao Women's Business Association and has launched Mekong‘s Next Top Mentors Project which aims to enhance regional start-up networks by being a single market for investors as well as encouraging entrepreneurs to make contributions to the programme and get more insightful information about regional markets.
This information helps new start-ups seek new opportunities when undertaking business planning and increases their chances of success.
