Lao startups need to utilise technology more
Lao startups need to utilise technology more
Lao startups still use less technology than neighbouring countries to promote products or the internet to start their businesses, a science and technology official commented.
Only 2.4 percent of Lao people use the internet to run their businesses, which is far less than in the other nine Asean countries, with the exception of Myanmar which was not in the analysis.
Director General of Technology and Innovation Department of the Ministry of Science and Technology, Mr Sumana Chulamani made the remarks yesterday during a seminar on technology and innovation for startups during Lao Techmart 2016 in Vientiane.
Technology was an important tool to push new ideas for Lao startups especially among young people, he said.
�When Lao startups know how to use social networks or internet applications it will help them to market and promote their products,� Mr Sumana explained.
This would also be a way to expand and encourage new startup growth in the country by highlighting the benefits of technology use, he added.
As Laos is a developing country startup businesses are still unfamiliar among young people compared to other countries.
Laos had just 10 startup businesses including five successful ventures to assist its economic and social development, according to Toh Lao Coworking Space.
Mr Sumana stressed however that authorities needed to continue working together to encourage young people to take advantage of technology to start their business.
According to a recent survey on startup business difficulties in Laos launched by Toh Lao and its partners, new business growth in the nation continues to be slower than neighbouring countries.
Lao people still have limited understanding on accessing technology and information and how to use the internet to start a business.
New startups are also limited by their ability to commercialise creative ideas, accessing finance sources, and espec ially a lack of law and policies to promote business.
However, according to Toh Lao it was raising awareness about startups and entrepreneurship by means of communication and education through the media and social networks.
This would encourage startup community infrastructure, promote the sharing of services along with networking space for entrepreneurs, investors, incubators and accelerators.
