TOHLAO, Lao Telecom help build startup businesses
TOHLAO, in cooperation with Lao Telecommunication Public Company (Lao Telecom), has initiated an enterprise aimed at helping young Lao startup entrepreneurs to utilise digital technologies to achieve their full business potential.
The two companies expect to see an increase in the use of information and communication technologies as a result of their efforts. They believe that it is the innovation and creativity of young businesspeople that can give the country’s economic development a boost.
“This is a remarkable initiative that can be of great help to Lao startups. We are very excited that Lao Telecom, the largest telecommunication service provider in the country, has decided to step in as another key stakeholder,” the founder and CEO of TOHLAO Group, Souphaphone Souannavong, said.
Souphaphone said she believed the new partnership would help more startups “disrupt and rock” Lao society.
A senior executive at Lao Telecom, Mr Piyawat Jriyasetapong, said he shared the vision of TOHLAO to build a startup community in Laos.
To begin this significant event, TOHLAO is running a competition called “Startup Weekend Vientiane Presented by Lao Telecom” to be held May 24-26. Then five teams will be selected to take part in TOHLAO’s one-year startup incubation programme.
More than 700 entrants are expected for this year’s competition. Companies including BizGital, Muan.la, LOCA, and Book Delivery are all ideas born of this competition in previous years.
According to the Lao National Chamber of Commerce and Industry (LNCCI), SMEs account for 98-99 per cent of all businesses in Laos. The promotion of startups in Laos is an essential factor in SME promotion and will help incorporate mainstream digital technologies into everyday business operations.
SME enterprises centre
The government recently approved the establishment of the Small and Medium Enterprises Service Centre at the Laos National Chamber of Commerce and Industry.
The Centre will offer foreign language classes and assistance to those keen on improving their language skills so they can better talk with potential foreign investors.
Samples of products, brochures and the business cards of various successful SMEs will be on display there. Experienced trade officials will also be available to give advice to new businesspeople, especially those considering startups.