Allow private companies to receive capital from an agency to develop accelerators, funded by Vietnam government.
Firstly, startup is a firm less than 3 years old.
Secondly, a Startup is designed and optimized specifically for extraordinary growth, a typical Startup can grow as much as 7% per week in its first year. In order to achieve this, Startup usually needs to be technology related as it reduce any dependency on physical constraints.
Thirdly, a Startup must be a product company as opposed to service company. The nature of service company is providing customized service for different customers or customer segments, and you will not be able to scale a customized service. Product on another hand, is highly scalable.
Running and expanding Business Accelerator in Vietnam from 2016 to 2020, helping at least 50 tech startups to launch the products, raise seed fund, and scale up to Vietnam market and regional markets.
Fosterining innovation and entrepreneurship in Vietnam,
Providing more jobs for local people.
Results after 3 years of implementation:
- Pre-seed and mentoring 25 startups
- 7 startups succeed in raising seed fund
- 2 startups succeed in raising serie A
- Launching VSV Corner - Co-working space for startup based in HN & HCM
- Successful organize more than 30 events, workshops for startups, policy maker, investor to promote the startup ecosystem in Vietnam. Typical event: Startup Weekend (2014), Startup Weekend NEXT (2014), Hatch fair (2014), Angel Investor Workshop (2014), Demo Day (2014, 2015,2016), VSV Angel Camp (2016), Master Class (2016), Techfest Vietnam (2016)
- Since this is the first accelerator program in Vietnam, it faces lots of challenges ranging from the immature of the startup ecosystem, the regulations and the resource of funding.
- On the positive sive, the initiative receives huge support from governments to provide meaningful support for the startups.
Thach Le Anh, Co-Founder & Chairwoman, Vietnam Silicon Valley Initiative
The concept of entrepreneurship is still very new in Vietnam. The government recently focus on nurturing innovation and entrepreneurship, they start to give more spaces or chances to private sector recently. For startups in Vietnam, we think there’s a positive spirit since the government started to support startups.