Global Entrepreneurship Week (GEW) Vietnam: Startup Competition

The Startup 2013 Competition was the culmination of a month of engagement focused on entrepreneurship. The program was in cooperation with Startup Vietnam, a local nonprofit run by American entrepreneur and CEO of Saigon Hub, Chris Zobrist. Out of 480 applicants, 143 aspiring entrepreneurs formed 12 teams to compete in the challenge. Teams were given VND 100,000 (approximately five USD) in seed capital, two days to plan and prepare, and two hours to execute their plan.First prize was awarded to a team that created homemade, organic cosmetics targeting young professionals. Runner ups pitched ideas for customizable desk lamps and a used goods resale market.  Winning teams were awarded five weeks of NEXT training (swnext.co/), basic IT equipment, and access to Saigon Hub services as to help move their startups through the incubation period and towards becoming actual companies. Leading up to the competition, over 130 students gathered at the U.S. Consulate General’s American Center to participate in an Entrepreneurship Panel Discussion featuring four local entrepreneur panelists (including the DEMO ASEAN first place alumnus) who shared stories of their successes and failures. They also gave advice on how to attract investors, and voiced opinions on the direction of Vietnam’s startup scene.