The secret to sustainable startups

09:50 | 25/01/2018 Science - Technology

(VEN) - Vietnam’s successful startup entrepreneurs are advising others to be willing to take risks and overcome doubts in order to contribute to development of a sustainable startup ecosystem.

the secret to sustainable startups
Startups have attracted a major concern of the government, ministries and sectors

Startup love

The Vietnam Silicon Valley (VSV) project is expected to contribute to building a relationship between venture capital funds and startup businesses in Vietnam. VSV Project Manager, Thach Le Anh, said startup and venture capital funds were unknown in Vietnam before 2012. For two consecutive years, Anh knocked on many doors seeking support for the establishment of a venture capital fund to assist start-up businesses in Vietnam, but received almost no support. Anh and her colleagues were determined to make their dream come true.

VSV support activities are currently concentrated on product and customer development and investment attraction. Since 2013, VSV has offered four-month training programs. VSV has successfully leveraged a series of technology startups, increasing the rate of successful startups from 10 to 38 percent. Some of the startup VSV training program graduates, including TechElite, and Lozi, SchoolBus, have attracted additional investment capital worth millions of US dollars.

Do Hoai Nam also had a startup dream. Nam and his colleagues cofounded UP Co-working that mimics the co-working spaces of Sillicon Valley. Nam said his goal is to create a professional, international-standard co-working space for startups. Apart from holding conferences/seminars and helping startups connect with investors, UP Co-working enables startups to meet and exchange information with famous businesspeople, like Uber CEO Thuan Pham and Sheryl Sandberg, CEO of Facebook.

With eight campuses totaling 15,000 square meters in Hanoi and Ho Chi Minh City, UP Co-working has become the No. 1 co-working space for startups in Vietnam.

Silver bullet

Nguyen Binh Phuong, Technical Director of STV Nano Co., Ltd., said launching a product is hard. Although the company’s Nano Silver gel products are ideal substitutes for chemicals and pesticides, STV initially found it hard to persuade farmers to use the products, he said. “In 2016, we came to some orange orchards in Hung Yen Province, pledging to buy all of products damaged by Nano Silver, if any, to persuade farmers there to use our products. Farmers finally agreed to use our products after successful trial,” Phuong said.

Inspired by initial successful trials, STV will work directly with plant protection departments in a number of provinces to expand the use of Nano Silver gel products for high quality litchi and longan, enabling them to meet standards for export to such discerning markets as the US, Australia, and the EU. At the same time, the company plans to promote sales of Nano Silver to cattle, poultry, and seafood farmers in such northern provinces as Bac Ninh, Lang Son, Nam Dinh.

Quynh Nga