Launching on June 4, 2013, Vietnam Silicon Valley (VSV) project powered by Ministry of Science and Technology (MOST) is considered as a commitment by the Vietnamese Government to build a new dynamic and advanced ecosystem for Startups in Vietnam. MOST Minister Nguyen Quan said that science & technology entrepreneurship and start-up businesses are still a relatively new idea for many managers and investors in Vietnam. Moreover, the lack of funding and business experience is still a big challenge for Startups to shape and develop in Vietnam. VSV is expected to be a breakthrough in, not only connecting business with technology owners, but also counseling and sharing experiences. The project seeks to create an ecosystem of innovations and technology commercialization in Vietnam by combining our Vietnamese entrepreneurial spirit and innovative nature with the most successful model of high-tech economic centers in the United State.
The whole process of VSV project consists of 4 steps: application, pre-seed capacity building program, startup accelerator, and the four-month boot camp. Firstly, startups have to apply to this project via online VSV accelerator with a 70-80 questions form. Qualified applicants will be selected for the second step that is a 5-week Pre-seed Capacity Building Program. In this step, startups will be trained in customer development methodology which is building business models as well as communicating their ideas with investors. After that, VSV will provide a 4-month intensive startup accelerator. Finally, about ten or more companies will be carefully chosen and mentored in a four-month boot camp by Vietnam Silicon Valley experts.
In 2014, the program is focused on entrepreneurs seeking to change the Internet, online gaming, mobile applications, ecommerce, e-learning platforms technology applied business and digital media sectors. VSV will invest at least 10,000 USD in each company, provide legal and business consulting, office space, 4 months of intensive top-notch mentorship, incredible perks, and the chance to pitch to angel investors and local and global venture capitalists at the end of the program. In return, they take equity in your business. A demo day will be organized at the end of the business accelerator program. The demo day will be attended by investors and venture funds looking for deals. This is the chance for startups to showcase their prototypes through a 15 minutes demo & pitch.
In order to become a high-income country, Vietnam has to implement technology commercialization. Therefore, VSV is an appropriate model for startups to attract venture capital for the technology sector by presenting their ideas or semi-finished products.
Khue Nguyen (summarized from siliconvalley.com.vn, vista.vn)
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