Certain noticeable programs currently run to attract capital include the contest ‘Startup Wheel’, the startup trading floor, and the incubation center for young business people organized by the Business Startup Support Center – HCMC (BSSC); the capital support program ‘Speedup’ by the HCMC Department of Science and Technology; the ‘Shark Tank Vietnam’; or the fund of the United Nations International Children’s Emergency Fund (UNICEF) in Vietnam. With such huge support, the startup community in HCMC is expected to reap significant success.
Sadly, around 90 percent of startup projects end in failure. This proves that besides innovative ideas and surplus investment capital, what startup people need is the precise launching time.
In the recent discussion ‘Young Residents in HCMC and Innovative Startup Activities’ held by the Vietnam Youth Federation – HCMC, many representatives agreed that capital and experience support is insufficient to help startup people succeed. It is also essential to help them reach their potential customers.
Ms. Nguyen Thi Dieu Hang, Director of BSSC, revealed that in Japan, for example, the society wholeheartedly welcome even defective products. Therefore, domestic businesses are able to precisely identify the market’s demands in order to improve their future merchandise.
The situation is quite opposite in Vietnam, where the community would choose famous and popular goods rather than experimenting new ones. Due to that fact, many innovative products and services cannot acquire enough feedback from consumers despite being delivered free of charge. This makes startup people feel frustrated as they do not have sufficient data to adjust their own creations.
It is high time that besides providing encouraging mechanisms, simplified administrative procedures and surplus investment, startup support programs focused more on connecting these businesses to consumers.
