A quick peek at Vietnam’s tech start-up sceneFebruary 15 2018
A) planning to expand or build your start-up in Vietnam
B) in search of tech co-founder
C) simply curious to know more about Vietnam as a global tech hub
Then you must read this!
Much has been said about the young nation being a start-up hotspot. In fact, a Google search of keywords “Vietnam startup ecosystem” yields a whopping 370, 000 results. So what makes this account different? It’s straight from the horse’s mouth, specifically from Rudicaf Founder/CEO Vu Nguyet Anh. Rudicaf, a subscription-based dating app, is now making waves in the luxury dating service industry in Vietnam. It has garnered a couple of startup awards and surpassed its crowdvoting goal in Woomentum.Fund last year.
First off, Vietnam has tropical weather, touristic bodies of water, and bustling cities. It has a young population (median age: 30) which are heavy Internet and smartphone users. They’re interested with science and tech, website and app development and entrepreneurship. Yup, the picture’s looking good. Let’s dive down more on other details that make up the scene.
More and more tech developers are produced by the country each year. Some even received education abroad and most are very eager to gain experience in the tech start-up field. Though for Anh, she saw a slight challenge for early stage start-ups in terms of keeping the good employees due to low pay and less convenient working conditions.
Because start-ups’ products or services are new or a first in the market, legal risks are always a possibility. Anh admitted to not know the exact legal papers to prepare since government agencies are still shaping the legal processes involved with new businesses. It is best to be patient, do research and push forward to overcome this challenge.
Fortunately, Vietnam is teeming with incubators, accelerators, ventures and angel investors who look for opportunities to provide funding to start-ups. A breed of new crowdfunders is also on the rise, making use of crowdvoting. In Anh’s experience, if an idea is good and can be turned into a potential project, funding will not be difficult to find.
One way to approach possible investors is to participate in networking events and pitching competitions for start-ups.
Marketing Best Practices
Communications and marketing largely depend on several factors including the industry, target customers, value proposition and the product itself. In the case of Anh’s Rudicaf, she turned to PR channels and personal brand building to get the confidence of the discerning customers versus leveraging on digital and mass marketing.
We expect a rise and even further progress in Vietnam’s startup scene. Exciting times indeed! So if you want to be part of it, let Woomentum pave the way for you through knowledge-sharing or introducing you to our vast networks. Sign up or ask your questions now!
[Photo from Pexels.com]