Monday, 21 Jan 2019
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INVESTMENT

Vietnam Silicon Valley provides US$20,000 seeding fund for early stage startups

Updated at Tuesday, 08 Jan 2019, 02:38
The Hanoitimes - Qualified startups would have an opportunity to work with a network of more than 60 local and international mentors and investors, while alumni included multi-million dollar valuation companies like Lozi.vn, TechElite, SchoolBus, among others.
Vietnam Silicon Valley (VSV), a project backed by the Ministry of Science and Technology, is offering a 4-month accelerator program for early state startups, in which each would receive a seed funding of US$20,000 and tailor-made mentorship. 
 
Illustrative photo.
Illustrative photo.
There would be no limit in the number of startups participating in the program, Pham Ngoc Hung, manager of the program, was quoted by the Vietnam Finance as saying. 

Hung expected around 250 startups to join the program, but only 8 – 10% of the total are selected after completing the application process. 

According to VSV, qualified startups would have an opportunity to work with a network of more than 60 local and international mentors and investors, while alumni included multi-million dollar valuation companies like Lozi.vn, TechElite, SchoolBus, among others. 

Technology startups of all kinds are able to apply for the program, but priorities are given to companies operating in agritech, fintech, edutech, artificial intelligence (AI) and block chain, claimed VSV.

So far, the project has invested and accelerated up to 59 startups. 

Launched in June 2013, VSV showcased the commitment of Vietnamese government to build a Silicon Valley for startups in Vietnam. 

The project seeks to create an ecosystem of innovations and technology commercialization in Vietnam – by combining Vietnamese entrepreneurial spirit and innovative nature with the most successful practices that the US has to offer in startup development and mentoring, accelerators, and venture capital funding and investing.
Ngoc Mai
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