Promote and professionalize the startup ecosystem in Dak Lak (05/04/2023, 08:37)

Dak Lak province is an attractive destination for start-ups. Investors expect that a "Startup Valley" will be born to support a start-up ecosystem, contributing to professionalizing the startup environment in Vietnam in the future.

Fundraising and starting a business in the right process

Launching the CVG Shark Group ecosystem - the first startup valley in Dak Lak, Mr. Ngo Minh Tuan - Chairman of the Board of Directors of CVG Shark Group Corporation  expressed his desire to professionalize the start-up environment in Dak Lak in particular and Vietnam in general.

Launching the startup ecosystem in Dak Lak

A representative of CVG Shark Group said, the model is designed in the most appropriate way with the goal of becoming a model for the future chain of start-up valleys in 63 provinces and cities across the country, thereby opening up job opportunities and career development in many fields.

Ngo Minh Tuan, Chairman of the Board of Directors of Vietnam Global CEO Group, shared that CVG Shark Group was established at the end of 2022, with the main goals of providing training courses to help investors and startups on the know how to appraise projects and successful fundraising.

The group's first move was to choose young businesses in Dak Lak as the starting place for the startup valley model through creating new values, providing start-up opportunities to young people, with a very different concept "Starting a business in the right way".

Dak Lak and Khanh Hoa enterprises introduce start-up products.

Entrepreneurs will guide and support startups to pitch ideas, models, evaluate feasible projects, give dedicated advice and the most standard solutions for business health right from the first days of entering the market.

In addition, the start-up models in the valley with a variety of industries will open up job opportunities in many fields.

According to Mr. Ngo Minh Tuan, it is necessary to have a professional unit capable of evaluating whether the startup project is profitable or not, the point of profitability, after how long it will be profitable.

“If there is a professional unit to advise and help businesses and investors with these things, investors will greatly reduce risks, while the fund sponsors will also know how to match the "taste" of investors for mutual benefits", Mr. Ngo Minh Tuan shared.

Dak Lak still has a lot of room for businesses in other provinces/cities

Although the number of newly established businesses is increasing, in fact, investors do not know how to appraise projects. Meanwhile, not all startups know how to raise capital.

The ecosystem’s ultimate goal is bringing startup and innovation activities to contribute more to the socio-economic development of the province. In the immediate future, it will focus entirely on the domestic market. But 5 years later, it will go international, with connections to Vietnamese businesses around the world.

Joining hands to sow the seeds of entrepreneurship

According to the Vietnam Open Innovation Ecosystem Report 2022, the investment in the Vietnam Innovation Startup Ecosystem in 2022 is estimated at about US$2 billion, an impressive growth compared to 1.35. billion USD in 2021. Part of that is the entrepreneurial spirit of national entrepreneurs, and young businesses in Dak Lak.

Dak Lak Young Entrepreneurs Association and Provincial Innovation Center signed a cooperation agreement to promote the start-up movement.

Chairman Ngo Minh Tuan of CVG Shark Group said that each individual of this corporation and "Startup Valley" share the same aspiration to "sow the seed of entrepreneurship, help that seed germinate and grow, so that members of this ecosystem are able to realize the desire to start a business, and adapt to all circumstances in the current changing context.

According to Mr. Tuan, the entrepreneurial spirit of young Vietnamese people and students is always exciting, including the young generation who have early access to technology and the internet like today.

"And obviously, CVG Shark Group just need to create the most suitable environment to raise their wings, helping those dreams to be fulfilled soon, with a professional start-up process, accompanied by a strong and elite team of experts", Mr. Tuan said.

For Dak Lak in particular, this is a start-up destination not to be missed on the national startup map. For the startup market of the whole country in general, the appearance of a startup valley will be a strong leap to promote the development not only in width but also in depth, to increase the quality of entrepreneurs and businesses.

Many start-up products are introduced to partners inside and outside the province.

Standing Vice Chairman of the Provincial People's Committee Nguyen Tuan Ha said that in 2023, Dak Lak province will continue to effectively implement solutions to support small and medium-sized enterprises to join industry clusters and value chains. Dak Lak will continue to effectively implement support for business development, support for small and medium-sized enterprises to start creative startups, promote digital transformation and innovation for cooperatives and business households.

The Provincial People's Committee is asking the Ministry of Science and Technology and the Ministry of Planning and Investment to soon approve a plan to connect the start-up focal agencies of all localities to facilitate the exchange of information, coordinate and implement activities throughout the country on supporting innovation start-ups. Dak Lak also requested for fund allocation according to Project 844 to implement activities to support the development of the province's startup ecosystem, aiming to help each enterprise/entrepreneur develop least 01 idea/project/start-up to create sustainable development for the business community in the province.

Kim Bao