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Vietnam Startup Guide to Hot Scene, Investment & Resources
1. The Definitive Guide to the
VIETNAM
STARTUP SCENE
By DatLe Viet
Co-Founder
HATCH! PROGRAM
a publication of
Last updated on 10thDec, 2014 (v.1.5)
2. WHY THE
VIETNAM STARTUP SCENE
IS HOT? 3
OVERVIEW 9
Startup investment: 2012 -2014
Notable Startup companies
Movement/ Startup Trend
Meet-Up/ Event
Key People
Constraint
MYTHS 22
RESOURCES 25
Incubator/ Accelerator
Investment Fund
Co-Working Space
Key Media
Government
Universities
Vietnam Startup Festival
WANT TO JUMP AROUND?
BONUS 33
Why bootstrap in Vietnam?
Vietnam Angel Network
Reference/ To read
Our Partner
Contact us
3. WHY THE
VIETNAM
STARTUP SCENE
IS HOT ?
Photo: Justin Guariglia
4. Image: Rolling Stone Magazine
Flappy Bird
Creator: Dong Nguyen
Release: May 24th, 2013
Removal: Feb 9th, 2014
Brief: The world’s most famous video game, created a worldwide phenomenon and a controversial removal in 2013.
No. of Download: 50 mil +
No. of Ratings:48,000 +
Top free iPhone app:
109 countries
Revenue at peak:
US $50,000/day
5. VNG Corporation
Founder: Le Hong Minh
Founded: 2004
Brief: Biggest Internet company in Vietnam, works on online entertainment, social network & e-commerce
Value: US $1 billion
Revenue: US $100 mil, ’13
Outstanding app:
Brief: Second most popular OTT app in Vietnam with 10mil users, after Viberwith 12 mil Photo: VNG’s 10 years anniversary
6. Two Startup Centers
Hanoi City
Role: Political capital
Population: 6.6 million, ’10
Traits: Eastern-like, political, diplomatic and more formal
Ho Chi Minh City
Role: Economic stronghold
Population: 7.4 million, ‘10
Traits: Western-like, friendly, business-oriented and casual
Photo: NASA
7. VIETNAM: INTERNET USAGE
Vietnam Startup Festival 7
Source: US Census Bureau, Internet Live Stats, WeAreSocial,sg
This makes Vietnam the 15thlargest market on the Internet.
8. VIETNAM: SMARTPHONE USAGE
With nearly half of the Internet population in Vietnam is using smartphone (and increasing), the market clearly left many undiscovered frontiers startups to make a difference, and even for big corporation also.
Vietnam Startup Festival 8
Source: US Census Bureau, Internet Live Stats, WeAreSocial,sg
With 54% of Vietnam population is under 30, it becomes one of the most potential Internet market in South East Asia.
9. WHAT’S MORE?
9
THE INNOVATION SCENE:
WHAT DOES IT LOOK LIKE?
Image: zugaldia; Concept: TOPMITO, TechinAsia.com
11. STARTUP INVESTMENT -2012
No
Startup
Categories/Type
Investor
Type
Time
13
OrderFood.vn
Fooddelivery
MJ Group
M&A
Q2 12'
14
Blue Up
Flashcard
PVNI
Seed Funding
Q2 12'
15
Appota.com
Mobile Platform
AngelInvestors
Seed Funding
Q2 12'
16
Minh Châu
Online game
IDG Ventures Vietnam
Series A
Q1 12'
17
NhacCuatui.com
Online Music
CyberAgentVentures Vietnam
Series B
Q1 12'
18
Colorbox.vn
Mobile game
CyberAgentVentures Vietnam
Series A
Q1 12'
19
Tiki.vn
E-Commerce
CyberAgentVentures Vietnam
Series A
Q1 12'
20
Wada.vn
Search Engine
KustoGroup
Series A
Q1 12'
21
Everyday
Groupon
KustoGroup
Series A
Q1 12'
22
Paylink.vn
Payment solution
KustoGroup
Series A
Q1 12'
23
Truongxua.vn
Social network
KustoGroup
Series A
Q1 12'
24
Coccoc.com
Search engine, browser
Russian Investors
Series A
Q1 12'
12. STARTUP INVESTMENT -2013
No
Startup
Categories/Type
Investor
Type
Time
1
NhómMua
Groupon
CùngMua
M&A
Q4 13'
2
TOPICA Education Group
Online Education
Series B
Q4 13'
3
Anphabe
Career network
Recruit Holdings
Strategic Investment
Q4 13'
4
YTON.vn
Healthcare
Health tech group
Strategic Investment
Q3 13'
5
Glamybox
Subscription
VanityTroveSingapore
M&A
Q3 13'
6
Tiki.vn
E-Commerce
CyberAgentVentures & Sumitomo
Series A
Q3 13'
7
iStart.vn
Online education
Angel Investors
Seed funding
Q2 13'
8
Greengar.com
Mobile collaborationapp
500Startups
Accelerator
Q2 13'
9
Tapmee.com
Dating app
Angel Investors
Seed funding
Q2 13'
10
Thegioididong.com
Mobile Retailer
Robert Willett & CDH Electric Bee Limited
Strategic Investment
Q2 13'
13. STARTUP INVESTMENT -2013
No
Startup
Categories/Type
Investor
Type
Time
11
TinhVânEbooks
Ebooks
IDG Ventures Vietnam
Series A
Q2 13'
12
Nganluong.vn
E-Payment
MOL
Strategic Investment
Q2 13'
13
Violet.vn
Document sharing
IDG Ventures Vietnam & TinhVan Corp
Series A
Q1 13'
14
DeltaViet.vn
Education
Angelinvestor
Seed Funding
Q1 13'
15
Ig9.vn
Crowd Funding
BTIC
Seed Funding
Q1 13'
16
Kiemviec.com
Recruitment solution
CareerBuilder
M&A
Q1 13'
17
Vietnamworks.com
Recruitment solution
EN -Japan
M&A
Q1 13'
18
Mytour.vn
Hotel booking
Recruit Holdings
Series A
Q1 13'
19
MobiVi.com
E-Payment
KustoGroup
Series B
Q1 13'
14. STARTUP INVESTMENT -2014
No
Startup
Categories/Type
Investor
Type
Time
1
Antoree
PrivateTutor Market
N/A
SeedFunding
Q4 14’
2
vLance
FreelancerMarket
N/A
SeedFunding
Q4 14’
3
Uplevo
BrandDesign
N/A
SeedFunding
Q4 14’
4
Morbling
3D Game Studio
N/A
SeedFunding
Q4 14’
5
AstroTelligent
Human Resource
VietnamInternational Bank (VIB)
First Adopter
Q4 14’
6
Haivl
FunnyContent
24h
M&A
Q3 14'
7
RockitOnline
Online Education
Learn Capital, John Katzman, and Formation 8
Strategic Investment
Q3 14'
8
Adatao
Big data, Analytic
Andreessen Horowitz, LightspeedVentures and Bloomberg Beta
Series A
Q3 14'
9
Appota
Mobile Platform
Japan and Singapore investors
Series B
Q2 14'
10
hangtot.com
E-commerce
CyberAgentVentures
Q1 14'
11
Ahometo
E-commerce
OneCapitalWay(5DESIRE)
Seed Funding
Q1 14'
12
VinE-Com
E-commerce
VinGroup
Strategic Investment
Q1 14'
18. MOVEMENT/ STARTUP TREND
Top movements:
1. Gaming
2. E-Commerce
3. Mobile app
4. Online booking
And more:
5. E-learning & education
6. Food security & agriculture
7. Business platform
8. Hardware application
Vietnam Startup Festival
19. Annual:
HATCH! FAIR/ Vietnam Startup Festival
DEMO ASEAN
Bar Camp
Tech Camp
Vietnam Mobile Day
PHP Day
Monthly:
Startup Grind
Founder Matching Day
Business Thursdays
Hackathon: Teckathon& Mobile Hackathon
HackathonVietnam
Competition:
Startup Weekend Hanoi & HCMC
Kawai Startup Competition
VCCI Startup Competition
VYE Bootcamp
Global Competition:
SeedstarsWorld
Code for Resilience
Vietnam Startup Festival
MEET-UP/ EVENT
20. Vietnam Startup Festival
KEY PEOPLE
Nguyen Hong Truong
Vice President
IDG Ventures Vietnam
Nguyen ManhDung
Head Representative
CyberAgentVentures Vietnam
Pham Minh TuanDirector
TOPICA Founder Institute
Anh-Minh Do
Editor in Chief
TechInAsiaVietnam
Le Huynh Kim Ngan
Founder
Twenty.vn
Bobby Liu
Founder
Hub.IT
Aaron Everhart
Senior Advisor
HATCH! PROGRAM
21. System
E-Payment
Logistic
Public Policy
Education on entrepreneurship
Human
Teamwork competency
“Me-too” vs. Real innovation
Naïve mindset on business and startup
Lack of business skill in depth
Too entrepreneurial in young people
Too risk averse in old people
Lack of culture for constructive feedback and accepting failure
Vietnam Startup Festival
CONSTRAINT
23. There’s a naïve perspective on how to make an organization that can bring an innovation to commercial success, and those are:
1)a lack of the mindset to accept failure; not only amongst entrepreneurs themselves, but the general business community in Vietnam and Asia
2)a lack of practical knowledge and understanding on how to commercialize innovations: such as developing a business model, relationship build-up, having an investor’s perspective, identifying a scalable market, deep customer understanding and a sense of customer experiences;
3)and finally, a lack of teamwork and real innovation evidenced by too many “me-too” startups.
Vietnam Startup Festival
MYTHS
24. As you can see, the ingredients for positive economic development in Vietnam
can be observed in a robust and growing startup ecosystem.
While the startup ecosystem is apparent and operational, still there remain three problematic issues at hand: a gap between the startup and the VC, a lack of innovation evidenced by many “me-too” start-ups, and two critical gaps: siloingamongst potential innovation enablers, and a lack of an angel funding network to bridge startups from incubator/accelerator status to VC-ready status.
Fortunately, solutions are in the works, and for that reason, the Vietnam may actually pivot into a positive direction, positioning it well for a future as a nation leading in the overall success of the future of South East Asian nations.
Vietnam Startup Festival
MYTHS
29. Hanoi City
1. Clickspace
http://clickspace.vn/
2. Hub.IT
http://www.hubit.asia/
3. 5Desire
http://www.5desire.com/en/Incubation
4. iHouse
http://www.coworking.vn/
5. Manzi
https://www.facebook.com/manzihanoi
Vietnam Startup Festival
COWORKING SPACE
Ho Chi Minh City
1. Sandbox Hub
https://www.facebook.com/sandboxhubvn
2. The Start Centerhttp://start-saigon.com/
3. Saigon CoWorking
http://www.saigoncoworking.com/
4. WORK Saigon
http://www.worksaigon.com/
5. GekkoSpace
http://www.gekkospace.com/
6. Aspire Office
http://www.aspireoffice.vn/ 7. ITP-ĐạihọcQuốcGia
http://itpoffice.vn/
8. BTIC
http://www.becamextic.com/
9. The START Network
http://thestartnetwork.org/
Website Directory
30. Vietnam Startup Festival
KEY MEDIA
TECHINASIA.COM
Language: English
Coverage: Asia market
Key contact:Anh-Minh Do
twenty.vn
Language: Vietnamese
Coverage: Mostly Vietnamese market
Key contact: Le Huynh Kim Ngan
INFO TV
Language: Vietnamese
Coverage: Mostly Vietnamese market
VTV2
Language: Vietnamese/ English
Coverage: Mostly Vietnamese market
31. Vietnam Startup Festival
GOVERNMENT
Fostering Innovation through Research, Science and Technology -FIRST
Vietnam Ministry of Science and Technology -World Bank
Total Fund:US $110 million
Website:http://first-most.vn/
Project:
Vietnam Silicon Valley Project
Available Grants:
Overseas Talented Experts
Government Research Institutes
New Enterprises
Research-Innovation Consortia
32. Bachelor of Business (Entrepreneurship)
Saigon South and Hanoi Campus
RMIT University Vietnam
Vietnam Startup Festival
Universities
Entrepreneurship Training Course
Vietnam National University of Agriculture
International Entrepreneurship Training Course
Hanoi University of Science and Technology
34. VIETNAM IS A BEAUTIFUL MESS,
IT JUST WORKS!
Photo: Louis Lim
35. 1. Fast Internet
Downloading large files, making Skype calls or using Javascript-heavy SaaSapps is no problem.
2. Low cost, high value lifestyle
You can live with upper-class standards on $800/month salary; with higher salaries, in the $1500/month range, residents can enjoy all the luxuries they want.
3. Efficient Transportation
If you learn the motorbike system, it becomes really easy and fast to go around. And it takes only one minute every time to finish parking.
Vietnam Startup Festival
WHY BOOTSTRAP IN VIETNAM?
Photo: AsianBikeTour, VNExpressand Game4V
36. 4. Vietnam is happening
Vietnam is an emerging market and it changes overnight. Everyone can find opportunity, a great deal of fun, and even peace here. It’s great to travel in as well.
5. Wonderful café culture
Great news for café lover: there are good café in every corner of the country. Better news: You can work there with free WIFI and unlimited tea.
6. Little language barrier
No need to worry if you only speak English. But there is a huge plus for those who can speak just a little bit of Vietnamese: people here will absolutely love them. Vietnam Startup Festival
WHY BOOTSTRAP IN VIETNAM?
Photo: Vietnam Travel, IVIVU and HATCH! PROGRAM
37. 7. Great food
The food is tasty, cheap and healthy, as well as locally brewed beer and wine. For foodies: Ho Chi Minh City is one of the best international food cities in the World.
8. Incredible community of online entrepreneurs
The scene is growing and growing, at a major pace, there are people in nearly every startup field; and not only Vietnamese, but also international entrepreneurs.
9. Working Opportunities
Not only you can work for many technology companies here but also you can easily find a teaching job to feed your startup journey.
Vietnam Startup Festival
WHY BOOTSTRAP IN VIETNAM?
Photo: Sylvia Fountaine, Tuoitreand HATCH! PROGRAM
38. Those points above are strongly inspired by three expats’ reviews below.
It is strongly recommended for you to read them.
Bootstrapping in Saigon,
Jon Myers, May 2013. [e-journal] Available through
<https://medium.com/@jonmyers/bootstrapping-in-saigon-fc9744367386>
Why I am living in Saigon, Vietnam,
David Hehenberher, Nov 2013. [e-journal] Available through
<http://davidhehenberger.com/saigon/>
Cheaply Bootstrap Your Startup from Vietnam,
TomoSaigon, Oct 2012. [e-journal] Available through
<http://www.saigonist.com/vietnam/bootstrap-abroad-cheaply-bootstrap-your-startup-Vietnam>
Vietnam Startup Festival
WHY BOOTSTRAP IN VIETNAM?
39. SNEAK PEAK: VIETNAM ANGEL NETWORK
VIETNAM ANGEL NETWORK is a private network for startup investment in Vietnam
http://angel.hatch.vn
and get your next big venture assessment!
Monthly Private Pitching
Networking & Co-Investing
Quarterly Portfolio Review
Investment Workshop
41. Vietnam Startup Investment and M&A: 5 Interesting Trends in 2012 -2013
Pham Minh Tuan, Dec 2013. [slide-share] Available through
<http://www.slideshare.net/hatchprogram/vietnam-startup-investment-and-ma-pham-minh-tuan>
There’s more to Vietnam’s startup scene that meets the eye,
Anh-Minh Do, April 2014. [e-journal] Available through
<http://www.techinasia.com/nhip-cau-dau-tu-startup-vietnam/>
A comprehensive look at Vietnam’s startup scene ecosystem in 2014
Anh-Minh Do, March 2013. [e-journal] Available through
<http://www.techinasia.com/comprehensive-on-vietnam-incubator-ecosystem/>
20 things Vietnamese startups need to win
Anh-Minh Do, April 2014. [e-journal] Available through
<http://www.techinasia.com/20-vietnamese-startups-win/>
A brief about Vietnam Startup Scene
Albert Mai, Feb 2012. [e-journal] Available through
<http://www.startupof.me/vietnam-startup-scene/>
REFERENCE/ TO READ
42. REFERENCE/ TO SEE
All these illustrations are created by our amazing teammate:
Mariam Margishvili
Appreciate her at:
https://www.behance.net/masho-land
43. Would you have any information or wisdom that should be posted?
Please feel free to contact us at:
xinchao@hatch.vn
(+84) 4 6275 7406
http://hatch.vn
CONTACT US