STARTUP 101 & DESIGN THINKING - Overview of Vietnam Startup Ecosystem

» STARTUP 101 & DESIGN THINKING - Overview of Vietnam Startup Ecosystem

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STARTUP 101 & DESIGN THINKING - Overview of Vietnam Startup EcosystemFrom June 22nd to July 10th, 2020, ThinkZone Accelerator collaborated with the National Startup Support Centre of Vietnam (NSSC) to organize the Vietnam Innovative Entrepreneur Network Program (VIEN). The program lasted 3 weeks with 15 sessions. The learning outcomes are to learn the theory and practice of Design Thinking, Lean Startup and Customer Development. Learners also get to know about the Vietnamese startup ecosystem and the challenges that need to be solved. Furthermore, learners will learn to develop 21st century skills, including creativity, problem solving, communication and teamwork.Training goals: Capacity building for VIEN members on entrepreneurship and network activity coordination. Connecting VIEN coordinators with start-up organizations in Vietnam to understand the current situation, problems, needs and coordinate resources to address these issues. Apply the entrepreneurship knowledge gained on solving those problems and coming up with innovative solutions. Ms. Catalina Catana - Representative of ThinkZone Accelerator Program and Mr. Hoang Duc Minh - Head of Donation of MoMo E-Wallet participated in this training course as mentors. Both of them are experts with many years of experience, especially in teaching and training startups. In the first lesson, Ms. Catalina introduced the overview of the Vietnam Startup Ecosystem and provided general knowledge about Lean Startup and Design Thinking. Vietnam is one of the most dynamic emerging economies in south-east Asia. Local entrepreneurs across Vietnam have a strong focus on using technology to solve local problems. According to Global Entrepreneurship Network (GEN), Vietnam is among the top 20 start-up economies but it is still among the 20 countries with the lowest ability to implement business plans. Only 3% startups are truly successful, while the other 80% can not survive for more than two years. Here is the top 10 reasons why startups fail: Cre: Startup 101 & Design Thinking - ThinkZone Accelerator There are 9 main reasons for startup failure including no market need (42%), Lack of money (29%, Unable to compete (19%), Cost structure issues (18%), Poor execution (17%), Business model is not reasonable (17%), No marketing effort (14%), No focus on customers (14%) and The time is not right (13%). The percentage of startups which fail because of no market need is 42%, taking the first place in top reasons. Startup founders are usually too confident about their solutions so they ignore conducting research about market demand. Given that startup founders are uncertain about the market, they will find it very challenging to tackle negative reactions. Followed up by lack of money reason which takes up 29%, this is a widely understood reason for startup founders but each founder has their own way to address this issue, either raising funds or boost sales to generate more profit. Startup founders should pay attention to other reasons, especially relating to management. It is necessary to streamline the business process as soon as possible so that it can keep up with the rapid growth of startups.

From June 22nd to July 10th, 2020, ThinkZone Accelerator collaborated with the National Startup Support Centre of Vietnam (NSSC) to organize the Vietnam Innovative Entrepreneur Network Program (VIEN). The program lasted 3 weeks with 15 sessions. The learning outcomes are to learn the theory and practice of Design Thinking, Lean Startup and Customer Development. Learners also get to know about the Vietnamese startup ecosystem and the challenges that need to be solved. Furthermore, learners will learn to develop 21st century skills, including creativity, problem solving, communication and teamwork.

Training goals:

Capacity building for VIEN members on entrepreneurship and network activity coordination.
Connecting VIEN coordinators with start-up organizations in Vietnam to understand the current situation, problems, needs and coordinate resources to address these issues.
Apply the entrepreneurship knowledge gained on solving those problems and coming up with innovative solutions.

Ms. Catalina Catana - Representative of ThinkZone Accelerator Program and Mr. Hoang Duc Minh - Head of Donation of MoMo E-Wallet participated in this training course as mentors. Both of them are experts with many years of experience, especially in teaching and training startups. In the first lesson, Ms. Catalina introduced the overview of the Vietnam Startup Ecosystem and provided general knowledge about Lean Startup and Design Thinking.

Vietnam is one of the most dynamic emerging economies in south-east Asia. Local entrepreneurs across Vietnam have a strong focus on using technology to solve local problems. According to Global Entrepreneurship Network (GEN), Vietnam is among the top 20 start-up economies but it is still among the 20 countries with the lowest ability to implement business plans. Only 3% startups are truly successful, while the other 80% can not survive for more than two years.

Here is the top 10 reasons why startups fail:

Cre: Startup 101 & Design Thinking - ThinkZone Accelerator

There are 9 main reasons for startup failure including no market need (42%), Lack of money (29%, Unable to compete (19%), Cost structure issues (18%), Poor execution (17%), Business model is not reasonable (17%), No marketing effort (14%), No focus on customers (14%) and The time is not right (13%).

The percentage of startups which fail because of no market need is 42%, taking the first place in top reasons. Startup founders are usually too confident about their solutions so they ignore conducting research about market demand. Given that startup founders are uncertain about the market, they will find it very challenging to tackle negative reactions. Followed up by lack of money reason which takes up 29%, this is a widely understood reason for startup founders but each founder has their own way to address this issue, either raising funds or boost sales to generate more profit.

Startup founders should pay attention to other reasons, especially relating to management. It is necessary to streamline the business process as soon as possible so that it can keep up with the rapid growth of startups.