Since the start of this year, a total of up to 10 start-up contest of different scales have been organised for local students and pupils in a bid to inspire them to do their start-up activities in a local healthy and strong start-up ecosystem.

Chairman of Da Nang’s Start-up Network Council Vo Duy Khuong (2nd, right) at the International Startup Conference and Exhibition 2017 (SURF)

Most notable amongst these start-up events was July’s International Startup Conference and Exhibition 2017 (SURF) which made Da Nang to stand out in the national start-up community.   The event was this year’s largest of its kind in the central region and highlands, laying a form foundation for building Da Nang into an ‘Innovation Hub by the Sea’.

Many students from Da Nang’s universities are now showing their keen interest in conducting their research activities at the Da Nang Maker Innovation Space which began operating in early August.

The Maker Innovation Space, which is based at the University of Da Nang (UDN) at 41 Le Duan, is a critical part of the 5-year Building University-Industry Learning and Development through Innovation and Technology (BUILD-IT) project.  It is being funded by the US Agency for International Development (USAID).

Da Nang’s invention space is fully equipped with 3-D printers, laser cutters, a wood and metal shop, as well as advanced design software, and other useful equipment available for all students from UDN’s school members.

In this year alone, the Da Nang Entrepreneurship Support Company (DNES) provided training courses for a total of 14 start-up projects.  In addition, DNES made great joint efforts with other international organisations and the embassies of foreign countries in Viet Nam to provide more courses for start-up lovers. 

Over recent months, the Da Nang Young Entrepreneurs’ Association has actively involved in completing necessary administrative procedures free-of-charge for local students to run their own start-up businesses as well as in helping them create a closer link with businesses from both home and aboard.

With regard to next year’s major tasks, addressing at a recent start-up review meeting, municipal People’s Committee Vice Chairman Ho Ky Minh underlined the need to promote research and development (R&D) and business incubation activities.

The review meeting in progress

In early next year, the city authorities are expected to approve a local project for offering training to innovative start-up projects for the 2018 – 2020 period.

Special heed will be also paid to strengthening bilateral cooperation with the embassies of foreign countries in Viet Nam and incubation centres in Israel, Ireland and other countries worldwide to promote start-up experience exchanges. 

Also next year, the municipal Start-up Training Centre will be established, and more preferential policies will be issued to appeal for potential angel investors and venture capital funds to ensure the sustainable development of start-up projects.

In particular, importance will be attached to encouraging local universities, colleges and related organisations to pass the torch of strong passion for start-up activities on to local youths, as well as to introduce their effective ways to local young start-up lovers to help them develop their own businesses.  It is necessary for young people to be more confident, and take the initiative to develop their start-up ideas and make their dreams come true because success is often achieved by those who don't know that failure is inevitable.

By 2020, Da Nang aims to give financial aid to implement a total of 200 start-up projects and set up 80 businesses involved in this aspect.  Also, up to 3 new business incubators centres will be established in the city, and more start-up training programmes will be introduced at local universities and colleges.  

Importance will also be attached to setting up between 3 and 5 venture capital funds, and establishing the municipal Start-up Support Fund.

By 2030, Da Nang aims to become one of the leading start-up hubs in Viet Nam, with sustainable development, an innovative start-up ecosystem, an improved legislative system, and a favourable investment environment for investors from both home and aboard.