With deep industry, investment or entrepreneurship experience, mentors are in chare of providing their valuable startup-related knowledge and advices, and financial aid, for young start-up lovers.

Nguyen Duc Giang (right), a co-founder of M-Medi, meeting with his mentor Le My Nga, the Managing Director and founder of Hermes Management Co Ltd

Currently, an advisory council of the Da Nang Entrepreneurship Support Company Ldt (DNES), also known as the Da Nang Incubator, comprises some inspiring mentors who are the owners of big companies in the city.

Nguyen Duc Giang, a co-founder of M-Medi, which specialises in home health care service, said, during the first days of its operation, his startup project faces some difficulties in developing products, recruiting employees, and approaching customers.

Through DNES, Giang contacted with mentor Le My Nga, the Managing Director and founder of Hermes Management Co Ltd, which specialises in offering soft and business skills to those in need.

Through discussions and exchanges, Giang and his mentor unanimously agreed about project development orientation. Currently, Nga serves as a mentor cum investor for the M-Medi project.

Like the developers of newly-founded startup, entrepreneurs with many years of business experience are also sometime in need of consultancy services from mentor.

Le Quoc Han, the CEO of CTNET Digital, the first digital agency in the city working in wide range of digital marketing services, for example, highlighted the important role of inspiring mentors who are willing to assist him in managing business activities, developing business plans and marketing strategies, and validating startup ideas.

It is suggested that, before meeting with mentors, young startup founders should make a list of everything they want to gain from the meetings.

It is necessary to raise such questions as: What are your weaknesses? What can your mentor help you achieve? What sorts of obstacles can you predict will hinder your goals? In fact, having all this in mind will help young startup founders and their mentors understand what needs to be done and how.

In his remarks, Vu Xuan Truong, the Director of DNES’s incubator centre, mentors once encountered many potholes on their path to success. That is the reason why they have a deep insight into what troubles newly-established startup founders most and then help them go through challenges, thereby validating their business ideas.

In addition, many businesspeople have taken the initiative to share their valuable start-up experience with those who show keen interest in start-up activities, as well as facilitated them to visit and learn about the operation of their companies.

A recent report released by the Startup Viet Nam Foundation revealed that start-up projects which have the good connection with mentors are usually 2-3 times more successful than those which don’t. 

According to Mr Ly Dinh Quan, the CEO of the SONGHAN Incubator, Da Nang is now attaching great importance to strengthen the performance of its startup mentor network through the launching of connection programmes and training courses for start-up mentors at business incubation facilities across the city.