Da Nang's innovative startup ecosystem has formed, connected and developed with many elements. In an effort to improve the effectiveness of support activities and develop the startup ecosystem, it is necessary to synchronously deploy many solutions, contributing to building Da Nang into an attractive destination for innovative startups.

Da Nang needs to have a linkage orientation, connecting investors and experts to develop an innovative startup ecosystem. Delegates are seen visiting the exhibition space to introduce products and startup projects at the conference “Developing Da Nang's innovative startup ecosystem and people-to-people diplomacy in connecting and mobilising resources”. Photo: VAN HOANG

Developing the ecosystem in depth

According to the Da Nang Department of Science and Technology, Da Nang’s innovative startup ecosystem has formed and developed with many diverse elements with mutual support and connections. Among them, many elements have increased in terms of both quality and quantity, actively participating in the ecosystem, including universities; investment funds, incubators, startup support organizations, innovative startup communities and a startup ecosystem that is growing in depth.

Outstandingly, businesses have been implementing many solutions based on technology and intellectual property to create more sustainable development. Thanks to this, many businesses in the city have developed and successfully made foreign investment pitch.

Deputy Director of the Da Nang Department of Science and Technology Le Thi Thuc assessed, “The quality development of startup projects is the basis and sustainable foundation to attract domestic and international investment funds interested in the Da Nang market.

Retaining investment funds and inviting businesses and partners to the city is a very important factor. Da Nang's innovation startup ecosystem is developing in the right direction, both increasing in the number of elements and developing in depth”.

In addition, incubation facilities and nurseries are also major contributors to the development of the local ecosystem. Incubators in the city are constantly the quality of support and incubation programmes, helping startup projects increase their chances of success.

According to Mr. Nguyen Van Chuong, the Vice Chairman of the Board of Members of Da Nang Business Incubator (DNES), in the past seven years, DNES has incubated about 90 projects with 12 batches and about 8% of the startups successfully raising capital and expand their production and business.

So as to promote the effectiveness of incubation and startup support centres, the city’s administration and relevant agencies need to focus on many solutions, including a coordinating council for innovative startup networks. This is an important basis for gathering resources of elements in the ecosystem, creating an image of an open government interested in innovative startups and attracting investment funds.

On the other hand, if incubator centres and facilities use platforms and incubation programs according to tested standards, they will create many opportunities for young startups to make success, exploring the business potential of the project and internal resources of the enterprise.

Many breakthrough solutions

Ph.D Nguyen Huu Nhat Minh, in charge of research at the Viet Nam - Korea University of Information and Communications Technology, acknowledged that Da Nang shows off a good environment and potential to develop innovative startups. However, startup "seeds" are scattered in universities. Therefore, it is necessary to make more effective coordination between elements to bring startup ideas to incubators as a way to avoid wasting good ideas and to enhance connections as well.

Universities really need the support and coordination from incubators to organize and form new thinking movement about innovative startups. There must be magazines to promote entrepreneurship potential and motivate students to be more bold in entrepreneurship. In addition, the expert network of universities and research facilities can support businesses in accessing and developing new technologies.

According to Ms. Nguyen Thi Ngoc Thanh, the Operations Director of Songhan Incubator - SHi), relevant local agencies should change their support approach by going deeper into startup education in tandem with supporting organisations to be aware of startup activities to form thinking about innovation and sustainable development.

Da Nang has many domestic and international experts supporting the startup ecosystem, however, connecting and maintaining the network is still fragmented and has no linkage orientation. Therefore, the city needs to deploy more connection activities to take advantage of this resource.

At the same time, heed should be paid to organising startup competitions on a larger scale to connect localities, create a large playground and step uo exchanges among startups, along with changing tectonic thinking to attract investors to Da Nang and expand to other local businesses. This is a solution to help the ecosystem grow strong and sustainable.

In addition, S&T tasks are strategic, long-term and connected to external elements, expanding based on the creative space of Da Nang to become the nucleus, attracting the execution network into strong and regional development.

In 2024, the Da Nang Department of Science and Technology will continue to accompany and support startups to innovate, develop technology solutions, startup projects and intellectual property. Focus should be on building and proposing specific policy mechanisms for Da Nang, including a policy on innovative startups for submission to the National Assembly.

The city will complete technical facilities, support for startups, build a mechanism to operate innovation space at the Software Park No. 2 and form the National Centre for Supporting Creative Startups in Da Nang.

“The city will continue to connect investment funds with the international community and make more appeals for investment funds, startup businesses, and potential foreign startup partners to do business in the city, a step to build Da Nang into an international destination for startups and regional innovation.”, said Ms. Thuc.

Reporting by VAN HOANG - Translating by A.THU