Da Nang has, over recent years, been implementing many programmes to support the development of ecosystems, attract more investors and position itself on the international innovation startup map, thereby gradually developing Da Nang into an attractive destination for domestic and international startups. 

Many connection activities for elements in the innovative and international startup ecosystem are organised by the da Nang Department of Science and Technology. Startups join 1:1 meetings with investment funds at the DAVAS 2024 event at the end of May 2024. Photo: VAN HOANG

At the end of May 2024, the Centre for Innovative Startup Support under the Da Nang Department of Science and Technology organised the Da Nang Venture and Angel Summit 2024 (DAVAS 2024).

This was the first time the event had been held in Da Nang to boost connections among elements in the ecosystem, create opportunities for projects and startups to approach more investors and investment funds; gradually positioning Da Nang as an attractive capital and investment destination and forming a community of angel investors and venture capital funds in the city.

At this important event, a total of 30 selected domestic and international innovative projects/startups participated in pitching venture capitalists and one-on-one meetings with investors and investment funds, hereby facilitating them to access more capital and seek cooperation chances for mutual development.

Mr. Vo Nguyen Dinh Tri, the Director of Rebo Education Joint Stock Company, said that Rebo Education is one of three EdTech startups (tech startups in the field of education) participating in calling capital at DAVAS.

Rebo's products include the Rebo App that allows students to interact with 3D and augmented reality (AR) lessons on mobile devices, and the Rebo Studio platform that helps teachers and students create vivid and engaging 3D lessons. Rebo creates unique learning experiences, helping students understand and remember complex concepts more easily.

According to Mr. Tri, participating in calling capital from many investors was an opportunity for new startups like Rebo. At DAVAS, the project received a lot of sharing and suggestions from leading industry experts. In the immediate future, Rebo's founding team will work with a number of impressive investment funds.

According to the Da Nang Department of Science and Technology, DAVAS 2024 was an impressive highlight in the city's innovative startup support activities, step by step affirming the position of the city's innovative startup ecosystem in the international startup map, especially domestic and foreign investment funds.

This was an opportunity for projects in Da Nang to learn from experiences in pitching their businesses to venture capitalist around the world and real-life experience in interacting with investment funds and investors; recognise and re-evaluate the strengths and weaknesses of their projects and perfect their products to make them more attractive to potential investors.

The cited measures are expected to gradually build Da Nang into one of the major socio-economic centres of Viet Nam and ASEAN as a centre for startups and innovation.

Within the framework of DAVAS, the Da Nang Department of Science and Technology coordinated with Quest Ventures (Singapore), a top venture capital firm in Asia, to launch Quest Ventures' innovation collaboration space in Da Nang.

Most recently, on June 11, the city's delegation led by Deputy Director of the Department of Science and Technology Duong Hoang Van Ban visited and worked at a number of leading technology companies in China such as UBTech Robotics and Huawei Technologies Co., Ltd., thereby, opening up many new opportunities for cooperation and development, promoting international cooperation in the field of technology and innovative startups between Da Nang and China's leading tech firms.

According to Mr. Pham Hong Quat, the Director of the Department of Science and Technology Enterprise and Market Development under the Vietnamese Ministry of Science and Technology, through the city’s connection efforts at international events, opportunities for Da Nang's innovative startup ecosystem reaching beyond the country and region is huge.

In the eyes of investors, not only is Da Nang as a place to rest and travel, but it also emerges as a destination with attractive policies and mechanisms benefiting investors.

On the other hand, Da Nang possesses very dynamic human resources, its startups’ prompt integration capacity with available potential and strengths.

In order to improve skills and create a professional connection space, it is a need to boost cooperation among the city authorities, universities and incubators.

At the same time, favourable conditions should be created for startups to effectively participate in international playgrounds to enhance their initiative and confidence, thus positively contributing to the city’s innovative startup ecosystem.

“It is essential for angel investors in Da Nang to establish a local fund or network of angel investors. This also has the potential to attract international investors to participate in implementing incubators' initiatives.”,sai Mr. Quat.

Reporting by VAN HOANG - Translating by A.THU, V.DUNG