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动点科技

投资越南｜求索创投：期待看到更多越南初创企业走出国门：近年来，越南科技生态取得了显著发展，并以此不断吸引全球投资者的关注。

体现在具体方面，仅在去年期间，越南初创企业的总投资规模就已达到5.29亿美元。同时，截至当前，越南独角兽俱乐部已经迎来了VNG、MoMo、VNLife、Sky Mavis、Axie Infinity、VNPay、Tiki以及VNG Cloud八位成员。这在巩固了越南位于东南亚科技生态中的地位的同时，也让外界日益向这片新兴区域投向更多目光。

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动点科技

《投资越南》是一档聚焦越南科技创业进程的系列专栏。在这里，我们将通过那些正在推动越南成为全球科技中心的企业家、创新者和思想领袖的视野，深入探讨越南充满活力且快速发展的科创生态景象。

近年来，越南科技生态取得了显著发展，并以此不断吸引全球投资者的关注。

体现在具体方面，仅在去年期间，越南初创企业的总投资规模就已达到5.29亿美元。同时，截至当前，越南独角兽俱乐部已经迎来了VNG、MoMo、VNLife、Sky Mavis、Axie Infinity、VNPay、Tiki以及VNG Cloud八位成员。这在巩固了越南位于东南亚科技生态中的地位的同时，也让外界日益向这片新兴区域投向更多目光。

新加坡风投机构求索创投 （Quest Ventures）驻越南高级分析师Linh Ha在接受TNGlobal采访时表示，越南人口众多、经济增长迅速且政府稳定，是该公司将其视为关键市场的主要原因。

她指出，越南有9740万人口——其中37%居住在城市地区，这为其提供了庞大消费群体。此外，越南也拥有相对有利的人口结构——当地劳动力年轻且熟练，这对于寻求扩张的公司来说是一笔巨大的财富。

从经济角度来看，当前，越南是东南亚地区经济增长最快的国家之一。尽管全球经济放缓，过去的两年内（22年和23年），越南GDP增速依然达到了8%和5.05%。并且Linh也补充道，越南拥有相对稳定的营商环境，这让投资者和企业对在当地的长期规划充满信心。

她进一步补充道，越南的外国直接投资（FDI）也在变多——仅在22年的承诺投资超过277亿美元，“这体现出了出国际社会对越南市场的强烈信心···而这些也都是越南之所以能够吸引到我们这样的非本土的区域投资机构的主要因素···”

在行业表现方面，Linh认为，电商仍是当地的一大主要驱动力——预计该行业的年增长率将达到29%，是该地区增长最快的行业之一。不过她也表示，Quest Ventures在越南也注意到了一些其他的高潜力行业，如智能制造、跨境电商、人工智能、SaaS等。此外，“（越南）政府也从国家战略角度上强调了绿色经济对当地未来发展的重要性，从而顺应全球数字化转型和自动化潮流的趋势。”

不过，尽管取得了以上进展，Linh表示，某种层面上来看，越南的科技生态系统也仍旧是“聚焦国内”，其部分原因是，“在进入区域或全球市场之前，早期阶段初创企业往往优先考虑的是本地市场的渗透。”

她向记者指出，“到2025年，越南数字经济预计将占该国GDP的20%，使之成为东南亚增长最快的国家。这表明，虽然越南的基础仍然是本地的，但存在着向区域扩张的巨大潜力和可能···市场格局正在演变，我们期待看到更多的越南初创企业在未来几年中走出越南国门。”

在本次访谈中，Linh分享了她对越南科技生态的一些观察，并就如何改善这一生态提出了相关建议。以下为本次访谈内容：

如何看待越南科技生态的现状？有观点认为，越南的科技生态仍处于相对封闭的状态，越南的科技初创企业仍更多地在国内运营，并没有真正向外部扩张。您对此有何看法？

近年来，越南的科技生态系统取得了重大进展。2023年，越南初创企业所获得的投资总额达5.29亿美元。

同时，截至2024年，越南共有八家独角兽企业，使其成为东南亚发展最快的科技生态之一。这些独角兽企业包括 VNG、MoMo、VNLife、Sky Mavis、Axie Infinity、VNPay、Tiki、VNG Cloud等知名企业。

尽管出现了一些成功迹象，但在某种程度上，仍可以说这个生态是以越南国内为主——部分原因在于，考虑到越南数字消费市场的快速增长，处于早期阶段的初创企业在进军其他地区或全球市场之前，会优先考虑本地市场的渗透情况。

到2025年，越南的数字经济预计将占当地GDP的20%，以此成为东南亚增长最快的国家。于此，不难发现，虽然越南的基础仍在于本地，但这里也有很大的潜力和可能性向外部区域扩展。未来几年，期待看到更多的越南初创企业走出国门。

从VC的角度来看，您认为越南的机遇会在哪里？有哪些您看好的热门行业？又有哪个/些行业需要更多的颠覆或创新？

对求索创投来说，我们认为越南是一个关键市场，这其中有一系列因素——其中最为主要的三个是：人口众多、经济增长迅速、政府稳定。

越南有9740万人口，其中37%生活在城市地区，这为越南提供了一个庞大的消费群体。此外，越南的人口结构也相当有利：当地劳动力年轻且熟练，这对于寻求扩张的公司来说是一笔巨大的财富。

在经济层面，越南是该地区增长最快的国家之一，即使在全球经济放缓的情况下，越南在22年和23年的GDP增长率也分别达到了8%和5.05%。此外，在政治上，越南拥有稳定的经商环境，这让投资者和企业对长期规划充满信心。

此外，越南所获得的FDI也有所增加，仅 22年的承诺投资额就超过了277亿美元。这表明国际社会对越南市场充满信心。当然，要考虑的因素还有很多，但这些也都是越南之所以能够吸引到求索创投这样的非本土的区域投资机构的主要体现。

至于高增长行业，在越南，电商仍然是当地的主要驱动力。预计该行业的年增长率将达到29%，是该地区增长最快的行业之一。其他高潜力行业会包括智能制造、跨境电商、人工智能和SaaS解决方案···

你们会重点关注哪些特定领域？为什么？

求索创投是一家不局限于某个行业的风险投资机构。我们会密切关注新兴趋势，并致力于在有增长潜力的行业中率先支持最有前途的初创企业选手。

越南的科技生态如何才能更有活力？在你看来，该生态系统有哪些优势？

除了上面提到的推动越南科技生态发展的宏观因素外，另一点优势会在于政府对促进当地科创生态发展的坚定承诺和战略支持。

越南政府一直在加大对初创企业的支持力度，希望把越南打造成东南亚领先的科创中心。其中一项重要举措便是“844项目”（创新型初创企业生态支持国家计划）。该项目于2016年启动，计划在2025年前把预算拨款提升至超8800万美元，旨在通过提供资金和非资金支持、建立健全的法律框架，促进本地创新并吸引全球投资。

此外，每年，越南还会举办各种地方和全国性的初创企业赛事活动，如越南科技节（Techfest Vietnam）和越南初创企业基金会（Startup Vietnam Foundation）。这些活动不仅可以提供奖金，还能够将初创企业与投资者、加速器和全球网络联系起来。

胡志明市、河内和岘港等城市也都有各自的专属创新活动或计划。例如，在河内，越南创新挑战赛（VIC）是越南计划投资部和国家创新中心（NIC）组织的一项主打活动，旨在在2030年培育500家先锋企业，并将越南打造成为全球科创投资沃土。同时，该活动也致力于发掘和支持半导体和人工智能等关键领域的突破性解决方案，使河内成为先进技术创新的领导者。

而把目光转向岘港，岘港“第328号决议拨款”也计划在2025年前将该市建成国家创新中心。同时，岘港还建立了科技园区和孵化器，从而为高科技初创企业提供针对支持。

不过，尽管有了这些坚实的基础，对于在越南筹集资金的初创企业来说，法规不明确却也会是另一个难点所在。现阶段，在当地设立风投基金或者促进资本流动方面，越南的法律框架相对匮乏。而这种监管上的不确定性往往促使本地初创企业到法律环境更透明、对投资者更友好的新加坡驻足。

然而，通过在越南海外建立实体，这些初创企业也可以简化融资流程，接触到更广泛的全球投资者，从而大大提高其获得资本的能力。

对初创企业/企业家、本地和外国投资者、企业和政府机构有什么建议？

在任何国家做生意都需要人脉。在越南，能否拥有人脉更是如此。他们就像一位本地向导，能够帮你驾驭复杂市场并快速抓住机遇。找到一位“超级人脉”或值得信赖的当地合作伙伴显然会有着重大益处，他们甚至可以帮你打开一扇此前你并不知悉的大门。

了解如何与政府合作是另一个重点。如果你没有正确的认知，越南的监管环境可能会很难驾驭。如果你的团队中有一位了解当地动态、会说当地“语言”（无论是字面意思还是深层意义）、知道如何与政府官员打交道的人，那么一切都会变得不同。

因此，对于希望进军越南市场的初创企业来说，我们的建议是优先深入了解目标市场。不要只是简单翻译你的内容，而是要真正投入精力去了解当地的文化、消费者行为和独特痛点，然后定制你的产品或服务以满足这些特定需求。

这将帮助你与当地客户建立信任，让你的产品与众不同。在我看来，超本地化是企业脱颖而出和蓬勃发展的关键所在。

在求索创投，我们正在通过旗下的Vietnam Global Innovation项目（该项目与新加坡企业发展局和新加坡经济发展局合作）传递这样的见解，帮助新加坡初创企业进入越南市场。

求索创投如何发现和支持越南的新兴科技人才？

我们通过与政府、企业、高等教育机构、风险资本提供方、以及初创企业这五大支柱密切合作，采取全面的生态系统建设方法。我们的参与范围包括支持创业中心和参与全国范围内的学生活动。

我们的非营利机构“Social Impact Catalyst”致力于在整个东盟倡导社会影响倡议、培育社会驱动型项目、催生想要为当地社区带来积极变化的青年领袖。我们在富布赖特大学有设立了一个“旗舰分部”，在促进这些倡议方面发挥着重要作用。

我们的另一个主打项目是“ Venture Capital Accelerated”（VC加速计划）。这是一门快速课程，能够为有抱负的企业家和投资者打下坚实的风险投资基础。

我们与当地合作伙伴合作，为包括学生、企业家、投资者、以及企业高级管理人员在内的各方利益相关者提供这些培训。目前，在全球范围内，已有超500名学员接受了培训。

在与越南初创企业合作时，你们遇到的主要挑战是什么？

胡志明市和河内是越南两大创业和创新中心，而越南第三大城市岘港也正在奋起直追。因此，我们与岘港等新兴中心城市的地方政府、高校和创业中心建立了合作关系，帮助缩小这些地区之间的差距。

我们还看到，新一代的创始人带着国际教育和经验回到越南，为当地市场带来了新的视角和创新方法，这很令人振奋。

然而，在战略和业务领导力方面，越南的初创企业中仍存在着一定差距。领导者不仅要见识卓越，还要具备将初创企业从1扩展到100的能力和远见。

虽然许多创始人都有能力让自己的企业从0到1，但能够有效驾驭复杂成长阶段、在区域或全球范围内打造出有竞争力的公司的经验丰富人才仍然短缺。我们的教育计划和生态建设活动有助于解决这些问题，从而在越南培养下一代人才铺平道路。

求索创投的早期基金部署情况如何？

我们已经投资了100多家公司，足迹遍布东南亚和中亚的150多个城市。我们的基金（如Super Angel Fund）表现优于同类基金。

关于求索创投（Quest Ventures）

求索创投（Quest Ventures）是亚洲顶级的风险投资公司。在新加坡主权财富基金的支持下，求索创投的投资者包括主权财富基金、机构投资者、家族办公室以及亚洲知名的高级管理人员和企业家。

自2011年开始，求索创投就专注于遍及整个亚洲的全方位“数字商务”策略，同时也是以下领域的最大的早期投资方之一：人工智能、电子商务和交易市场、娱乐、金融、食品、保险、物流、多媒体、房地产、体育运动和伊斯兰数字经济。投资的项目包括行业巨头 99.co、Carousell、Carro、Glife、Hepmil、Oddle、Shopback、VulcanPost、Xfers 和 Yummy Corporation。

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TechNode Global

Vietnam’s tech ecosystem has witnessed significant growth in recent years, capturing the attention of global investors. In 2023 alone, the total investment in Vietnamese startups has amounted to $529 million.

As of 2024, Vietnam has eight unicorns, solidifying its position as one of the fastest-growing tech ecosystems in Southeast Asia. These unicorns include well-known names like VNG, MoMo, VNLife, Sky Mavis, Axie Infinity, VNPay, Tiki, and VNG Cloud. Some experts also lauded Vietnam as a rising star in the Southeast Asian tech landscape.

The country’s large population, rapid economic growth, and its stable government are the reasons why Singapore-based venture capital firm Quest Ventures sees it as a key market, the firm’s Vietnam-based senior analyst Linh Ha told TNGlobal in an interview.

“With 97.4 million people, 37 percent of whom live in urban areas, it offers a massive consumer base. Vietnam’s demographics are quite favorable; there’s a young and skilled workforce, which is a big asset for companies looking to expand,” she said.

Economically, it is one of the fastest-growing countries in the region, boasting an 8 percent GDP growth in 2022 and 5.05 percent in 2023, even with the global slowdown. Politically, Vietnam stands out as a stable environment for doing business, which gives investors and businesses confidence in long-term planning, she noted.

According to her, foreign direct investment has also increased, with over $27.7 billion pledged in 2022 alone, showing strong international confidence in its market.

“..these are the standout factors that make Vietnam so attractive for us as a regional VC,” she added.

When asked about which are the high-growth sectors in Vietnam, Ha said e-commerce remains a major driver, with the sector projected to grow at a 29 percent annual rate, making it one of the fastest in the region.

“Some other high-potential sectors we’ve seen in the country are Smart Manufacturing, Cross-Border E-commerce, AI, and SaaS Solutions,” she noted. “The government also has a strategic emphasis on the Green Economy for Vietnam’s future development, aligning with global trends of digital transformation and automation.”

Despite the progress, Ha also said it is fair to say that the tech ecosystem in Vietnam remains “somewhat domestically focused”.

“This is partly due to early-stage startups prioritizing local market penetration first before going regional or global, given the country’s fast-growing digital consumption,” she said.

“Vietnam’s digital economy is expected to contribute 20 percent of GDP by 2025 and has been the fastest-growing in Southeast Asia. This suggests that while the base remains local, there is substantial potential and intent to expand regionally. The landscape is evolving, and we are hopeful to see more Vietnamese startups to venture beyond borders in the coming years,” she added.

In the interview, Ha shared the strengths and weaknesses she observed in the tech ecosystem and gave suggestions to all stakeholders on how the ecosystem can be improved. She also shared how Quest Ventures identifies and supports emerging tech talent in Vietnam, among others.

Below are the edited excerpts:

How do you see the current state of Vietnam’s tech ecosystem? Some observers opined that it is still quite closed, the tech startups in the country still operate more within the country and not really expanding regionally. What’s your thoughts on this?

Vietnam has witnessed major progress in their tech ecosystem in recent years. The total investment in Vietnamese startups for 2023 amounted to $529 million.

As of 2024, Vietnam has eight unicorns, making it one of the fastest-growing tech ecosystems in Southeast Asia. These unicorns include well-known names like VNG, MoMo, VNLife, Sky Mavis, Axie Infinity, VNPay, Tiki, and VNG Cloud.

Despite some signs of success, it is fair to say that the ecosystem remains somewhat domestically-focused. This is partly due to early-stage startups prioritizing local market penetration first before going regional or global, given the country’s fast-growing digital consumption.

Vietnam’s digital economy is expected to contribute 20 percent of GDP by 2025 and has been the fastest-growing in Southeast Asia. This suggests that while the base remains local, there is substantial potential and intent to expand regionally. The landscape is evolving, and we are hopeful to see more Vietnamese startups to venture beyond borders in the coming years.

From a VC’s perspective, where are the opportunities you see in Vietnam? Are there any hot sectors? Is there any sector(s) that should see more disruption or innovation?

For Quest Ventures, we consider Vietnam a key market for several reasons. Three main ones are: its large population, rapid economic growth, and its stable government.

With 97.4 million people, 37 percent of whom live in urban areas, it offers a massive consumer base. Plus, Vietnam’s demographics are quite favorable; there’s a young and skilled workforce, which is a big asset for companies looking to expand.

Economically, it is one of the fastest-growing countries in the region, boasting an 8 percent GDP growth in 2022 and 5.05 percent in 2023, even with the global slowdown. Politically, Vietnam stands out as a stable environment for doing business, which gives investors and businesses confidence in long-term planning.

Foreign direct investment has also increased, with over $27.7 billion pledged in 2022 alone, showing strong international confidence in its market. Of course, there is much more to consider, but these are the standout factors that make Vietnam so attractive for us as a regional VC.

As for high-growth sectors, e-commerce remains a major driver, with the sector projected to grow at a 29 percent annual rate, making it one of the fastest in the region.

Other high-potential sectors are Smart Manufacturing, Cross-Border E-commerce, AI, and SaaS Solutions. The government also has a strategic emphasis on the Green Economy for Vietnam’s future development, aligning with global trends of digital transformation and automation.

Is there any particular sector(s) Quest Ventures focuses on? and why?

We are an industry-agnostic venture capital firm. We keep an eye on emerging trends and position ourselves to be the first to back the most promising startups in sectors that are poised for growth.

How can Vietnam’s tech ecosystem be more vibrant? Based on your observations, what are the strengths the ecosystem has? and what are the areas that need to be improved?

Beyond the macro factors driving the strength of Vietnam’s tech ecosystem that I mentioned above, a significant advantage lies in the strong commitment and strategic support from the government to foster its development.

The Vietnamese government has been ramping up support for startups, aiming to transform the country into a leading tech and innovation hub in Southeast Asia.

One major initiative is “Project 844”, also known as the National Program to Support the Innovative Startup Ecosystem, which was launched in 2016. With a budget of over $88 million allocated until 2025, this program aims to create a robust legal framework, promote local innovation, and attract global investment by offering both financial and non-financial support.

Furthermore, various local and national startup competitions are organized annually, such as the Techfest Vietnam and the Startup Vietnam Foundation initiatives, which not only provide prize funding but also connect startups with investors, accelerators, and global networks.

Cities such as Ho Chi Minh City, Hanoi, and Da Nang have their own dedicated innovation programs. For example, in Hanoi, the Vietnam Innovation Challenge (VIC) is a flagship initiative organized by the Ministry of Planning and Investment and the National Innovation Center (NIC).

The challenge seeks to identify and support breakthrough solutions in key sectors such as semiconductors and artificial intelligence, positioning Hanoi as a leader in advanced technology innovation. The program aims to cultivate 500 pioneering enterprises by 2030 and establish Vietnam as a global destination for tech and innovation investments.

The NIC also collaborates closely with public and private stakeholders to build a comprehensive innovation ecosystem in Hanoi. In Da Nang, Da Nang’s Resolution No. 328 allocates funds to establish the city as a national innovation center by 2025, while also setting up tech parks and incubators that offer specialized support for high-tech startups.

These strong foundations notwithstanding, a major challenge for startups raising funds in Vietnam is the lack of clarity in regulations, as the country lacks a clear legal framework for setting up venture capital funds or facilitating capital flow.

This regulatory uncertainty often drives local startups to register in Singapore, where the legal environment is more transparent and investor-friendly.

By establishing entities abroad, these startups can streamline the fundraising process and access a broader pool of global investors, significantly enhancing their ability to secure capital.

Any suggestions for startups/entrepreneurs, local and foreign investors, corporations and government?

Doing business in any country requires connections, but in Vietnam, it is crucial to have the right people on your side. Let’s think of it as having a local guide who can help you navigate the complexities of the market and fast-track opportunities. I cannot emphasize enough the value of finding a “super-connector” or a trusted local partner – someone who knows the ins and outs of the ecosystem and has relationships that can help open doors you would not have even known existed.

Equally important is understanding how to work with the government. Vietnam’s regulatory environment can be tricky to navigate if you do not have the right insights. Having someone on your team who understands local dynamics, who speaks the language (literally and figuratively), and knows how to engage with government officials can make all the difference.

For startups looking to expand into Vietnam, our advice is to prioritize understanding your target market at a deeper level. Don’t just translate your content – really invest in learning about the local culture, consumer behaviors, and unique pain points then tailor your product or service to meet these specific needs!

This will help you build trust with local customers and differentiate your offerings. Hyper-localization is key to standing out and thriving.

We conduct much of this understanding through our Vietnam Global Innovation program, a partnership with Enterprise Singapore and Economic Development Board of Singapore to help Singapore startups access the Vietnamese market.

How does Quest Ventures identify and support emerging tech talent in Vietnam?

We take a holistic approach to ecosystem building by collaborating closely with five key pillars: government, corporates, higher education institutions, risk capital providers, and startups. Our involvement spans across supporting entrepreneurship hubs and engaging with student initiatives nationwide.

One of our non-profit arms, Social Impact Catalyst, is dedicated to championing social impact initiatives across ASEAN, nurturing socially driven projects and building a pipeline of young leaders committed to creating positive change in their local communities. We have a flagship chapter based at Fulbright University that plays a crucial role in fostering these initiatives.

Among our core programs is the Venture Capital Accelerated program, a fast-track course designed to equip aspiring entrepreneurs and investors with a solid foundation in venture capital.

We collaborate with local partners to offer this training to a diverse range of stakeholders, including students, entrepreneurs, aspiring investors, and senior corporate executives. Past partnerships have included leading universities such as FPT University, and the Department of Science and Technology in Ho Chi Minh City. More than 500 participants worldwide have been trained to-date.

What are the main challenges you’ve encountered when working with Vietnamese startups, and how do you overcome them?

The two main startup and innovation hubs are Ho Chi Minh City and Hanoi while Da Nang, the third largest city in the country, is catching up. For this reason, we have established partnerships with local governments, universities, and entrepreneurship hubs in emerging centers such as Da Nang to help bridge the gap between these regions.

We are also seeing an exciting new wave of founders returning to Vietnam equipped with international education and experience, bringing fresh perspectives and innovative approaches to the local market.

However, there remains a gap when it comes to strategic and business leadership, specifically leaders who do not only think big but also have the skills and vision to scale startups from 1 to 100.

While many founders are capable of getting their ventures from 0 to 1, there is still a shortage of seasoned talent who can effectively navigate complex growth stages and build companies that compete on a regional or global scale. Our educational programs and ecosystem building activities help address these issues, laying bricks to build up the next generations of talent in Vietnam.

How is the deployment of Quest Ventures’ earlier funds?

We have invested in more than 100 companies with footprints in more than 150 cities across Southeast Asia and Central Asia. Our funds such as the Super Angel Fund have outperformed funds of similar vintage.

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The Business Times

Two organisations recognised as Companies of Good share how, even with limited resources, SMEs in Singapore can make a tangible difference to society.

Quest Ventures

VENTURE capital (VC) firm, Quest Ventures, is committed to driving positive change and fostering sustainable development across Asia. To realise its objectives, it supports the efforts of non-profit organisations and charities to address pressing social issues. Areas it focuses on include empowering youth, supporting the elderly, and fostering entrepreneurship.

This year, Quest was named a Champion of Good in the National Volunteer and Philanthropy Centre’s (NVPC) Company of Good (COG) Recognition System, which recognises companies for their commitment to corporate purpose and contributions in the five impact areas of People, Society, Governance, Environment and Economic. It was among 290 companies recognised at the Company of Good Conferment in July this year.

The COG recognition has enabled Quest to communicate its impact goals within the investor community and among its portfolio companies, as well as with its team, says James Tan, its managing partner.

“We firmly believe that responsible investment goes beyond financial returns, encompassing broader objectives such as environmental sustainability and social responsibility.”

The firm has the unique opportunity and responsibility to influence the next generation of entrepreneurs and businesses that create job growth in the region to do so in a holistic fashion, he adds.

Quest and its portfolio companies run initiatives to create positive social or environmental impact. For instance, through its Questions With podcast, Quest invites startup founders to share stories of positive impact, such as community-based care solutions by SG Assist and veterinary telehealth by ZumVet.

The firm also recently worked with social enterprise Social Collider to support the Wellbeing Champion Charity Walk by Over the Rainbow, a one-stop hub for youth mental wellness.

To promote responsible and impact investing, Quest collaborated with the Singapore Centre for Social Enterprise (raiSE), Asia’s first VC-backed accelerator for socially impactful enterprises, for its Sustainable Impact Accelerator programme.

Under this programme, entrepreneurs get funding, as well as access to training and networking to develop business opportunities. “These initiatives benefit both investors and startups in tackling important social issues, environmental challenges and development gaps,” Tan says.

For example, food sustainability startup treatsure connects hotels and grocers with surplus food to everyday consumers in Singapore, while software company Tictag provides artificial intelligence (AI) solutions to engage community organisations to train and employ beneficiaries, including the elderly and persons with disabilities.

Tan believes that businesses, including small and medium-sized enterprises (SMEs), should embrace social responsibility. Contributing to community development such as “raising awareness on social causes and environmental protection and conservation”, he adds, will also foster long-term success.

Tan says businesses should recognise the role of technology and digitalisation in sustainable development and improving lives. Technology can accelerate the distribution of goods and services in sectors such as agriculture, healthcare, finance and education, while digitalisation has become an enabler for social services and development work.

For SMEs that are hoping to be purpose-driven, Tan advises them to work towards building something, whether for the community or for-profit, that can scale, replicate, and target large communities. “Businesses have a substantial influence over society and the environment,” he notes.

He acknowledges that “promoting responsible investment and ESG (environmental, social and governance) principles will require time and transition for our team as well as our stakeholders”.

“While the interest and intention to integrate policies is present among entrepreneurs, there is still a need for knowledge transfer, support and capacity-building. But, this ongoing effort reflects the dynamic nature of sustainability practices, underscoring both the progress made and the potential for further development.”

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By April Ong Vano, Head, Environmental, Social & Governance; Linh Ha, Senior Analyst; Amanda Chan, Summer Analyst; and edited by Jazlynn Quek, Summer Analyst

In the current business environment, startups are increasingly expected to incorporate Environmental, Social, and Governance (ESG) principles into their operations. The growing awareness around sustainability and social responsibility means that startups are not only evaluated by their financial performance but also by their impact on society and the environment.

As emerging companies with the potential to disrupt industries, startups have a unique opportunity—and responsibility—to set new standards for responsible business practices. This shift is not merely a trend but a necessary adaptation to a world facing significant environmental and social challenges.

The example of Quest Ventures, a venture capital firm that has integrated ESG principles into its operations, offers insights into how startups can effectively engage with these important issues and the importance of doing so.

The imperative of corporate purpose and social responsibility

At the heart of any successful startup is a well-defined and compelling corporate purpose. In today’s business landscape, startups must go beyond the pursuit of profit to define a purpose that encompasses social responsibility. This commitment to a broader mission can be a powerful catalyst for long-term success. While financial returns remain essential, startups that align their business models with societal goals often find themselves better positioned for sustainable growth.

For instance, Quest Ventures has placed a strong emphasis on initiatives that promote financial inclusion, gender equality, and access to healthcare and education. This focus on social impact extends beyond altruism—it reflects a broader understanding that businesses are part of the societies in which they operate. Startups that adopt a similar approach can reap significant benefits. First, they can attract socially conscious investors who value long-term impact over short-term gains.

Second, a strong commitment to social responsibility enhances brand reputation, making the startup more attractive to customers, employees, and partners. Finally, a well-defined social purpose can serve as a guiding principle, helping startups navigate challenges and capitalise on opportunities in a rapidly changing world.

Building a sustainable business model

Incorporating ESG principles into the business model from the outset can provide startups with a competitive advantage. Quest Ventures, for example, manages a diverse portfolio that includes companies operating in e-commerce, software/AI, and fintech. By integrating ESG considerations into their investment strategy, the firm has ensured that sustainability is a core aspect of the companies they support.

For startups, this implies that focusing on ESG can lead to better risk management and resilience. Through prioritising ESG from the outset, startups can build resilient business models that are better equipped to withstand market fluctuations and regulatory changes. In addition, startups that prioritise ESG are likely to attract investment from funds that value not just financial returns but also the broader impact of their investments. This can lead to a more stable and supportive investor base, which is crucial for long-term growth.

Responsible investment and long-term value creation

Startups can benefit from adopting responsible investment practices early on. Quest Ventures’ commitment to responsible investment, as demonstrated by their adherence to the United Nations-supported Principles for Responsible Investment (PRI), highlights the importance of considering ESG factors in decision-making processes. For startups, this approach can lead to more sustainable and long-term value creation.

Aside from avoiding harm, responsible investment is about actively seeking opportunities that contribute to positive societal and environmental outcomes. Startups that align with responsible investment principles are more likely to build businesses that are both profitable and resilient to future challenges.

Quest Ventures’ pragmatic approach to ESG—focusing on better risk-adjusted returns while integrating ESG factors into its operations—is a testament to how startups can achieve both financial success and positive impact. This approach can help startups build trust with investors, customers, and employees, which is essential for sustainable growth.

Environmental stewardship as a strategic priority

In an era where environmental concerns are increasingly at the forefront of public consciousness, startups must recognise the importance of environmental stewardship. Quest Ventures has developed robust criteria for evaluating the environmental impact of potential investments, ensuring that its portfolio companies align with its sustainability goals. This proactive approach to environmental stewardship is particularly relevant for startups, which often have the agility and innovation to pioneer new sustainable practices.

Adopting environmentally sustainable practices is a strategic advantage for startups. Companies that prioritise environmental sustainability are better positioned to meet evolving consumer demands, navigate regulatory changes, and mitigate risks associated with climate change.

Quest Ventures’ ongoing engagement with its portfolio companies to encourage the adoption of sustainable practices highlights the importance of continuous improvement and adaptability in this area. Additionally, startups that prioritise environmental stewardship can contribute to the broader effort to combat climate change, which is increasingly becoming a factor in investment decisions.

Social responsibility as a cornerstone of success

Social responsibility is another critical component of a successful ESG strategy. This encompasses the commitment to uphold human rights, promote fair labor practices, and foster diversity, equity, and inclusion (DEI). Quest Ventures’ dedication to these areas reflects a broader trend in the business world where social responsibility is increasingly seen as essential to long-term success. These principles extend beyond ethical considerations—they are fundamental to building a strong, cohesive, and motivated team capable of propelling a startup forward.

For startups, this means that investing in social responsibility can lead to a more engaged and productive workforce, stronger relationships with customers, and a more supportive community. Startups that prioritise social responsibility also have an edge in attracting and retaining top talent, as employees increasingly seek out companies that align with their values. Furthermore, social responsibility can enhance a startup’s reputation, leading to stronger brand loyalty and customer trust.

The role of strong governance in sustainable growth

Good governance is essential for startups, particularly as they grow and scale. Quest Ventures has established governance principles that promote accountability, transparency, and ethical behaviour across all levels of their organisation. Startups can learn from this approach by implementing strong governance practices early on, which can help them navigate the complexities of growth and scaling.

Apart from compliance, strong governance also entails creating a framework that supports sustainable business practices. Startups that prioritise governance are better equipped to build trust with investors, customers, and employees. Consequently, good governance can help startups avoid potential pitfalls and make more informed decisions, which is crucial for long-term success.

Journey forward: The role of startups in shaping the future

Startups have a pivotal role in shaping the future of business and society by integrating ESG principles into their operations. By embracing ESG, startups can achieve financial success while contributing meaningfully to a more sustainable and equitable future. As the business landscape continues to evolve, startups that prioritise ESG will be better prepared to navigate challenges, seize new opportunities, and create a lasting impact.

Quest Ventures’ commitment to driving positive change and fostering sustainable development serves as a beacon for startups aspiring to lead with purpose and responsibility. This approach sets the stage for the emergence of responsible and forward-thinking businesses that will define the future.

Read more about Quest Ventures’ ESG Progress in here.

This post first appeared on e27.

Da Nang Online

Within the framework of the opening ceremony of the Da Nang Innovation Startup Festival – SURF 2024 on Friday morning, the municipal Department of Science and Technology in collaboration with Quest Ventures, a Singapore-based investment fund, launched the “Da Nang – Singapore Innovation Space”.

Deputy Minister of Science and Technology Hoang Minh (left) and Da Nang People’s Committee Vice Chairman Tran Chi Cuong (right) presenting flowers to congratulate the launch of the Da Nang – Singapore Innovation Space.

Accordingly, the Da Nang – Singapore Innovation Space is located at the building Block 71 in Singapore. This place is expected to create new ideas, explore smart solutions and promote sustainable development for both sides. At the same time, it is the place where researchers, entrepreneurs and startups/projects can interact, learn and cooperate, and seek sustainable development orientations.

Previously, as part of the Da Nang Venture and Angel Summit (DAVAS) 2024 in early June 2024, the municipal Department of Science and Technology coordinated with Quest Venture to launch Quest Ventures’ innovation collaboration space in Da Nang. The space is positioned in the Viet Nam Innovation Hub building at 179 Tran Hung Dao Street, An Hai Bac Ward, Son Tra District.

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The Straits Times

… national sprinter Xander Ho knows the importance of a strong start.

As an intern analyst at venture capital firm Quest Ventures, he works flexible hours and has an unlimited leave structure to achieve his sporting goals.

For example, the final-year Nanyang Technological University Singapore business, finance and banking undergrad has been allowed time off to go for training camps and competitions in Japan.

The 24-year-old said: “It’s important for me to pursue both concurrently as I’m graduating soon and I wish to find a direction for my working career and not be at a disadvantage after I graduate. I want to give it my all while I’m at my peak age for sports and I don’t want to have regrets not pursuing it.”

Quest Ventures managing partner James Tan shared that Ho’s work arrangement is “a pretty normal setup for technology companies like us and it is relatively easy to adopt”.

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e27

Kuala Lumpur, with its vibrant and dynamic environment, stands at the forefront of this transformation, attracting both local and international investors.

A team from Quest Ventures visited the city to meet with partners and get the latest updates on the Malaysian ecosystem.

Together, MAVCAP, Artem Ventures, and ERTH exemplify the multifaceted approach Malaysia is taking to enhance its technology and innovation ecosystem while prioritising sustainability. Their combined efforts not only foster economic growth and innovation but also ensure that ESG considerations are integral to the development of Malaysia’s burgeoning startup landscape.

Tax incentives for investments in technology, grants for digitalisation projects, and support for digital startups are just some of the measures in place to foster a robust digital economy. Together these initiatives drive profound changes across the economy, fostering innovation and growth while creating new opportunities for businesses and investors. Efforts by pitchIN and APW contribute to a dynamic and forward-thinking entrepreneurial ecosystem, which bode well for Malaysia to become a leading digital economy in the region.

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购币网

8月19日媒体报道，新加坡风险投资公司Quest Ventures与Deluv Labs宣布消息称，双方联合启动Web 3孵化平台JD Labs项目，该项目将专注于塑造web 3初创企业生态体系，争取为wab 3团队提供更多的资金支持，专家指导与策略合作的行业资源，据悉，Quest Ventures 是新加坡知名的风险投资机构，该拥有着较育分为丰富的投资经验，Deluv Labs则是专注web 3范围的孵化器平台，该平台致力于web 3技术的进步与革新，双方之间的合作一定会给Web 3初创企业带来更多支持。

此次推出的JD Labs项目作为web 3孵化平台，将会专注于建设web 3初创企业生态体系，给早期web 3团队提供更多的行业指导资源，这种明确的平台定位已经明确了平台所拥有的核心价值与使命，依据公开的信息来看，该事件的发生节点正值web 3技术飞速发展和市场需要不断增长的阶段，这也给JD Labs的将来进步打下了更为坚实的基础。

JD Labs后续会整理Quest Ventures的投资经验与Deluv Labs的孵化能力，这将会给更多Web 3初创企业带来一站式的孵化服务，可以提供的资源不只包含资金支持和技术指导，而且还提供更多有关市场拓展和法律咨询方面的服务，这种服务的推广可以大大降低初创企业的创业风险和本钱，还能够帮助企业更好的获得资金，技术和市场方面的资源，帮助企业加速进步与成长。

通过提供专业的指导服务和支持力度，可以大大降低Web 3初创企业的创业门槛，促进更多具备潜力的项目可以落地和孵化，JD Labs的成立会激起出更多Web 3技术革新和应用探索的能力，这也会推进整个web 3行业的进步与进步，对于Web 3生态系统的构建也能起到较好有哪些用途，这种建设模式可以构建出更为健全的生态体系，会促进不同范围之间的合作与交流，推进整个行业的协同向上进步。

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投資慧眼

金色財經報道，新加坡風投Quest Ventures和Web3孵化器Deluv Labs聯合啓動Web3孵化平臺JD Labs，JD Labs將專注於建設Web3初創企業生態系統，爲早期Web3團隊提供專家指導、行業資源、資金支持和戰略合作。

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