A good ecosystem is built on the five pillars of startups, risk capital, institutes of higher learning, corporations, and public agencies. It is underscored by the community and expanded through internationalization.
Singapore’s past two decades of driving entrepreneurship through a public-private partnership in the form of the Action Community for Entrepreneurship (ACE) have seen many unicorns created and anchored in Singapore, funded by top local and international investors, founded and staffed by graduates of IHLs, helped by and helping corporations, and largely aided by friendly rules and regulations.
Strong relationships between Vietnam and Singapore at many levels have seen both countries contribute to the vibrancy of each other’s ecosystem. We look forward to working with Vietnam as it charts its startup and innovation path forward.
Quest Ventures is proud to be a strategic partner of BambuUP.
According to the annual Report of Do Ventures, Vietnam has ranked the third active startup ecosystem among the 6 largest ASEAN countries, trailing behind only Indonesia and Singapore. Along with the rapid developments of the startup ecosystem, there has been an increasingly urgent need for startups, investors… to comprehensively update information and timely grasp new trends, cooperation and investment opportunities.
Having detected those needs and trends, the BambuUP innovation platform carries out a Project on developing an “Overview Report of the Open Innovation in Vietnam in 2021” (hereinafter referred to as the Report) supported by the National Startup Support Center (NSSC). This is the first report to provide a map of the innovation ecosystem from a comprehensive and multi-dimensional perspective, focusing on 11 typical sectors including: Consumer goods, retails, education, finance, healthcare, Martech & Salestech, Logistics & Supply Chain, Sustainable Development, Agriculture, Travel & Tourism, Blockchain & Crypto. It is expected that the Report will act as an information source to promote and expand potential domestic and international cooperation and investment opportunities among startups, enterprises and investors. Therefore, it will further promote innovation among economic sectors, contributing to the active recovery and growth in the new normal context. The Report is also an initial step to develop a comprehensive database and assessment of the startup and open innovation ecosystem in Vietnam, thus introducing Vietnam’s innovation capacity and advancing Vietnam’s innovation ecosystem on the world map.
With an objective to introduce the Report to nationwide readers in Vietnam as well as in other countries around the world, the Report will be distributed into two formats, i.e digital and physical , in Vietnamese and English. The first version of the Report (abridged version) will be distributed online on 20th October 2021 (in Vietnamese). The official Report will be distributed on 25th December 2021 in 20 countries and is expected to be introduced to more than 25,000 governmental agencies, organizations and individuals.
The overall picture of the innovation ecosystem in Vietnam in the “Overview Report of the Open Innovation in Vietnam in 2021” is introduced as follows:
- INNOVATION TRENDS IN THE NEW NORMAL
- GLOBAL START-UP ECOSYSTEM OVERVIEW VIETNAM STARTUP ECOSYSTEM
- VIETNAM STARTUP ECOSYSTEM
- INDUSTRY LANDSCAPE AND KEY INNOVATION TRENDS
- VIETNAM STARTUP LANDSCAPE MAP
- SURVEY FOR VIETNAMESE START-UPS
- MOVING FORWARD TO THE FUTURE
Thanks to that overall picture, the Report is a useful tool to help businesses plan the right business strategy by connecting with the innovative solutions available in the market. This is also the message about the open innovation trend that the execution unit, BambuUP, wants to convey through the Report.
In the past, the innovation ecosystem was a closed ecosystem with the central component being large enterprises. As the digital transformation era settles in, the rapid pace of technological change leads to enterprises not being able to control the scale of technology, and the investment in research and development costs is too large, beyond their capacity. Therefore, using only the creative capacity of internal resources will not be enough for businesses to keep up with the needs of customers and markets. Open innovation is the use of internal and external resources to promote internal innovation and expand markets. The application of open innovation accelerates the creation of commercially viable products, by collaborating with external opportunities.
We hope that with the latest information on trends and innovative solutions, enterprises will make the right choices to take their businesses to the next level!