According to Le Hoang Uyen Vy, during the recession, Vietnamese startups are facing a great opportunity to break out and reach out to the region.
In the talk show Nguy – Co number of years, just aired, Le Hoang Uyen Vy, co-founder and director of investment fund Do Ventures, expressed an investor’s perspective on the Vietnamese startup community.
At the beginning of the program, under the guidance of speaker Nguyen Phi Van, a businesswoman shared her own career path. As a “fan” of snacks, since 2009, Vy started his career with the model “Aija the snacking world”. F&B food model helps Vy have an overview of serving customers when undertaking many jobs, from kitchen, to serving, running tables … These are all experiences that Vy follow in the following time. this.
“At that time, Vy started two models at the same time. But after a good period of operation, I had to make a trade-off by choosing one of the two models to continue growing,” Vy said. Young businesswoman chooses e-commerce model, pursues her passion.
A memorable milestone for Le Hoang Uyen Vy is that in 2016, a businesswoman had the opportunity to talk to President Obama when he came to Vietnam. One of the former US President’s shares that impressed the businesswoman was: “He never thought he would be the President, but just tried to do his best within his scope”. Co-founder Do Ventures said she agrees with this view and always wants to create value for the business in any position.
‘Vietnamese startup faces great opportunities’
Sharing about the opportunities of Vietnamese startups, Vy said, in the field of technology investment, Vietnam has gone through nearly 10 years. By 2017 and 2018, Vietnam had startups raising $ 50 million and $ 100 million in foreign investment.
“Why is that? Vietnam is facing a great opportunity when the macroeconomy is stable, the young population with increasing incomes, especially the number of Internet users and large mobile applications”, former CEO Adayroi said.
The businesswoman said that Vietnam has many similarities with Indonesia – Southeast Asia’s leading startup hub. When the country had 50-60 million Internet users, the startup ecosystem was strong and many big companies were born.
“Last year, Vietnam reached 64 million Internet users. In my opinion that is a large enough threshold to create a premise for growth for many technology companies”, said Le Hoang Uyen Vy.
Besides the great opportunity from digital transformation, the businesswoman said that Vietnamese startups also face many common difficulties due to the impact of the epidemic. Because startup is not a profitable model. They also do not have enough money or resources. Most startups still have to depend on raising capital or finding suitable business models.
Last September, Do Ventures launched, continuing a new journey to set the stage for promising startups in Vietnam. “During a difficult period, there is no capital from foreign investors, startups also have difficulty accessing financial resources. We define this as an opportunity for domestic investment funds. “, Uyen Vy shared.
Sharing more about “opportunities” in “risk” with startups, Le Hoang Uyen Vy recalled lessons learned from the past. In fact, after the crises that appeared in the world, new economic models and big enterprises emerged.
The period 2003-2004, when the SARS appeared, was also when the Alibaba e-commerce platform of billionaire Jack Ma took off. At that time, many businesses were not even used to using the Internet.
After the economic crisis of 2007-2009, many new business models appeared, with ride-hailing service Uber, the platform for sharing accommodation Airbnb … These companies were born in times of recession, ending use the time of those who lose their jobs and thrive. Besides, new concepts also emerged after the economic crisis such as the idea of creating digital money …
As for the Covid-19 pandemic, Do Ventures found that many industries have large market capacity, but the digital transformation process is still slow. Without Covid-19, the transition would still take place, but the process would be slow.
Investors looking for pioneering startups
Before the question of the profession to attract investors, Le Hoang Uyen Vy said that there are many fields that “cannot stand by the time”. This means the good times to do it, but that doesn’t mean there aren’t opportunities in other industries, such as tourism and retail.
“Vietnam is a tourism country, in this industry, if any company comes up with suitable solutions, catches up with the trend after Covid-19 is controlled, still has the opportunity to break through and score points with the leaders investment, “Vy said.
This is also the direction of Do Ventures when assessing startup prospects. It is not about what the startup industry belongs to, the important thing is how startups, business founders deal with epidemics.
“What we are looking for are pioneering startups that may not have existed before,” Vy said. She cites the fact that many successful founders have gone wrong many times. When done right, they create new consumer habits, new fields, new industries.
The businesswoman emphasized on the spirit of dare to try and dare to fail startups. “If you do not have experience in a industry, failure is normal, it is important what lessons you learn later, your method for finding the right formula. Whatever your age, chances are. the same, “Vy said.
Le Hoang Uyen Vy believes that a pioneering startup force has appeared. During the difficult times, many saw new opportunities. Uyen Vy’s Do Ventures fund itself wishes to be with startups early, to promote and support startups.
“Since you have ideas, concepts, maybe products. If we see a future that will be ready to invest. For the company to grow, they also need long-term support in technology. and people. We look forward to accompanying the startup in the next three or so rounds, “said hedge fund manager Do Ventures.
According to Vy, the Vietnamese startup ecosystem has never received such great attention. The total amount of investment in technology in 2019 has reached 900 million USD, just behind Indonesia, even exceeding many local companies of Singapore. However, we must act, otherwise this investment will stop.
At the end of the program, Le Hoang Uyen Vy gives advice to startups. “Do not be afraid of failure. In difficult times, we need to do more. Doing, there will be the right chance, not doing it will never have that chance”.
Invite readers to review Risk numbers one, two, three, four, five.