Start-ups in the field of hi-tech agriculture must think for themselves and not follow previous models.

This was the message that came out of a discussion panel yesterday which urged new businesses to research and fully understand the market.

Hoang Minh Ngoc Hai, CEO of Value Commerce Hub, said hi-tech agriculture offers solutions to consumers and businesses’ demand for clean, high-quality produce, improving farming productivity and creating reliable databases.

But the use of technology in agriculture remains limited since it is still relatively new in Viet Nam and many farmers are still used to traditional methods and mindsets, he said.

Huynh Kim Tuoc, CEO of Saigon Innovation Hub, said despite lots of interests from investors, many start-ups lack longevity and innovation, which reduces their competitiveness, since they merely try to emulate successful examples.

Nguyen Viet Duc, CEO of Innovation Capital Management, said the rate of businesses investing in hi-tech agriculture is still relatively small.

“Many young entrepreneurs often copy ideas from other businesses or provinces they deem applicable without really analysing their local markets or whether they can actually successfully execute the ideas.”

Careful research into markets and technologies, seeking consultancy and having innovative solutions are crucial to attracting investments, and many investors are indeed keen on investing in hi-tech agricultural start-ups, he said.

Hai said encouraging the use of technology would require raising awareness of its benefits as well as highlighting current local and societal problems.

Start-ups need to have a thorough understanding of the Viet Nam market, culture and climate and network with professionals from various fields to succeed.

The discussion was part of a conference organised by Saigon Times newspaper’s Saigon Times Club, which also launched the Saigon Times Start-ups Assistance Club to foster entrepreneurship. — VNS