Start-ups should be reaching out to large firms: forum

Saturday, Dec 15, 2018 08:08

A panel discussion at the Viet Nam Young Leaders Forum held in HCM City on December 14. — VNS Photo

Large companies and start-ups need to collaborate and grow together, delegates told the Viet Nam Young Leaders Forum in HCM City on Friday.

The business environment is changing drastically, and big corporations need clear strategies to keep pace while start-ups are innovative with regard to products and services but need resources to survive and grow, according to the delegates.

The two should work together to leverage their strengths and develop together, they said.

Hoang Quoc Quyen, CEO of Vinfast Service, said start-ups often hesitated to reach out to large companies and wanted them to be “more active in contacting leaders of ‘elephants’.”

Delegates said there had been a strong start-up wave this year, with many newcomers using technology platforms.

But starting a business is never an easy job, and start-up entrepreneurs need to make solid preparations in terms of planning and resources, and possess determination and capability, according to the delegates.

Nguyen Ba Diep, vice chairman of MoMo, a leading mobile payment company, said next year would see “many changes in the digital services market, especially in fintech, with many new models emerging.”

Viet Nam’s fintech market was still young, and the market would gradually develop when there are many start-ups, he said.

Talking about new trends in the education sector, Ho Duc Hoan, founder and CEO of Edu2Review, winner of the 2016 Start-up Wheel competition, said mobile learning apps had become popular.

Many educational units were using artificial intelligence and the integrated learning experience platform to offer more experiences to learners, he said.

Technology had brought big changes to many sectors including education and training and finance, Diep said.

He said start-ups must always think “what’s next?”

“Start-ups must always innovate to stay afloat in the market because your successful models today can be imitated by other start-ups, so you need to be innovative and creative to come up with new models.”

Quyen said start-ups usually developed products and services for customers in big cities like Ha Noi and HCM City. This should change and they should focus more on exploiting markets in provinces and rural areas, he said.

Organised by the Business Start-up Support Centre (BSSC) in collaboration with the Young Businesspeople Association of HCM City, the forum, themed “Start-up 2019: What’s Next?” attracted over 500 delegates, including company chiefs and university students.

Truong Ly Hoang Phi, founder of the BSSC, said the forum aimed to create opportunities for young leaders to learn from successful Vietnamese start-ups. This would inspire entrepreneurship and a positive mindset in the younger generations. — VNS

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