Building Innovative Startup Ecosystem

11:42:05 AM | 7/8/2019

Defined to play a driving role in economic breakthroughs, Binh Duong Smart City Project encourages entrepreneurship, builds a good business environment for new businesses, expands the connectivity with existing businesses, and moves towards high-tech industry. In addition to increasing more foreign direct investment (FDI), building an innovative startup ecosystem is also a prerequisite for sustainable economic development of Binh Duong province.

The Becamex Business Incubator, supported by the business and the government and located at Eastern International University, already went into operation under an international model. Currently, nine technology companies are active in the incubator. This is the first stepping stone for other exciting activities, entrepreneurship development and innovation in Binh Duong.

Following Hackathon contents in Binh Duong province in 2016 and 2017, concerned units actively organized training courses on entrepreneurship and innovation for public officials and employees, lecturers and students and hosted many competitions on innovations and startups to look for distinctive and feasible ideas that can be put into practice to support opening startups in Binh Duong in 2018. In particular, within the framework of the international event to celebrate the 20th founding anniversary of the World Technopolis Association (WTA) in 2018, the Binh Duong Smart City Construction Innovative Contest was a stunning success with a lot of initiatives like opening the contest in Vietnam and South Korea at the same time to attract about 120 participating teams, including 22 from the South Korean side.

In response to the governmental policy on “Supporting national innovative startup ecosystem to 2020”, Binh Duong province has launched many activities to promote entrepreneurship and innovation in the past years. The province recently issued the “Promote entrepreneurship and innovation in Binh Duong in 2019” Plan. Accordingly, Binh Duong province will organize training courses on technology incubation, consult and support startups with the goal of improving capabilities of managers and lecturers at higher education institutions in the province, and create a premise for promoting the establishment of business incubators and technology incubators. It will train and coach necessary contents and skills for creative startups based on topics for business startups and small and medium enterprises. It will build and train startup support teams, which consist of members from various departments, agencies, unions and associations, to advise and support startup projects with business establishment and other related issues.

Besides, Binh Duong province develops a communication program on startup and innovation to introduce and popularize entrepreneurship and innovation support activities in the province, including activities of the Center for Community Initiative and Startup Support. The center will play the initiating and connecting role, with the first phase focusing on startup training programs to form start-up clubs, incubator networks at universities, industrial parks and large enterprises in the province. At the same time, it will connect and develop a network of fabrication laboratories and technology laboratories (Fablab/Techlabs) to form a creative community, which will help research and experiment community initiatives, initiate and develop living labs in order to effectively implement the Binh Duong Smart City Project.

The center will also focus on STEM education program (science, technology, engineering and math) to meet the demand for quality human resources for the future; regularly organize activities and events to attract and interest other startup ecosystem partners such as investors, venture capital funds, large businesses in the region and in the country; strengthen public-private partnership, and promote the formation of local venture capital funds.

Quoc Hung