Vietnam: THE Vietnam Innovative Startup Accelerator (VIISA) announced that it is launching the call for applications into its inaugural batch in November 2016.

VIISA is an open ended fund that is a partnership of major corporations, BIDV, Dragon Capital, FPT and Hanwha Investment. VIISA will invest US$8 million (RM33.2 million) into startups that will build global companies out of Vietnam.

With Vietnam’s rapidly growing middle class, an increasingly digital population and availability of technical talent, it is increasingly becoming a startup hub of choice in Southeast Asia.

VIISA programme director Adrian Tan said that there are more than 650 million people in South-East Asia and a fast growing middle class. He believes that VIISA can help entrepreneurs create value through innovative products and services for the emerging markets that can impact millions of people.

VIISA aims to attract foreign and local entrepreneurs to seize the opportunities and build their startup from Vietnam.

VIISA will invest up to US$15,000 into each company and provide up to US$200,000 worth of technical resources, office accommodation, accountancy and bank account services and access to more than 100+ world class mentors and investors. Promising startups will also receive up to to US$500,000 of follow-on funding.

According to Dragon Capital Group chairman Dominic Scriven technology is completely transforming lives. It is therefore imperative to keep abreast of technology trends and turn them to our advantage.

FPT Ventures head Tran Huu Duc feels that in order to spur the growth of a startup ecosystem, there is a need to bring together founders, local and foreign investors, and innovative government leaders. VIISA will be able to create a platform to accelerate innovation in the country.

Meanwhile, Jong Min KIM, Head, New Business team at Hanwha feels that VIISA will be able to position itself as a focal point in the Vietnam startup ecosystem. “We believe that the synergies between the different cofounding partners from different industries will help to trigger Vietnam to become the next startup hub in South-East Asia.”

 

VIISA has officially launched the call for applicants. Shortlisted startups will be accepted into a one-month online pre-accelerator programme, before 10 final companies will attend an onsite programme for the next three months.

The teams will present their pitches in a Demo Day March 2017 to invited investors.

Source: DNA

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