Starting an innovative business to create advantage for breakthrough

Building a smart city, Binh Duong is focusing on developing high quality human resources. In which, building an innovative startup ecosystem is an important foundation, creating potentials for breakthroughs, a key for the province to attract investment in the future.

 Students study at fabrication laboratory of Community Initiative Center, Department of Science and Technology. 

Innovation platform

To encourage start-up, Provincial People's Council issued Resolution No. 22/NQ-HDND dated July 31, 2019 to assign Provincial Development Investment Fund to invest in small and medium-sized innovative startups in the province for the performance of Decree No. 38/2018/ND-CP dated March 11, 2018 of the Government. Previously, Provincial People's Committee issued Decision No. 2513/QD-UBND dated September 20, 2017 implementing the project "Supporting the national innovation start-up ecosystem till 2025" in the province in the period 2017-2020. These documents are considered the initial foundation to support innovation startups.

To realize the province's guidelines and policies in promoting startups, developing knowledge businesses, towards a smart city, on March 19, 2018, Provincial People's Committee approved the Project on building the Provincial Center for Community Initiatives and Startup Support. The center will be an open space, free of charge for people, communities and businesses in the province.

At this center, start-up ideas will be supported, smart city development initiatives, practical tests will be implemented, contributing to socio-economic growth and development of a creative community. The center is not only a space with many beautiful offices and equipment, but also a place to make connections with the startup ecosystem in the country and the world, connecting with international organizations to develop the province into a smart city.

To encourage startups

Creative start-up was one of the important contents at the 2019 Horasis Asia Meeting in Binh Duong. Rajeev Singh, General Director of the Indian Trade Association, said Binh Duong is developing business incubators as well as encouraging startups. To develop more strongly in Binh Duong province, it is necessary to encourage startup ideas and innovation, which is one of the foundations of growth.

In order to be able to innovate, it needs a right model, which includes universities - institutes, government, and industries. And the most important factor is funding. We could start by developing an environment where creators could afford researches, experiments with their new ideas, learn from each other, get professional training. On the other hand, this right structure can support new ideas to find capital and investors, support them to bring products to market...

Sai Prakash, Founder and President of Erin Foundation (India), said that startup three years ago in Vietnam had just emerged. But at present, Vietnam in general, Binh Duong in particular has a very strong entrepreneurial spirit thanks to scientific and technical advances, new technology development and a progressive spirit; while the local government is open and always creates conditions for the development of entrepreneurship. In particular, Binh Duong has paid great attention to human resource training to access a new international environment. If Binh Duong develops more strongly, the connection skills will create a large network, and when it is shared, the entrepreneurial spirit in the community will grow.

According to Nick Jonow, Pacific Consulting Group (Hong Kong), Vietnam has a young, highly educated population with good infrastructure that can take advantage of the US-China trade war. He found that Binh Duong is a dynamic, developing new city. Binh Duong is home to many industrial parks; The development of innovation will contribute to attract businesses and investors.

Reported by Phuong Le - Translated by Ngoc Huynh

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