Knowledge excellence - strong career foundation

With the theme of "Knowledge Excellence - Strong Career Foundation," the competition of Youth Startup Ideas 2023 in Binh Duong has contributed to launching and expanding the movement of Binh Duong Youth Creativity, creating an environment for youth union members to showcase their talents on the startup path.

Billion worthy businesses

The competition of Youth Startup Ideas 2023 in Binh Duong undergoes two rounds of 8 participating topics in the final. The competitor works belong to business lines of foods, tourism, and high-tech agriculture, production, and services.

In the final round, the contestants and groups confidently present their ideas and projects to the judges, investors, and business owners in order to persuade them to invest in their business ventures. This is the innovative aspect of this year's competition.

The organizers award candidates of brilliant start-up ideas

The competition is built based on the program Shark Tank, a reality TV show about fundraising for Vietnamese startups. After introducing all the product information, product features, selling price, production cost, distribution method, quantity of products sold, as well as the desired investment amount, the contestants or teams will answer questions from investors related to the product. Afterwards, both parties will negotiate with each other regarding the amount of investment capital or the amount of profit to be returned (in the form of stocks, profits, or other means). In the final part, investors will make a decision to invest or not to invest in the projects of the contestants, or groups of contestants.

Start-up movement expanding

As a young entrepreneur with a startup idea for yogurt ice cream, Nguyen Van An of Vado Yogurt Company in Tan Uyen city, brings his business concept to the business idea competition and expansion of Vado Yogurt Ice Cream Base.

“When I present my entrepreneurial topic, I am advised by the judges and previous generations of entrepreneurs on additional ideas, strategies, as well as appropriate and inappropriate expectations. In particular, both myself and the contestants have the opportunity to call for investment capital, call for shareholders to participate in the project in the future, and seek support from quality and appropriate relationships. The projects are also supported by media coverage from the competition, providing motivation for the contestants to realize their ideas in the future,” said An.

Indeed, what is remarkable is that the contestants not only participate in the competition with the aim of spreading ideas and calling for investment, but also the value they bring in terms of professional sharing about entrepreneurship and career development with experts and entrepreneurs both within and outside the province.

Nguyen Huu Loi, Head of the provincial Youth Union's Movement Committee, said that from the beginning of the year, youth unions at all levels in the province have submitted over 50,000 creative ideas to the Youth Innovation Ideas Bank of Vietnam, and more than 15,000 ideas have been approved.

To support young entrepreneurs, the departments, agencies, provincial youth unions, and the Youth Union Federation will continue to coordinate efforts to promote the implementation of the program accompanying young entrepreneurial members, establishing careers, and fostering innovative entrepreneurship activities. The focus will be on building and creating an environment for young entrepreneurial members to innovate and create.

The startup idea competition in the Youth Union is organized to continue launching and expanding the "Binh Duong Youth Creativity" movement, promoting and supporting creative and entrepreneurial activities in the Youth Union; providing entrepreneurial knowledge, seeking and honoring creative startup ideas, accompanying the Youth Union in establishing themselves and their careers, and effectively implementing the province's youth startup support program.

At the same time, the competition mobilizes resources in terms of finance, manpower, and appropriate infrastructure in accordance with legal regulations, combining resources from programs and projects to support youth union members in implementing entrepreneurial ideas.

Reported by Ngoc Nhu – Translated by Vi Bao