Startup ecosystem is the golden key for development

As one of the outstanding spots in the startup movement of Vietnam, in recent years, Binh Duong has developed some specific and practical incentive policies for startups. The development of a startup ecosystem is the driving force, the "golden key" for the province to make a breakthrough in the new era, the Industry 4.0 era.

Promoting the startup ecosystem is the "golden key" for sustainable development of the province. In photo:  Start-up model at Community Initiative Center.

In recent years, the province has advocated a breakthrough in socio-economic development, to evolve from an industrial province to an innovative technological province, from labor-intensive to knowledge-intensive, and turn towards an Innovation Region and a Smart City. Therefore, the startup movement in Binh Duong has some advantages, was developed based on policies encouraging innovation activities in all fields. Programs to promote innovation and research in science and technology, modern education such as STEM / STEAM, innovation centers, TechLabs, FabLabs, startup incubators etc. have been carried out actively and vigorously.

The establishment of Provincial Center for Community Initiatives and Startup Support (BIIC) has promptly provided entrepreneurs with free space, full material facilities, machinery and equipment, means of support, and organized activities to promote startup and innovation. Besides, the center is a place to connect the startup network, both connecting entrepreneurs with the investor network, connecting incubators of universities with industrial parks and businesses across the province. BIIC has become an important link in spreading the general development orientation across the whole province as well as connecting the startup ecosystem of Binh Duong with ecosystems in the region and the world.

As an electric motorcycle technology startup in Vietnam, in the beginning, Datbike Company received support from the government, Eastern International University, and Becamex IDC business incubator. Up to now, the company has made a strong impression in the domestic market. Last April, this startup successfully raised $2.6 million from a venture fund. Nguyễn Bá Cảnh Sơn, founder and CEO of Datbike Company, said: “The company received great support from Binh Duong province as well as Eastern International University and BIIC for free factory construction; graduate students have worked at the company, and the company is also assisted in connecting with other investors.

Dr. Nguyễn Việt Long, Acting Director of Provincial Department of Science and Technology, Director of Binh Duong Smart City’s Office, said that in the coming time, Binh Duong would focus on practical problems to promote startups and production in order to connect startups and innovation enterprises, SMEs to supply chain and production chain. Binh Duong also set the orientation to build a constructive government, focuses on attracting and connecting resources of the whole society to participate in the construction of startup and innovation. Currently, Binh Duong's institutions, organizations, businesses and the whole community are being facilitated and encouraged by the government to participate in building startup ecosystem. In particular, Binh Duong will continue to strongly develop the linkage model between the State, entrepreneurs and research institutes, universities.

 Mai Hùng Dũng, Member of Provincial Party Standing Committee, Permanent Vice Chairman of Provincial People's Committee: “Provincial leaders are very interested in startup and innovation activities, consider it as the key to Binh Duong's sustainable development. Provincial People's Committee proposed Provincial People's Council to issue a digital project to support startup and innovation enterprises. Besides, the province has allocated a budget to build and complete a community initiative center and business incubator; a fund to build FabLab at Thu Dau Mot University. The province will create all conditions for businesses to promote entrepreneurship and innovation activities".

Reported by Phuong Le - Translated by Ngoc Huynh