500 Startups Vietnam to invest in 100 businesses by 2020

More than 100 technology entrepreneurs and business founders attended “Secrets to a Great Growth Funnel” workshop at Kafnu Hồ Chí Minh on July 24. — Photo courtesy of the organiser

Published 27 July 2019

by News Desk

HCM CITY, Vietnam (Viet Nam News/ANN) — 500 Startups Vietnam, a member of the US venture capital firm 500 Startups, targets investing in up to 100 Vietnam-connected startups by 2020 under its Saola Accelerator programme.

The programme will invest US$100,000 in each company and help them build companies at scale.

The criteria for "Vietmam-connected" startups includes serving the Vietnam market, having a Vietnamese co-founder, and/or having a meaningful portion of the team in Vietnam.

500 Startups Vietnam will also offer training sessions, workshops and hands-on mentoring sessions for startup staff.

The firm has partnered with member-only space Kafnu Ho Chi Minh City, which is a venue sponsor for the Saola Accelerator Programme, to support entrepreneurship in Vietnam.

Eddie Thai, general partner of 500 Startups Vietnam, said: “Beyond sharing growth know-how, Saola Accelerator aims to create a safe space for founders to ask questions and get support from experts who understand the struggle they are going through.”

The two partners hosted their first co-event “Secrets to a Great Growth Funnel” on July 24, attracting more than 100 technology entrepreneurs and business founders.

Saalim Chowdhury, partner at 500 Startups and director of the Saola Accelerator Programme, spoke about the core drivers that deliver growth to a startup and debunked the notion of growth hacking.

Chowdhury, who has worked with over 250 startups from 25 countries over the past four years, emphasised that growth is not a collection of tactics or shortcuts but a mindset and a process based on constant experimentation.

Chris Edwards, general manager of Kafnu Ho Chi Minh City and Kafnu Hong Kong said: “We feel privileged to be part of the success story of Vietnam’s budding entrepreneurs, especially at this crucial and exciting stage of their development, and look forward to growing with them.”

Under the partnership, 500 Startups Vietnam and Kafnu Ho Chi Minh City will deliver more activities for the creator community to further extend outreach to entrepreneurs.