Dak Lak start-up and business start-up competition in 2020: Expectation of pervasiveness and efficiency 

Dak Lak plans to invite a number of “Sharks” (potential investors), and reputable VCCI experts in the country to act as examiners for the final round of a startup competition organized by the Provincial People’s Committee. Each chosen “Start up” has the opportunity to invest VND250 million.

Shark Nguyen Ngoc Thuy asks questions for the competitors in 2018

The Organization Board said that it is very important to build a set of scoring criteria, establish an examiners board for the preliminary round as well as the secretariat of the Competition in order to properly assess the quality of the product participating in the Competition. Up to now, the Competition has received 51 ideas, of which 14 ideas have been completed, 37 ideas are being consulted and supported to complete, and 18 ideas are being finalized to submit. It is expected that five startup experts inside and outside the province will be a secretary and Examiners of the Preliminary Round as well as giving their opinions on business startup.

Display startup products at the Workshop “Take wings to startup spirit”

Mr. Huynh Van Tien - Deputy Director of Department of Planning and Investment (DPI) of Dak Lak stressed, the organization board will carefully assess the quality of competing products. Selected products will be brought back to the “incubator” for replication and make it become a feasible project to bring about effective application in practice. The organization board has determined that the competition will be not hold by form but the reality.

In addition to the total prize value of up to VND165 million with many opportunities to call direct capital resources, connect investment, this year’s competition has quite a lot of new points. Specifically, training and launching programs will be held at the grassroots to create conditions for young people, especially in remote areas, to easily register for the competition.

Dak Lak Incubator Company will online connect with training programs and interact with entrepreneurs, CEOs and experts as well as startup advisors. In particular, startups will have opportunities to receive investment capital right at the competition from the Startup Investment Fund of Dak Lak province with a value of up to VND250 million each project, added by Ms. Hoang Thi Thuy- General Director of Incubator Company.

The province’s support team advises start-ups online via Zoom software

Good ideas and products will be involved in fundraising right from the preliminary round and have opportunities to bring their products to the market, a professional distribution channel system and on reputable e-commerce exchanges. Also, startups are given priority to participate in the display, introduction and connection of product consumption at start-up chains inside and outside the province as well as events to connect the consumption of Dak Lak startup products Ho Chi Minh City, Can Tho, Da Nang, Hanoi and Quang Ninh.

At the meeting on August 11, in order to create conditions to attract more competitors, Standing Deputy Chairman of the Provincial People’s Committee Nguyen Tuan Ha, Head of Competition’s Organization Committee agreed to continue to extend the time for receiving dossiers to October 30, 2020; preliminary round from November 01 – 09, 2020, final round from November 20 – 21, 2020. He also agreed that the province’s Startup Day 2020 should be move to November to be hold concurrently with Dak Lak start-up and business start-up competition in 2020.

 “Assign to the Department of Information and Communications, the Department of Science and Technology and localities to actively propagate and select ideas to register for the competition” - Standing Deputy Chairman of Provincial People’s Committee Nguyen Tuan Ha stressed.

 Source: daklak.gov.vn