A “launchpad” for innovative ideas

Innovative startups can only achieve sustainable growth when their ideas are nurtured within a comprehensive innovation ecosystem.

A startup training workshop at Lac Hong University.

With science and technology, innovation, and the private sector identified as new drivers of economic growth, Dong Nai City is steadily building a startup support network, in which business incubators are expected to serve as launchpads, helping transform promising ideas into successful enterprises.

Nurturing startups

Innovative entrepreneurship is a key catalyst for the creation of new businesses, products, and business models. However, turning an idea into a competitive enterprise remains a major challenge, as many startup projects face obstacles such as limited capital, insufficient management experience, workforce shortages, and restricted market access.

Alongside government support policies, developing startup incubators has therefore become a crucial solution for strengthening the innovation ecosystem. Beyond providing workspace, incubators help startups refine their business models, connect with experts, investors, and businesses, and test products before commercialization.

According to Vo Hoang Khai, Deputy Director of the Dong Nai Department of Science and Technology, building a sustainable startup ecosystem requires coordinated participation from the government, businesses, universities, and support organizations. Business incubators play a pivotal role by bridging innovative ideas with the resources needed for growth, enabling startup projects to gradually develop into viable enterprises.

"The success of a startup project should not be measured by the awards it wins, but by its ability to bring products to market, generate revenue, and grow into a sustainable business," he said, noting that many promising ideas struggle to move beyond the early stages without long-term support mechanisms.

In recent years, the Department of Science and Technology has established a network of experts, mentors, investors, and major enterprises to support the startup community. This network enables startups to access management expertise, technology, market opportunities, and financial resources from the outset, rather than having to overcome early-stage challenges on their own.

In addition to connecting resources, business incubators help narrow the gap between research and production and between ideas and the marketplace. This is considered a key factor in increasing the commercialization rate of innovative products while fostering a new generation of competitive technology enterprises.

Dong Nai possesses significant advantages for developing this model. As one of Vietnam's leading industrial centers, with a large network of industrial parks, a vibrant business community, and numerous universities and colleges, the city is well-positioned to connect research activities with businesses' technology innovation needs. Coupled with its strategy of promoting science, technology, innovation, and private-sector development as new growth drivers, investment in business incubators is expected to create a favorable environment for nurturing competitive startup enterprises.

Connecting resources for sustainable startup growth

According to Huynh Thanh Van, Chairman of the Southern National Startup Advisory and Support Council, Vietnam's current startup ecosystem remains heavily focused on movement-based activities. While numerous seminars, forums, and networking events have been organized, the number of startups that have successfully grown into competitive businesses remains relatively modest.

Vo Hoang Khai (center), Deputy Director of the Dong Nai Department of Science and Technology, discusses entrepreneurship training with lecturers and startup mentors during a workshop at Lac Hong University. Photo: Vuong The

He noted that startups lack not only funding but also experienced mentors and market-entry opportunities. Instead of focusing solely on financial support packages, mechanisms should be put in place to encourage large enterprises to accompany startups throughout their development journey.

Sharing a similar view, Nguyen Duy Khuong, Vice Chairman of the Vietnam Young Entrepreneurs Trade and Investment Promotion Club and Vice Chairman of the Dong Nai City Young Entrepreneurs Association, said that alongside startup competitions aimed at discovering innovative ideas, Dong Nai should place greater emphasis on post-competition support. Connecting with national startup support organizations, innovation centers, and localities with well-developed startup ecosystems would help local startups gain access to effective incubation models while expanding opportunities for collaboration and fundraising, he said.

According to Khuong, the Dong Nai City Young Entrepreneurs Association is ready to support the startup community through training, consultancy, business networking, research into funding solutions, and market expansion initiatives. More importantly, he emphasized the need to build a closely connected startup community in which businesses, universities, investors, and government agencies share resources and accompany startups throughout every stage of their development.

By Vuong The – Translated by Mai Nga, Minho