Speeches by Outstanding Young People at the 2nd thematic discussion session on Innovation and Entrepreneurship

CONTENT SUBCOMMITTEE

September 6 , 2023

DRAFT SPEECH OF OUTSTANDING YOUNG PEOPLE

At the 2nd panel discussion on Innovation and Entrepreneurship

Presented by: Mr. Nguyen Thanh Trung , CEO of Sky Mavis

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Dear ………………………………………………………,

Dear delegates,

I am Nguyen Thanh Trung - CEO at Sky Mavis. I am a passionate technology engineer, a passionate gamer and also a daring startup entrepreneur.

My journey with blockchain technology started in 2018, when everything about blockchain was still very vague and we didn't even know how long and how far we could go. The idea of Axie Infinity was really unusual and risky, but still creative and interesting enough for us to pursue and conquer. After 3 years, Axie Infinity has become a blockchain game that has reached 3 million players, financially supported a group of unemployed people struggling during the COVID pandemic, and become a worldwide phenomenon. Although the game is not really perfect, looking back at the journey we have gone through, those achievements are truly proud.

At Sky Mavis, we call ourselves the prototype builders of a digital world and the supporting infrastructure, to gradually introduce the world to the concept of blockchain and crypto. Until now, we have ventured far beyond where we started and explored a world of possibilities that no one has touched before, and are still slowly exploring this new and challenging land step by step.

Being a pioneer in a new field is never easy. To achieve unprecedented achievements, we had to face unprecedented challenges. We were on the verge of bankruptcy. We were hacked and lost a huge amount of money. I even thought that I would never be able to overcome it and eventually have to close Sky Mavis. However, after all those failures, we came back, and came back stronger. The lessons of trade-offs, the importance of cybersecurity and governance are what we learned along the way. We experienced, we learned and then we kept moving forward.

In the period of the 4.0 technology revolution taking place strongly, technology startups like Sky Mavis are contributing to paving the way and exploring new fields, but they are truly capable of changing almost every aspect of life. AI, Blockchain, IoT, Machine learning are keywords that have been mentioned a lot and continuously recently, and startups in these fields are being rapidly expanded in just a short time. What will be the decisive factor for the existence and development of new technologies, for me personally, is the startup ecosystem.

A startup ecosystem is a community of symbiotic entities that share and complement each other, creating a favorable environment that promotes the formation of innovative and growing startups. Not only including startups, a complete ecosystem will include interconnected and interacting components, from the banking system, investors, investment funds, to related agencies such as state agencies, or startup support service providers... Initial support and backing play a huge role in the success of startups.

The transition from the industrial era to the digital era requires competition and contributions from pioneers. It is not a battle for the market, for market share, but a race to explore, discover, develop and perfect the pieces of a big picture. As someone who started with Sky Mavis in the blockchain field very early, I am always ready to help, share knowledge and experience, so that at least those who come after do not encounter failures at each time like me. The important thing is that everyone joins hands to change the market's perception, how to make blockchain in particular and new technologies in general, more and more sustainable and stable instead of just a short-term trend. In a new market, there must be quantity before there is quality. Only projects with careful investment and long-term vision can survive for a long time.

In the field of blockchain technology in particular, Vietnam has a complete advantage and is at the same starting point as other countries in the world. Seizing the moment and focusing on effective investment in the new field will be an opportunity to bring a developing country to stand shoulder to shoulder with technological powers.

Here, I want to focus on a core point that can create a great momentum for Vietnam to make a breakthrough, which is the policy and legal framework for blockchain technology, and startups operating in this field.

Blockchain technology and related elements such as digital assets should be officially defined and recognized, as a premise for legalization and promulgation of related policies. In addition, no less important is the proper propaganda through mass media: both encouraging learning about new technology and warning about its limitations and risks. I believe that practical measures taken by the State will contribute to bringing a much more positive and clear view of this new technology field. People can completely doubt, or love, or be skeptical about the applicability of blockchain to life, but that attitude and assessment should be based on knowledge, not on word of mouth or negative news in the media.

Businesses operating in the blockchain technology sector , more than ever, need a clear legal corridor. Each startup has to spend a lot of time solving problems with corporate structure and related legal issues. In a broader sense, this makes units busy with perfecting the model instead of having more space to expand and explode. A legal corridor, whether open or strict, but once clear, will be very helpful in guiding the development of businesses.

Not only Vietnam, but the world in general is still struggling to issue institutions and policies related to new technology. Digital transformation today is no longer a choice, but an inevitable thing. It will be a long process with many challenges, forcing governments, businesses and consumers to change to integrate. Faced with this great opportunity, each individual and organization needs to break out of their comfort zone, reinvent themselves and compete in a new normal state led by advanced technologies.

Thank you very much!

PRESENTATION CONTENT

About Sky Mavis

Overview of what Sky Mavis is focusing on building
Achievements, events
Startup Lessons

Share your views

How important is the startup ecosystem for startups?
Startup ecosystem of new technology fields
Proposals on policy and legal framework in Vietnam
- For blockchain technology
- For startups in the blockchain space