What to do to make a startup operate and develop after incubation?

Incubation programs help many startups build and form appropriate development orientations; stimulate and open up opportunities for market cooperation, brand development, and actively contribute to the city's innovative startup ecosystem. However, solutions are needed to support, promote the development and enhance the competitiveness of startups after incubation.

Incubators help many startups build and form suitable development directions. IN PHOTO: A project incubated at DNES is being discussed and shared . Photo: VH

Many impressive achievements

Established in January 2016, Da Nang Business Incubator (DNES) is the first public-private partnership in the city. With the mission of supporting and elevating businesses through startups, innovation and connecting resources in the ecosystem towards sustainable development, DNES has implemented many support programs and activities. In particular, DNES's FINC startup incubation program has supported incubation for more than 90 startups/projects. Potential startups from the program have called for investment capital of about 25 million USD from investors and investment funds; 5 companies have exported products to international markets...

The above achievements are the theoretical and practical basis for DNES to upgrade the FINC program to the FINC+ version for more effective incubation. Accordingly, DNES has carried out digital transformation, designed and built a new FINC incubation program (FINC+) on an online platform, creating a space to increase interaction; applying technology to ensure scalability, bringing opportunities and access to the incubation program to more startup projects in the ecosystem, carrying out the mission of popularizing startup knowledge. The FINC+ interactive incubation platform lasts for 4 months, helping startups to practice and perfect their businesses, ready for the market access phase. In 2023, DNES incubated a number of startups such as FiveSS, Beans Community Hub, Xiro Tr'din, Fastdo, Vigift.

Similarly, since the end of 2019, the Danang High-Tech Park General Service Center (under the Management Board of Danang High-Tech Park and Industrial Zones) has been assigned by the City People's Committee to support high-tech incubation. To date, the center has supported incubation for 7/9 selected projects. During the incubation process, the projects are supported to participate in knowledge training courses, improve knowledge about high-tech startups, innovation, specifically: basic training and capacity building on intellectual property, management, finance, and in-depth consulting with experts.

In addition, the center also supports connecting incubation projects with domestic and foreign startup ecosystems, investors, investment funds, participating in fairs, exhibitions, and companion programs. Some projects have achieved some outstanding results after the incubation process such as the project "Processing and recycling waste solar batteries" funded by the US Foundation USASCP (US-ASEAN Smart Cities Partnership) with 200 thousand USD for research and implementation of phase 1 of the project and ranked as one of the top 6 projects in Asia receiving the highest funding level; the project "Shipway - Smart Transport" received 300 million VND in support funding from the Department of Science and Technology to continue developing the project...

Improve incubation quality

Having worked with DNES for many years, Mr. Nguyen Van Chuong, Manager of the Swiss EP Program in Da Nang (Swiss Startup Program) believes that in order to build and support an innovative startup ecosystem as well as help startups maintain operations and develop after the incubation process, incubators need to focus on implementing many synchronous solutions. In particular, it is necessary to expand and diversify support programs such as: providing support programs suitable for each stage of startup development; diversifying support forms such as consulting, training, connecting with investors, financial support, etc.; developing specialized programs for potential startup fields.

Incubators need to attract and recruit a team of experts with extensive expertise and practical experience in each startup field to improve quality; strengthen connections with components in the startup ecosystem through coordination with other startup organizations to create a comprehensive support ecosystem for startups, organize networking events, and create conditions for startups to participate in domestic and international startup networks.

Incubators also need to focus on developing startup capacity through organizing training programs on necessary skills such as building business models, business administration, capital raising, etc.; providing consulting and mentoring services to support startups in solving problems during operations and building appropriate development strategies and effective market access; leveraging technology in incubation activities, building online connection platforms, etc. "In fact, in order for incubators to exist and develop sustainably, they need strong support, funding, and infrastructure from local authorities/enterprises," Mr. Chuong added.

Mr. Ly Dinh Quan, General Director of Songhan Incubator, informed that in order to achieve the goal of incubating and supporting startup talents, Songhan Incubator determined to join hands with the city and other parties to promote innovative startups. Over the past 7 years, Songhan Incubator has contributed to creating fundamental values for the innovative startup ecosystem in Da Nang and Vietnam in general. Songhan Incubator has mastered the knowledge system on innovative startups that can advise, transfer, and accompany service organizations in implementing innovative startup activities; a diverse network of resources, cooperation with partners of ministries, branches, localities, universities, startup support centers, socio-political organizations, associations, international organizations, experts, investors, investment funds and a network of startups with more than 200 cooperation points.

“To support the ecosystem as well as help startups operate and develop after the incubation process, incubators need to join hands to build a local startup ecosystem, build a network of mentors, investors, support startups to develop capacity, connect resources and develop domestic and international markets,” said Mr. Quan.

VAN HOANG

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