Enhancing the innovative startup ecosystem

In recent times, along with the Party and State's policy on building a start-up nation, the Dak Lak Provincial People's Committee and all levels and sectors have implemented many solutions to encourage and promote the movement of innovative start-ups and business start-ups in the province. These activities have created positive effects, contributing to building a Dak Lak start-up ecosystem to develop in depth.

Introducing startup products at the Provincial Innovation and Startup Festival 2024.

According to the Department of Finance, despite initial achievements, the province's innovative startup ecosystem is facing many difficulties and challenges. The implementation of regulations, mechanisms and policies to support startups is still confusing due to the lack of specific guidance and difficulty in accessing. Most of the province's startup support activities are arranged from the local budget, without support from the central budget, so there are still limitations in many aspects. Moreover, the connection and coordination between units in implementing innovative startup support activities are still fragmented.

"An innovative startup ecosystem is also a startup, always needing a Champion - a pioneer who dares to lead the process of perfecting the elements of a complete ecosystem" - CEO of FiNNO Group

In addition, start-up projects and models are still small in scale, with low scientific and technological content, and low connectivity and sustainability. Most start-up enterprises lack capital, technology, and markets, leading to difficulties in competition. Not to mention, many enterprises are not really proactive in searching and exploiting; do not pay attention to building product brands and market research, technological innovation, and are still heavily dependent on the local market.

To enhance the province's innovative startup ecosystem, helping Dak Lak truly become a regional startup center, in the coming period, the province needs to have more breakthrough solutions.

According to Vice Chairman of the National Advisory Council for Innovation and Startups, CEO of FiNNO Group Truong Thanh Hung, Dak Lak province needs to officially establish an Executive Board/Advisory Board or a Coordinating Council for Innovation and Startup Activities in the province. At the same time, it is necessary to strengthen human resource training to build an innovation and startup ecosystem. The province also needs to officially establish three "key" elements of the innovation and startup ecosystem, which are the Startup Club, Mentor Club and Angel Investor Club. In addition, it is necessary to take advantage of external resources from the open innovation and startup ecosystem to spread the spirit and knowledge of innovation and startup to educational institutions and localities.

The project "Durian tapping support device" by a group of students from Tay Nguyen University won first prize in the "Students with startup ideas" contest within the framework of the 6th National Startup Festival for students.

From the perspective of a startup support unit, Ms. Luong Thi Thuy Anh, Director of Daklak Innovation Hub (DIH) said that in order for the startup ecosystem to develop, it is necessary to strengthen the role of venture capital funds and "angel investors". Moreover, it is necessary to have policies to strongly attract foreign venture capital funds and encourage the formation of domestic funds; create a favorable environment for "angel investors" to invest in startups. In addition, it is necessary to develop a network of high-quality advisors; programs to connect and recognize the role of mentors; promote the role of innovation centers and technology incubators.

It can be said that developing an innovative startup ecosystem is a long-term investment process and requires the close cooperation and coordination of all levels of government, ministries, departments and branches. Hopefully, in the coming time, legal policies and legal corridors will be built synchronously and comprehensively by all levels and branches to promote the province's innovative startup ecosystem to develop more and more, meeting the requirements in the new period.

Kha Le

Source: https://baodaklak.vn/kinh-te/202511/nang-tam-he-sinh-thai-khoi-nghiep-doi-moi-sang-tao-b082ad3/