Step out of your comfort zone.
About 10 years ago, while many young technology engineers were seeking opportunities in Hanoi or Ho Chi Minh City, Nghiem Tien Vien made a surprising decision: he gave up a high-paying job at a foreign-invested company to return to Nghe An. “Large corporate environments help employees become experts in specific fields, but they limit opportunities to experience new things. Meanwhile, I always wanted to challenge myself, explore , and create my own value,” Vien shared.
After returning to his hometown, Vien took on a technical role at a news agency. This environment gave him the opportunity to become familiar with livestreaming – a rapidly developing field. At that time, live streams relied on many disparate tools. Users wanting to stream on multiple platforms had to manually operate the system, which was time-consuming and laborious. As someone with a background in information technology, Vien saw a gap in the market. “If we could create a tool that made livestreaming easier for everyone, there would definitely be opportunities for growth,” Vien recalled.
The idea was quickly shared with two like-minded friends. After months of research, the team began developing GoStream – a platform that allows simultaneous livestreaming across multiple channels with a simple operation. Notably, this startup wasn't built in a major technology hub but started in his hometown of Nghe An . For Vien, it was a strategically calculated decision.
“Money is the deciding factor in the survival of a young startup. If you set up an office in Hanoi , the costs of rent, staff, and operations will be very high. With the same initial capital, the business can only survive for a few months. Meanwhile, in Nghe An, that period can be doubled. Startups need time to test their products and find customers. The longer they survive, the greater the chance of success,” Mr. Vien said.
Mr. Nghiem Tien Vien was honored as an outstanding young person nationwide in 2023 for following President Ho Chi Minh's teachings.
In 2019, GoStream won first prize in the Nghe An Province Innovation Startup Competition. That same year, the company became one of seven startups representing Vietnam at Techfest US in San Francisco. In 2020, GoStream consecutively won the Special Prize in the Nghe An Science and Technology Innovation Competition, second prize in the Vietnam Talent Awards, and most notably, the championship title at Techfest Vietnam 2020 – the largest competition for innovative startups in the country.
Not only did starting a business locally save costs, but it also allowed the team to access numerous innovation support programs. Competitions, forums, and business networking events opened up opportunities to meet experts, investors, and experienced entrepreneurs. In this way, GoStream gradually developed.
Right when e-commerce boomed, the demand for livestreaming sales surged. Shop owners constantly sought solutions to help them reach customers on multiple platforms simultaneously. From a few hundred initial customers, the number of users increased to thousands and then tens of thousands in a short period of time.
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If the initial stages of a startup are a battle for survival, then achieving initial success brings pressure in a different way for Mr. Vien. In 2020, amidst the COVID-19 pandemic which restricted in-person activities, the demand for online learning, meetings, training, and business surged. Seizing this opportunity, GoStream developed its interactive livestreaming platform, GoStudio. The product quickly made its mark on the market.
2020 also marked a turning point when GoStream received a $1 million investment from VinaCapital Ventures. For many startups, that was a dream success. But for Vien, new pressures began after the initial success. Before securing investors, businesses only needed to focus on product development and customer acquisition. But after raising capital, startups must demonstrate their ability to grow, scale up, and continuously create new value. "The period of one to two years after receiving funding is the most difficult," Vien admitted.
Nghiêm Tiến Viễn and his colleagues at Google's headquarters.
GoStream has invested in developing many new products with the expectation of expanding its market. However, not all projects have been successful. Some ideas, despite significant investment, did not yield the expected results. The team had to constantly experiment, adjust, and start over.
Pressure from the market, customers, and investors has forced many startups to give up. GoStream has also faced similar challenges many times. But instead of giving up, the founding team chose to persevere. "Starting a business is a process of learning as you go. No one can know everything in advance. The important thing is to constantly change to adapt," said Vien.
CEO Nghiem Tien Vien – Founder of GoStream
“For GoStream, the most memorable and proud moment was when we won the Techfest Vietnam 2020 championship. Holding the trophy in my hand, I felt even more strongly that my efforts had been recognized and that the path I had chosen was the right one. That joy was even more complete when, just a few months later, GoStream received investment from VinaCapital Ventures. These are two special milestones that motivate us to continue pursuing our business development journey.” - Nghiem Tien Vien, founder of GoStream
Vietnam encourages US businesses to expand investment in high technology.On the morning of June 26th, at the Government Headquarters, Deputy Prime Minister Ho Quoc Dung received Mr. Jeff Place, Supply Chain Director of Coherent Group (USA). During the meeting, the Deputy Prime Minister affirmed that Vietnam encourages US businesses to expand investment, especially in high-tech, innovation, and semiconductor industries. That perseverance has paid off. From a small startup in Nghe An, GoStream now has over 5 million registered accounts, serving approximately 20,000 livestream sessions per day. The company's product is available in more than 20 countries worldwide, including Cambodia, Thailand, Indonesia, India, Pakistan, Saudi Arabia, and more. Not stopping there, GoStream is expanding into European and American markets.
After nearly a decade of entrepreneurship, what Nghiêm Tiến Viễn is most proud of is not the revenue figures or business valuation. It's that GoStream has proven that young people in the local area can absolutely create internationally-standard technology products. From his own experience, Viễn believes that the most important thing for young people is not waiting for a great idea, but daring to start.
"Starting a business can begin with a small coffee shop, a simple service, or any value you create for the community. Starting early will help you learn faster and reduce the fear of failure," shared Nghiem Tien Vien.
Source: https://tienphong.vn/startup-cong-nghe-trieu-do-made-in-nghe-an-post1852751.tpo
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