Where is the startup ecosystem in the journey of economic growth?

Building a state-starting system and creating conditions for the ecological system to develop is an issue that has received a lot of attention from the main classes as well as introduced in recent years, especially when the industrial revolution context 4.0 is creating new opportunities and formulas for all countries.

The startup ecosystem is moving in an open direction with more and more powerful participants and interactions

The startup ecosystem plays an important role in achieving economic growth goals. It provides new opportunities for individuals and organizations in the system. The startup ecosystem not only helps growth in job opportunities, but also promotes the formation of new industries. This will again diversify job opportunities and help experienced and talented individuals find work.

The more the startup ecosystem supports innovation in new industries, the more it will boost production, improve quality, increase income for local people, and create huge opportunities for export markets. The more supportive the startup ecosystem, the faster it grows and ensures that the locality that owns it can lead the world in entrepreneurship and innovation.

The development of entrepreneurship is not only focused on business but also at the educational institution level. A good startup ecosystem needs to transition away from traditional education and ensure future generations are educated about modern industries, emerging technologies, and experiential learning to embrace be entrepreneurship for young people; It is necessary to remove the negative stigma surrounding non-traditional types and methods of education, and to encourage organizations to empower students to pursue their own ideas and business plans.

Building a startup ecosystem is no easy task, but if done successfully it can be of huge benefit to an economy at the local and national level for years to come

There are many components to building a thriving startup ecosystem, which include a combination of: entrepreneurs, accelerators, mentors, investors, government, educational institutions, corporations, and service providers. To keep all of these components working in synergy, and to keep the ecosystem flourishing, the developers of the ecosystem have to apply strategies. Here are 5 strategies to help boost startup ecosystem:

A Global Map of Startup Ecosystems – StartupBlink

• Analyze the data of ecosystem: To build an ecosystem, the developers first have to understand where their ecosystem currently stands
• Provide better ease of doing business: National and local governments would be wise to create better policies that are more startup friendly 
• Ensure the ecosystem has hubs for networking: For a startup ecosystem to thrive there has to be startup hubs, even at a micro level. This allows the community of startups to work together and flourish.
• Boost the investment ecosystem: For early-stage startup ecosystems, funding is very important to keep the ecosystem alive and running. If there is no abundance of investors at the early age of the ecosystem, the government has to take its place until they arrive.
• Promote ecosystem: It is important to try their best to let the world know what makes the startup ecosystem special. This includes the talent or human resources the ecosystem has, what they are good at and what special projects they have done.

Vietnam Startup Ecosystem Maintains Global Outlook for 2022

Startup Blink’s Global Startup Ecosystem Index 2022 is calculated based on the total score of quantity, quality and business environment. This total score is designed not only to classify and rank ecosystems, but also to clearly show the gap between ecosystems. Vietnam’s quantitative score and business environment score are not much different from those of Southeast Asian countries in the rankings and ranked 4th in both categories. However, Vietnam’s quality score is the lowest in the region and is quite far from Singapore and Indonesia. In terms of total points, Vietnam keeps a distance not far from Thailand but relatively far from Malaysia, Indonesia and especially Singapore.

Source: Startup Blink, Global Startup Ecosystem Index 2019-2022

Growing sectors attracting investors include e-commerce, fintech, food technology, enterprise solutions, and information technology services. With Unicorns like MoMo and Sky Mavis, Vietnam is becoming a startup powerhouse in Southeast Asia.

Prominent Vietnamese startups mentioned in the Report include 2 Ky Lan, MoMo – a payment application and e-wallet that allows users to make payments and transfer digital money, and Sky Mavis – a company develops software that produces games and products based on blockchain technology, and Sendo – an e-commerce website that offers clothing, home appliances, cosmetics and tech accessories. All three of these businesses are headquartered in Ho Chi Minh City.

>> Looking forward to Vietnam Open Innovation Landscape Report 2022 and become the pioneers helping businesses achieve breakthroughs at: https://report.bambuup.com/apply