CEO Thu Huong Duong revealed 3 criteria for a start-up project to catch the eye of Vietnam IDG investment.
The idea that is able to catch the eye of Vietnam IDG investment has to be practical, close to life, different, and creative.
Some statistics show that in 2017, the number of start-ups invested in Vietnam amounted to 92 and the total investment capital was US$291 million. The number of transactions capitalized was only 28 three years ago. According to Mai Duy Quang, Vice President of the startup of Vietnam Software and IT Services Association (VINASA), funds from investors and investment funds poured into start-up companies have increased dramatically.
According to the representative of VINASA, foreign investment funds continue to pour capital into and increase rapidly every year. Because foreign investors like start-up projects in Vietnam. Also because Vietnam has a high technological background, enthusiastic and young human resources. Furthermore, Vietnam is still a new market with a lot of potential.
"Now you can earn money anywhere, not just in the investment funds" Ms. Thu Huong, Director of Foreign Affairs and Operation of Vietnam IDG Ventures, also shared the same point of view at the meeting of Family Startup Club, belonging to Marketing & Family Magazine.
According to her, aside from large investment funds such as IDG, Dragon Capital, etc., there are always angel investors close to startups. They're people who are willing to take high risks to invest when startups have good and potential ideas. Angel investors - this term comes from Silicon Valley.
Mrs. Thu Huong Duong shows that there are three criteria for IDG to pour capital into a startup project. The first and most important criterion is Human beings.
"In order to get investment capital, I have to be myself, " CEO at IDG said. According to Mrs. Huong, the word "myself" here is to believe in me. Even if it's only normal as thing such as needs for questions and answers of baby diaper mother or passion for food and fashion, etc...
"No one can stop you from doing what you want to do. You are the soul of the start-up project. Investors choose your startup project because they trust you” A typical example cited by Ms. Huong is IDG's investment in Webtretho.
As of the beginning of 2018, Webtreho had 22 million members, 2 million traffics a day. The website was founded by a nursing mother who studied chemistry. Because she had been so worried about giving birth for the first time, this mother set up a forum to ask the others from their child's fever to where to buy things for her. From her passion and love for her child, this mother built that community. After 5 years, IDG acquired and invested more in Webtretho.
"I have never thought of becoming a businessman, having such a large investment fund invested," Mrs. Thu Huong Duong reiterates the share of the founder of Webtretho.
The second element shared by IDG’s CEO is the idea that must be followed through. Mrs. Huong also says that IDG received more than 200 mail plans or requests for investment every day. However, there is no unique idea, most are repeated ideas of another person or another country
"Anyone can come up with an idea, but not everyone can make it happen. The person who can do it has to go to the end. If he doesn't do it to the end, he will not learn the lessons of failure" she analyzed. Those who have ideas but don't try to reach the end or give up, take the time and money of the investors. The investor - they are very afraid of this.
Mrs. Huong also says that if a person tries his/her best, he/she learns why he or she can't do it and has more experience. For example, billionaires around the world don't always succeed only in the first idea, the first startup time.
The final criterion for a start-up project is money. However, according to IDG’s CEO, when there are two factors above, money is a small issue. "We are the ones looking for you to invest in. When you believe in yourself, the angel investors will always welcome you" she said.
Mrs. Thu Hương reveals that IDG often pays close attention to fundraising records done by women. By the time IDG entered Vietnam, there were not as many women starting their own businesses as in recent years. But women in the US are different, start-up is quite common. It was the wife of the IDG’s Chairman who started up with $18 from a car garage.
She started out in the software industry and after six years the business was resold for $500 million. She was interviewed by Time magazine and seen on the cover. It is also a chance for the IDG Chairman couple to know each other. And the IDG Venture Capital Fund was opened by the Chairman as well as his belief in Female Founder Startups.
The reason that IDG favors women is that there are too many restrictions for them in boldly developed countries and developing countries. Women are more disadvantaged than men because women prioritize family time more than men. So, when a woman decides to start a business, she's going to get a lot of attention.
Moreover, a profile is noted for its practicality. Although the idea is not the only one, it is adapted to Vietnamese culture and social etiquette has been getting attention from IDG. The next element of a major idea is whether it's easy to steal, whether it's easy to develop.
The idea that is able to catch the eye of Vietnam IDG investment has to be practical, close to life, different, and creative.
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