RMIT students explore the startup ecosystem with industry experts

RMIT students explore the startup ecosystem with industry experts

RMIT University students had the unique opportunity to engage with international experts in entrepreneurship during a recent event.

The event was part of the 2024 Entrepreneurship Talk Series, organised by The Business School at RMIT Vietnam. The series aims to bring prominent entrepreneurs and leaders to share their insights with students on various aspects of building entrepreneurial ventures.

"Through this talk series, we aim to equip our students, many of whom will become entrepreneurs, with actionable insights on how to navigate the challenging but exciting Vietnamese startup landscape," said Dr Jung Woo Han, RMIT Senior Program Manager of Human Resource Management and Entrepreneurship.

Titled ‘Demystifying the Entrepreneurial Ecosystem in Vietnam’, the latest talk focused on illuminating the strengths and weaknesses of the Vietnamese startup ecosystem and strategies to bolster it. Experts from advisory firms JN Capital & Growth Advisory, VOS Advisory, and KPMG Vietnam provided their valuable insights during the discussion.

The Entrepreneurship Talk Series brings prominent entrepreneurs and leaders to share their insights with students on various aspects of building entrepreneurial ventures. The Entrepreneurship Talk Series brings prominent entrepreneurs and leaders to share their insights with students on various aspects of building entrepreneurial ventures.

An entrepreneurial or startup ecosystem is a dynamic network of interconnected elements, including markets, human capital, funding, mentor support, regulatory frameworks, infrastructure, education (including universities), and cultural support. This network collectively assists the creation, growth, and success of startups.

Vietnam, with one of the most vibrant startup ecosystems in Southeast Asia, has climbed to the 56th place in the Global Startup Ecosystem Index 2024 published by StartupBlink, up two spots from the previous year. In Southeast Asia, Vietnam still ranks after Singapore, Thailand, Malaysia, and Indonesia.

During the RMIT event, experts highlighted the crucial role of the government in fostering a robust startup ecosystem in Vietnam. The government could provide more support for young startups, including essential resources, opportunities, and an environment conducive to innovation and entrepreneurship.

Sharing experiences from Singapore, Mr Mex Cao, Managing Partner of VOS Advisory, said, “Singapore has created a conducive environment for startups with pro-business policies, efficient regulatory frameworks, and robust legal systems. They also have a scouting program to attract startups and talent, encouraging Singaporean startups to expand beyond their home country.”

Experts from VOS Advisory, KPMG Vietnam and JN Capital & Growth Advisory joined the recent event. Experts from VOS Advisory, KPMG Vietnam and JN Capital & Growth Advisory joined the recent event.

The panellists also underscored the critical role of universities in providing students with real-world entrepreneurial experiences.

Mr Phuc Nguyen, Head of Corporate Services and Director of Private Enterprise at KPMG Vietnam, suggested, “Universities can serve as crucial connectors, linking early-stage founders with the other supporting elements of the ecosystem such as mentors, advisors, and investors. They can also collaborate closely with the government to provide students with more international exposure.”

Mr Mex Cao added, “Universities should facilitate cross-cultural exchanges with foreign institutions and immerse students in leading industries in different countries through summer or winter camps.”

He also observed that although many innovative ideas originate from universities, students often view their projects as mere student assignments rather than serious business ventures that solve reality pain points for a profit. Moreover, young Vietnamese startup founders often lack real-world knowledge and exposure to international technological trends.

"Universities often teach you how to pass exams and do well in assessments, but they don't teach you how to fail. Entrepreneurship is about failing fast and learning from those failures," said Mr Cao.

Mr Jeffrey Nah, CEO of JN Capital & Growth Advisory said, "In my opinion, education through coaching and mentoring by seasoned entrepreneurs is essential to build a greater pipeline of high-potential startups, which in turn will naturally attract more investors and funding, provided the risk-return equation is acceptable to the investors."

RMIT Vietnam has launched The Next Founders 2024 Challenge (TNF24). RMIT Vietnam has launched The Next Founders 2024 Challenge (TNF24).

To promote entrepreneurship among students, RMIT Vietnam has recently launched The Next Founders 2024 Challenge (TNF24), a joint initiative with the RMIT Business Global Innovation Challenge.

Spanning 10 weeks, the Next Founders Challenge offers RMIT Vietnam business students the opportunity to connect with peers from other countries who share similar interests and collaborate to create sustainable business ideas for the future. The challenge features over 20 industry partners, providing sponsorship, mentorship, and workshop programs. The finalist of this challenge will be incubated by the incubation partner, SPARK Hub, to further develop the ideas through their accelerator programs.

Dr Justin Xavier, Senior Manager (International & Projects) in The Business School at RMIT Vietnam, said, “At RMIT, we understand the importance of fostering an entrepreneurial mindset within the younger generation. But we aim to go beyond that, equipping our students with the real-world experience and networks they need to thrive in future entrepreneurial pursuits.

“By developing a culture of innovation and providing the necessary resources, Vietnam's startup ecosystem can continue to grow and thrive, paving the way for future entrepreneurs to succeed on both local and global stages.”

Story: Trang Le and Ngoc Hoang

02 August 2024

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