The project is designed to help Vietnamese hi-tech business start-ups upgrade their products. At the same time, many experienced US experts from Silicon Valley will offer them marketing tactics so that it will be easier for them to attract venture capital, even if their products are in the concept stage.
Successful start-ups are expected to forge a wave of innovations which will transform the whole economy with hi-tech and superior products, instead of low-value and labour-intensive ones like now.
During the 2013-2014 period, promising start-ups will take training courses offered by Silicon Valley experts. Once graduated, they will be invited to attend the Demo Day, a similar event held annually in the US where they are able to experience the future of innovation and expand their contact lists.
A social investment fund named “Start-up Vietnam Foundation” will be set up to call for domestic and foreign investment while introducing new Vietnamese business players to various venture funds and start-up training networks across the US.
According to Minister of Science and Technology Nguyen Quan, thousands of universities, research centres, organisations and individuals both at home and abroad apply for patents in Vietnam each year. However, how to commercialise them remains a challenge.