Vietnam-based tech company Alpha Vision has launched the Alpha Accelerator Program (AAP), aimed at fostering rapid growth of local startups.
Startups that make the cut will get funding to the tune of $25,000, and will also be provided with technical support, to help the company prepare for Series A funding round.
The program is looking for potential teams that are able to generate at least $3 million in revenue after two to three years of establishment. The accelerator is interested in companies operating in the sectors of software, e-commerce, mobile apps, education and social businesses.
“We aim to support each startup with $10,000 in cash, as well as infrastructure and technical assistance worth up to $15,000, helping them build their workplace with the best amenities in Vietnam,” an Alpha Vision official told DEALSTREETASIA.
She said that the company will coordinate with outside investors to fund its projects of nurturing the startups. “We are their investor and, at the same time, their agency for networking,” she added.
AAP is the first startup accelerator in Vietnam to adopt the operation models of Techstar, US-based Y Combinator and Singapore’s JFDI, due to the relationship that its founder Nguyen Ngoc Nam has formed with the Singapore’s startup ecosystem.
Nam, a holder of doctor degree from Nanyang Technological University, came back to Vietnam in 2013, after more than 10 years living and working in Singapore, to establish Alpha Vision, a software outsourcing company.
He then built AAP, following the model of Singapore’s Asia startup funding program JFDI (the Joyful Frog Digital Incubator).
Based on the collaboration with the foreign incubators, AAP is looking at a success rate of 50-60 per cent, which means startups assisted by the program will have a 50-60 per cent chance to be invested in, during the next round.
The company official also revealed that Alpha Vision will acquire some 5-10 per cent equity in an investee company to maintain the program’s support. Alpha Vision, itself will be the investor for further rounds of investment.