Vietnam: Accelerator VIISA launches second cohort, pushes to build global teams

Vietnam Innovative Startup Accelerator (VIISA), which is backed by Vietnam’s asset manager Dragon Capital, technology major FPT, and South Korea’s Hanwha Investment, has kicked off its second batch comprising startups from overseas nations.

About 12 startups with founders from South Korea, Indonesia, Ukraine, Indonesia, France, Colombia and Japan, will participate in the next three-month programme to receive $15,000 each from VIISA as well as another $15,000 in the form of training, technical resources and office accommodation.

Promising teams will have opportunities to get as much as $200,000 follow-on funding.

The verticals of the incubated companies are also diverse ranging from media, artificial intelligence, agritech, edtech, to on-demand platforms and sharing economy.

This is the most diversified batch so far in Vietnam.

“Most innovation systems rely on diversity to cross-pollinate ideas, encounter different world views to grow a new perspective in creating customer-centric products and services. Foreign teams benefit from local team’s cultural navigation while local teams gain global insights from foreign-based teams,” commented Adrian Tan, who was with Singapore accelerator JFDI and now programme director at VIISA.

Tan told DEALSTREETASIA that the goal of VIISA was to build global startups from Vietnam, and the country has a lot to offer.

Foreign startups are attracted by the market entry to Vietnam and the chance to hire a good technical team, he added.

Tran Huu Duc, CEO of VIISA and director of FPT Ventures, said they were “on track to level up the startup ecosystem” by creating global companies in Vietnam.

Application for the second batch saw 160 interested startups from 28 countries. The first batch graduated seven startups, some of which are in the process of closing new funding rounds, Tan told DEALSTREETASIA.

Also read:

Vietnam accelerator VIISA launches first portfolio of startups

Vietnam’s FPT Corporation kicks off accelerator & VC arm with $3m seed fund