In developments related to the startup ecosystem in Vietnam, Facebook and Google sponsored the Edtech Asia Hackathon 2016, organised by Topica Edtech Group, while local authorities are planning to set up fresh terms for venture capital regulations.
Four edtech teams win $90,000 from Topica, Google & Facebook
A total grant of $90,000 from a Google and Facebook-sponsored edtech competition was given to four Vietnamese education startups at the first Edtech Asia Hackathon 2016, held by Topica Edtech Group.
Social and emotional learning app Kid REC, developed by Eezy team, won the $80,000 FbStart prize from social network giant Facebook for the best mobile app category.
Music learning platform Muzikator, bedtime technology Somia, which helps convey English lessons to a sleeping person, and 3D learning app VirtualBook, won $6,000 from Google and Topica, and will have access to Facebook’s Accelerator Track programme as well as the tickets to Edtech Asia Summit in Bangkok.
The hackathon attracted 19 developer teams who were judged by eminent entrepreneurs in the education and technology areas.
Last year, Topica announced its partnership with Edtech Asia to promote growth of Vietnamese edtech startups. “Hackathon is one of the secrets that make the continuing success and growth of tech giants like Google and Facebook. Simple yet powerful details such as the “Like” button and Facebook Message were the outcomes of hackathons,” Topica said, in a statement.
Regulations for establishing VCs eased
It will take only three days to set up a venture capital fund in Vietnam in a move that aims to simplify and boost the startup investment ecosystem, according to local media reports.
“Venture capital funds must not comply with the regulations for securities investment funds,” the VnExpress newswire cited a drafted circular on VC establishment.
The VC firms are not allowed to borrow from financial institutions to make investments even as they can raise funds through both existing and new members, the drafted circular reportedly stated.
DEALSTREETASIA had earlier reported that Vietnam will release a VC law based on the provisions for securities investment funds. However, the latest development indicates in the change in the way the regulations will be framed.
Angel investors in the country are working on a platform for co-investment in startups, but it is not easy to launch a securities investment fund-like vehicle because the regulatory requirements for setting up such funds are too high. Also, early-stage startups often need only small capital, up to tens of thousands of dollars, to take off. Hence, the terms for securities investment would have discouraged venture capital activities.