The biggest annual event for innovative start-ups – The 7th National festival for innovative startups, TECHFEST VIETNAM 2021 was officially launched. More than 50 events will be held throughout the country from September to December on online platforms, promising to bring together innovative start-ups, support units, experts and investors in 16 technology fields/aspects related to innovative start-ups domestically as well as internationally.
TECHFEST 2021 is held with the theme Embracing Innovation – Reshaping The Future. In 2021, the Covid-19 pandemic continues to be extremely complicated which makes the start-up path even more difficult. Innovating, changing the way of living, working and interacting is no longer an option, but has become a must. This year, TECHFEST aims to promote technology solutions of innovative start-ups, an “open” innovation platform in solving society’s problems in the context of Covid-19 and recovering the post-Covid economy. It is about time when startups need to seize new opportunities to rise up, to “shape the future” through technology initiatives. At the same time, using intellectual power, innovation as the center to develop combined with the strength of national unity.
TECHFEST this year has launched the SMART CITY & PROPTECH VILLAGE. With the goal of forming an Innovation ecosystem in the field of real estate technology & smart cities, the Village has organized intensive activities gathering leading experts in the industry.
A ‘Green – Smart – Modern’ city with digital transformation as the foundation for development, innovation is an inevitable trend and priority of the country in the process of integrating into the digital era. SmartCity & Proptech Village within the framework of the Techfest 2021 project will be a place to support and spread community values, an incubator and support startups in smart cities and real estate technology according to the criteria “Green – Smart – Modern”
At the event series of the SMART CITY & PROPTECH VILLAGE, Wiziin accompanied the events:
Launching Event of SMART CITY & PROPTECH VILLAGE – TALK: INNOVATION IN THE FIELD OF SMART CITY & PROPTECH – WHAT WAY FOR STARTUPS?
Competition “Technology Solutions for Smart City and PropTech”
Mentor Talk Series – KEY FACTORS FOR ACCESSING INVESTORS
After TECHFEST 2021, Wiziin truly hopes to see more inventive Vietnam’s startups will be a part of this movement!
Following the talk series series organized by SmartCity & proptech Village organized by Techfest Vietnam 2021, the topic “Key factors to approach investors” will introduce common problems when raising capital of fledgling proptech startups. as well as give advice on overcoming barriers from this model.
The program is led by Ms. Minh Le – Co-Head of SmartCity & Proptech Village with the participation of Mr. Thong Dang, co-founder of the Wiziin platform.
Need to define a solution
In recent years, the digital technology platform in the real estate market is known more and more widely under the name proptech. It becomes an indispensable bridge between investors and suitable potential project funds.
It can be seen that in recent years proptech has “exploded” in Vietnam with a series of million-dollar contracts signed through this platform. Last June, Rever received an additional 4 million USD from Vinacapital Ventures. Real estate platform Propzy is planning to raise an additional $25 million in this year’s Series B funding round.
However, according to Mr. Thong Dang, co-founder of the Wiziin platform, Vietnam’s fledgling proptech startups miss many investment opportunities because they do not clearly define the solutions to bring to the market.
“If you create a product that the market already has, how will your product be different from what has come before? This is their biggest barrier,” Mr. Thong said.
According to experts, with the characteristics of the real estate market in Vietnam, there are many arising, which easily lead to legal problems and non-transparent transactions, the problem often posed for proptech startups is Accurate property valuation and management solutions. In addition, some potential solutions are also developing virtual home tours, ensuring the quality of transactions against the challenge of social distancing.
Process of approaching investors
Through organizations that connect investors like Wiziin, or competitions like Techfest, where young people find community groups and experts in the field, they will help them navigate the development model.
Particularly for a model like Wiziin, the team of advisors will help startups take the necessary preparation steps to successfully raise capital through 101 consultations. After that, Wiziin will make a list of potential investors. suitable for fundraising products to distribute documents. Investors with feedback will be selected and connected to the startup through separate channels to complete the next strategic development steps.
Steps to prepare necessary capital raising documents for startups
According to Mr. Thong Dang, in order to prepare a standard “pitch deck” fundraising application, young startups need to pay attention and prepare clear and accurate answers to the following questions:
What is your business model? What is the future rate of return? Note: Investors will only be interested if your model delivers “smashing” returns instead of 10-20% growth. What solution does your product bring to the market? Does it satisfy the needs of the market? Clarify what activities were done, how and for how long. What stages has your model gone through? Clarifying the current staffing team. Who is the leader? What is this person’s vision and strategy? What is the general financial picture for the next 1-3 years?
Notes for young startups
At the end of the sharing session, Mr. Thong Dang gave some notes to the startup community in general and proptech startups who are participating in the contest “INTELLIGENT CITY SOLUTIONS & REAL ESTATE TECHNOLOGY IN THE DIGITAL AGE”:
Firstly, the fundraising process needs 3-6 months to appraise the application, startups should prepare the work related to the paperwork in advance. For example, by the end of 2022 you will run out of the first runway, from June you should start preparing the necessary documents.
Secondly, for startups that are in the early stages, you should not look to crowdfunding because a decision must depend on a democratic process from shareholders, which takes time and reduce work productivity. Instead, the CEO or head should be the one making the decisions.
Third, if you are just forming with ideas, young people should not start raising capital but should choose to seek advice from expert advisors in the field of proptech. It will be better if you take the time to establish a clear legal team and company before going to meet investors.
About SmartCity & Proptech Village – Techfest Vietnam 2021
A ‘Green – Smart – Modern’ city with digital transformation as the foundation for development, innovation is an inevitable trend and priority of the country in the process of integrating into the digital era. SmartCity & Proptech Village within the framework of Techfest 2021 project will be a place to support and spread community values, an incubator and support startups in smart cities and real estate technology according criteria “Green – Smart – Modern”
Steps to register to attend Techfest 2021 – SmartCity & Proptech Village – Registration link: https://techfest.vn/hoat-dong/participation-cuoc-thi/ – Registration deadline: October 26, 2021
Candidates who register to attend prepare full information, including: – Full information about the project/entrant: Business name, Business age, Head office, Representative name- Title… – Project capacity profile
From June to August 2021, Wiziin was a companion with Launch Pad in the second season of the Venture Makers program. Venture Makers is a program organized by Launch Pad Startup Center, affiliated with Western University. Sydney and Western Sydney Vietnam. This is a program that provides the knowledge about entrepreneurship as well as the necessary skills to help students confidently develop their unique business ideas into reality.
After completing the course, students attending Venture Makers will have the opportunity to participate in a Pitch Presentation with the participation of real investors in Vietnam to present their ideas and call for funding, called Venture Makers – Demo Day!
Demo Day of Venture Makers II took place more special with the online form via the Livestorm platform. Although the first time, there are many surprises in organizing online; But with the careful preparation from the organizer as well as the professionalism from the judges and the competition teams, Demo Day went extremely smoothly and successfully.
Mr. Dang Nhut Thong – Co-founder and Chairman of Wiziin Inc. participated as the Jury of the program.
Wiziin was glad to be a partner and Mentor of the program. In the future, it is hoped that Wiziin will continue to accompany the show in the upcoming season 3.
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It’s our honor to join with The national innovative technopreneur contest TECHFEST 2020 and accompany with TOP 60 novel startups this year. Truly hope to see more inventive Vietnam’s startup will be a part of this movement! #WiziinxTechFest#Techfest2020