Vietnam can look to the US model to build its own ecosystem to serve as a foundation for startups, he added. VietNamNet spoke to Son about the similarities and differences in entrepreneurship training and incubation activities between the US and Vietnam.

What is special about technology startup incubation training activities in the US?

Entrepreneurship is a broad concept encompassing both non-tech startups (such as opening a restaurant, bakery, or food business) and tech startups (providing products and services with high technological content, or making breakthroughs based on technology). And both of them need and should apply foundational entrepreneurship knowledge.

Startup support centers in Silicon Valley, Texas, and major universities like MIT, Stanford, and Harvard all have such entrepreneurship programs.

MIT, Stanford, Harvard, and some other universities focus on providing academic knowledge, i.e., teaching how to build business plans and providing basic knowledge for starting up, such as marketing, sales and human resources management. Meanwhile, non-academic hubs like Silicon Valley and Texas focus on innovation-driven business models, creating breakthrough products, and methods of commercializing these products.

Given its distinct cultural and business environment, Vietnam can adopt suitable US practices for various forms of entrepreneurship, from small local ventures to high-tech international startups.

Over the past decade, US universities have promoted entrepreneurship education and developed student startup support centers. For instance, SUNY Cobleskill has the “Steps for Success Entrepreneurship” program, which I have the privilege of heading.

I also had the opportunity to be an entrepreneurship advisor at the University of Maryland, where the federal government supports the projects that commercialize professors' and PhD students' research findings. 

These projects do not aim at turning scientists into entrepreneurs but connecting them with business leaders outside academia to start up together, allowing them to continue their research. Their clients are institutions which have very high demand for new breakthrough technologies, such as the Department of Defense, Department of Transportation, Department of Health, and NASA.

How about Vietnam?

There are also both types of entrepreneurship training like the US, but each has certain limitations.

Many universities and startup support centers in Vietnam are still confused about the orientations of training programs for startups.

Some successful entrepreneurs who are invited to give lectures on entrepreneurship lack fundamental business management knowledge. They just can share success stories in their fields without offering a broader, integrated perspective. This leads to subjective and less effective knowledge transfer.

In my experience, entrepreneurship education needs to combine both fundamental business knowledge from academic experts and real-world business experience from experienced entrepreneurs. 

Do you think Vietnam can learn from the US and apply the US methods?

Vietnam has launched a significant national project on entrepreneurship. However, state funding for startups is quite limited, just focusing on startup support centers, while assistance from the centers still cannot meet expectations.

I think Vietnam could take a closer cue from the US. With state grants, there should be a balanced investment in startup support centers and startups themselves.

What do you think the biggest difficulties are for Vietnam’s tech startups?

Specialized knowledge in your chosen business fields is very important, but I believe that basic knowledge of business, entrepreneurship and execution capacity are the deciding factors.

Vietnam's startup ecosystem isn't sufficiently equipped to support breakthrough ideas and startup teams.

Vietnamese tech startups still lack advantages to penetrate the global market as Vietnam’s reputation and competitive prowess in technology need significant improvement.

What should Vietnamese tech startups do to reach international markets?

To successfully start a business, you must identify and tackle real market problems and create new value for customers.

Vietnamese tech startups should learn to monitor market fluctuations and understand existing global offerings to create breakthrough innovations rather than "reinventing the wheel".

Technological advancements and market disruptions happen continuously. The global technology market is ever-evolving. To enter international markets, establish a strong hold in the domestic market first; with a population of 100 million, Vietnam is a significant market that many companies covet.

If you want to reach the international market, you should build your business as an international business right from the very beginning. This is the lesson I discovered after I started VietSoftware in 2000.

Binh Minh