One example is AirCity, a startup providing comprehensive building management services for homeowners and real estate rental businesses using a technology platform.

Three years ago, Le Xuan Vu (Steven Le) finished a project in the educational sector and began thinking about developing projects that create a bigger impact on society. He met an experienced technology expert who shared the same idea.

They both realized that there exist gaps in the property rental market that need to be filled with technology, and assessed the capability of turning the idea into reality.

They noted that there were three factors for starting a tech business. Their expertise can meet the demand. The market is full of opportunities. And tech trends support their decision.

They decided to develop a tech solution that makes it easier and more convenient to manage properties for rent, thus improving the experience for landlords and tenants alike.

So they became the founders of AirCity. Asked about the difficulties in the first phase of development, Vu talked about the lack of workers. At that time, the founders had to do everything. There was no budget to hire workers and it was difficult to attract talent. So, the only choice was that they had to optimize all the resources they had.

The other difficulty was market development. Managing properties with technology was a new business, which explained why clients doubted the feasibility of the solutions they offered.

“Customers were often skeptical about the product's effectiveness and practicality. They asked many questions: Have you implemented this anywhere? Does it deliver results? How can we trust this solution? Overcoming this skepticism required patience and unwavering effort on our part,” Vu said.

The third challenge was the lack of capital.

Luckily, they successfully called for $50,000 of capital from an ‘incubator’ which could see the long-term potential of the new business idea. The capital allowed the founders to develop technological products, attract the first clients, and prepare for the next capital call rounds.

Later, they received capital from relatives and acquaintances, which helped them escape the most difficult period. Each invested $10,000-20,000 in the startup.

“This support allowed us to overcome the toughest period and move forward with greater speed and stability,” Vu said.

The most significant difference of the startup lies in technology. While other companies only partially use technology in their operations, AirCity offers technological solutions applied in all phases of operation to automate all activities. This not only optimizes operations, but also reduces operational costs by 30-50 percent compared to traditional methods.

The other advantage of AirCity is that it develops core technology of its own and builds a comprehensive ecosystem instead of purchasing solutions from other tech firms. This brings flexibility and capability of expansion. Vu said that this is a ‘weapon’ that helps the firm compete with its rivals in the market.

Owning core technology is also an advantage that helped the startup successfully call for support from large partners such as Google for Startups and Antler, as well as win prestigious rewards.

Vu said AirCity is entering the fast-growing period after three years of building firm foundation for the startup. In the near future, AirCity aims to expand its building management services in major cities across Vietnam. After that, AirCity’s founders strive to reach the Southeast Asian market, becoming a leading company in property rental management and operations.

Asked if he has any advice for young people looking to embark on business, he said starting a business is a long and risky journey, so it would be better if they begin with small things. Vu said he once ran his business part time, going to work in the daytime and developing his business projects in the evening. This allowed him to better control risks, and at the same time accumulate experience before he shifted to full-time.

He stressed that starting a business shouldn't be seen as a trend or merely a game. Startups need to prepare well in financial capability and knowledge, and find support from reputable organizations and investors. Also, it is necessary to learn and draw from experience from predecessors to avoid repeating their mistakes.

Trong Dat