Incubators are not a new concept for startup communities worldwide. In Vietnam, despite being quite new, startup incubators have slowly appeared in major Vietnamese cities.
So what exactly is a startup incubator and what can incubators do to help startup founders in their journey?
The initial concept for a business incubator is believed to be established in New York, 1959. According to the National Business Incubator Association, incubators play a major role in helping new startups grow during their initial stages by providing them with necessary business services and support. In the past 10 years, the Incubator model has become increasingly popular within Vietnam innovation ecosystem, slowly appearing in major cities around the country.
Beside Incubators, there are many other organizations that focus on supporting startups during different stages of their growth such as Accelerators, Venture Builder and Venture Capital Funds. However, it is important to note that each organization is more suitable for startups at different stages of their growth.
Thus, it is important for founders to understand the differences between the above organizations in order to decide which is the most suitable option for their businesses. For instance, if your startup is still at the early stage, then Incubator will be the best choice.
In particular, incubators can provide great assistance for startups that are at the idea stage, still lacking a clear business model and needing guidance on the next steps. If that is the case, incubator can help in developing your business model and business strategy, providing working space, assisting in business services such as finances, accounting as well as connecting founders with the startup ecosystem. The length of time startups usually spend at an incubator depends on many factors but it generally ranges from 1 to several years. During this period, incubators will not take any equity from startups. It is safe to say that Incubators play an important role in developing the local startup ecosystem and increasing the chances of success for startups.
Becamex Business Incubator (BBI) was founded in 2018 at Eastern International University (EIU) with an aim to promote entrepreneurship in the community and develop the local innovation ecosystem. BBI takes pride in providing much-needed support for startups, especially hardware startups. BBI services include Pre-business services and Incubation and business services.
During the pre-business stage, BBI takes part in organizing events and workshops to bring the concept of entrepreneurship closer to the community. In addition, BBI also hosts startup competitions for Vietnamese students, creating opportunities for students to innovate and experience the startup culture.
(Workshop organised by BBI)
(Energy Innovation Day at EIU)
(Startup Idea Battle 2019)
In terms of Business services, BBI can support founders in developing a business plan and choosing a suitable business model; providing knowledge on how to successfully manage a company; connecting startups with our ecosystem of mentors, partners and investors. Furthermore, our startup members can have access to facilities at EIU such as office spaces, conference rooms, exhibition area, etc.
At EIU, startups can also access various high-tech labs and Fablab all equipped with machines such as 3D printer, CNC machine, laser machine, etc; all of which are ready to help build prototypes quickly at an affordable price.
At the moment, BBI startup members come from a wide range of fields. EIU strength in production technologies and facilities has helped us in attracting hardware startups across Vietnam. One notable startup is Dat Bike which specializes in electric motorbikes Made in Vietnam. Dat Bike has chosen to put their production facilities at EIU and has successfully produces hundreds of bikes here.
(Dat Bike founder Son Nguyen working at EIU via kbchn)
(Dat Bike producing electric motorbikes at EIU)
BBI has also helped many alumni become successful businesses, one of which is PCBZone, a startup founded by a EIU alumnus. PCBZone specialises in designing and producing circuit boards. After spending 2 years at BBI, PCBZone has grown into a successful company with more than a million dollar in revenue per year.
Having recognised the potential of the innovative ecosystem in Binh Duong, Becamex Business Incubator hopes to connect with more startups, companies and technology projects in Vietnam. In doing so, we hope to contribute our share in making the startup ecosystem prosper.
Find more about what we do to help startups here.
BBI always welcome founders with new, innovative ideas. If you want to make your idea a reality, contact us now via our email at bbi@eiu.edu.vn!
Source:
http://ncif.gov.vn/Pages/NewsDetail.aspx?newid=16867
https://www.inc.com/encyclopedia/national-business-incubation-association-nbia.html
http://kbchn.net/dat-bike-goi-von-thanh-cong-2-6-trieu-usd-tu-jungle-ventures-124181.html
