The Startup Wheel collaborates to create a focal point for innovation with the “InnoEx Central Station.”

The outstanding winner, “Cỏ cây hoa lá” has impressed the prestigious judging panel to claim the highest prize with a total award of up to 400 million VND in the Startup Wheel competition – one of the largest and most prestigious competitions in Southeast Asia, focusing on “green innovation” promotes sustainable development, and has successfully captured international markets. In 2023, Startup Wheel attracted 2,116 applications from 34 countries.

This year, Startup Wheel is uniquely integrated into the framework of InnoEx, an annual international event fostering innovation and growth in Vietnam and the ASEAN region. As one of Southeast Asia’s premier startup competitions, Startup Wheel synergizes with the Vietnam CEO Forum, Green Summit, and Investment Zone to become a leading event driving innovation and creativity for businesses in Vietnam.

Ms. Trương Ly Hoang Phi, Chairman of the Board and CEO of IBP, Head of the Organizing Committee of InnoEx, shared: “This is the first time Startup Wheel has been organized within the framework of InnoEx – a growth program for businesses. This provides an opportunity for startup companies to step outside their comfort zones. You yourself also build a bridge and directly engage with large corporations.“

InnoEx attracted the participation of nearly 2,000 business leaders and experts at forums, along with representatives from more than 70 Vietnamese and international investment funds, banks, financial institutions, and more than 200 businesses and startups from 52 countries and territories and more than 20,000 attendees.

Over 11 years, Startup Wheel, an international-scale startup competition, has drawn over 13,000 applications globally. Supported by 300+ partners, including accelerators, incubators, and investment funds, it boasts a panel of 130+ judges, comprising Vietnam’s top entrepreneurs, renowned international experts, and representatives from investment funds and startup support organizations.

Ms. Nguyen Thi Dieu Hang, CEO of BSSC and Vice Chairman of the Young Business Association of Ho Chi Minh City (YBA), highlighted the differences between the Vietnamese and International tracks in Startup Wheel. She pointed out that while around 30% of applications in Vietnam are technology-focused, the figure drops to 20% internationally. Conversely, there is a greater prevalence of international applications related to services. This underscores Vietnam’s potential as a lucrative market for services in the eyes of our international counterparts.

 

Amidst a global economy facing challenges from political tensions and fluctuations in financial markets, coupled with the transformative impact of AI on daily life and professional sectors, Startup Wheel 2023 stands as a pivotal platform. It offers Corporations and Large Enterprises a strategic gateway to delve into the world of Innovation. Through its vast network and a series of diverse ecosystem activities, Startup Wheel 2023 aims to connect and catalyze new opportunities in this evolving landscape.

Many prominent startups have the opportunity to innovate alongside large enterprises and corporations.

The Startup Wheel 2023 competition is designed as a comprehensive six-month startup acceleration program, welcoming a highly diverse array of startups from various sectors to participate.

In the Vietnam Track of Startup Wheel 2023, the prestigious victor is “Cỏ cây hoa lá”, led by the enterprising Nguyen Lan Phuong. Renowned for its pioneering use of organic ingredients in cosmetics, the company holds EcoCert certification, a globally recognized standard. Over the span of five years, “Cỏ cây hoa lá” has expanded its presence to encompass over 5000 retail outlets nationwide. Furthermore, it has boldly penetrated international markets in Singapore, Malaysia, and Taiwan, aiming to showcase Vietnam’s abundant natural resources on the global stage.

 

The products of “Cỏ cây hoa lá” serve as a strong affirmation of the sustainable agriculture trend in Vietnam, echoing the sentiment shared by Mr. Nguyen Thanh My, Chairman of the Board of Directors of Rynan Technologies Vietnam: “We must think differently, act differently, and develop sustainably. We can understand that the agriculture of the future will not rely on pesticides or inorganic fertilizers.”

In the top 4, Drone Light Show earned second place for pioneering artistic light displays using drones in Vietnam. Sổ Bán Hàng clinched third place, assisting small businesses with innovative, cost-effective technological solutions. Alterno secured the Innovation for Sustainable Growth award for their sand battery product, garnering global interest. The top 10 also feature Smartos, Smart Buddy, Men Stay Simplicity, DIGIME Co. LTD, Cubable JSC, Công nghệ MC Ảo – AiClip.Ai, and Cỏ Cây Hoa Lá.

Additionally, Startup Wheel 2023 features special highlights with auxiliary awards such as the “Outstanding Female Founder” awarded to the “Cỏ cây hoa lá” brand, the “Most Impressive Contestant” awarded to Drone Light Show, and the Talent Hub Champion (Student Startup Wheel Category) awarded to the HATUS project – a lotus seed and pennywort face mask developed by a group of third-year students from Can Tho University.

Vietnam’s market potential for international startups shines bright. 

In the International Track of Startup Wheel 2023, five standout startups prevailed over applications from five continents. Among them, ViAct from Hong Kong emerged as the winner, employing AI-driven video analysis to enhance safety at construction sites. These top teams were selected by Startup Wheel from over 250 international applications  spanning 33 countries worldwide.

Ms. Ha Thanh An, Director of Operations at Investment and Business Promotion Corporation (IBP), expressed: “Startup Wheel serves not only as a competition but also as a pivotal networking platform, offering opportunities for international startups. It’s a valuable occasion for companies to gauge Vietnam’s market readiness and receive constructive feedback on their products.“

Ms. Nguyen Phi Van, Chairwoman of the Southeast Asian Angel Investment Network and a well-known figure in the Startup Wheel community, emphasized: “For mature startups looking to penetrate the Vietnamese market, it’s crucial to accelerate their startup journey and stay abreast of market dynamics and legal considerations, particularly for fintech companies.“

However, startups also need to focus on authenticity when entering the market, as noted by Mr. Louis Nguyen, Chairman of the Board & CEO of Asset Management Company: “Each company has its unique way of presenting itself, but what matters to us is your journey, the market scale, and what sets you apart.” The CEO also emphasized the importance of competition, as startup competitors may replicate similar approaches. Therefore, each startup needs to have technologies for the best “defense.”

With the message “Innovation for Sustainable Growth,” InnoEx is regarded as the central station where innovation lines intersect. Within the framework of InnoEx, Startup Wheel becomes a place for connections, seeking innovative drivers, fostering growth, and linking resources for Vietnamese and ASEAN businesses. Through this competition, corporations and enterprises can seek suitable solutions to connect with their ecosystems to promote their “innovative genes.”

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About YBA

HCMC Young Business People Association was established by the Vietnam Youth Federation of Ho Chi Minh City in 1994, with 30 founding members. YBA is the first association of business in Vietnam, with the mission to facilitate business exchanges and trade, and to provide support for the development of the City business community not only in HCMC but also the whole nation.

About IBP

IBP was founded by business veterans in HCMC. With a network of more than 10,000 local and international tech companies, startups, R&D teams, and experts built over the past 12 years, IBP focuses on consulting and supporting businesses to build new growth drivers through innovation.

About BSSC

Founded in 2010, BSSC is one of the most prominent startup support centers in Vietnam. BSSC provides a wide range of intensive programs for startups at all stages including financial support (micro-loan), startup accelerators, competitions, startup and tech events for Vietnamese and international startups.