VietChallenge startups competition marks its 5th anniversary with Vietchallenge 2020. It has been a long journey yet rewarding, full of experience, and exciting changes for us.
This year, participating teams can register via the Jong Ventures, a crowdfunding platform for startups operated by VietChallenge, and have the opportunity to compete in the Vietnam Startups Championship.
Since our registration opening, the VietChallenge 2020 team has received a lot of questions from numerous startups regarding the changes of this year's competition as well as the introduction of Jong Ventures.
To clarify those questions and explain more about the relationship between VietChallenge and Jong, on April 5, 2020, an information webinar about VietChallenge 2020 and Jong Ventures was organized by the Vietchallenge team.
Webinar: Information session about VietChallenge and Jong Ventures with the participation of hosts and guests:
The webinar has received lots of attention from participating teams as the webinar has attracted more than 4000 views and almost 6000 interactions on Facebook. The guest speaker enthusiastically answered all questions regarding the time, the prize structure, and regulation in VietChallenge 2020. For more information, please visit https://www.vietchallenge.org/competition.
A highlight of this year's competition is the launching of Jong Ventures, a crowdfunding platform run by VietChallenge. Being inspired by the legend of Thanh Giong, who was raised by his villagers, Jong Ventures' vision is to mobilize the resources from the community, angel investors and investment funds to support the exponential growth of startups in Vietnam.
The VietChallenge 2020 contestants will directly register their startups via Jong Ventures. The process is straightforward. Participants only need to go to http://jong.ventures/register_as_a_startup, register an account, and upload necessary information. Startups will be appraised concerning four areas: Product, Team, Legal, and Finance by VietChallenge team. After the assessment, the startups' data will be transferred to interested investment funds. In terms of privacy and legal concerns, Jong uses a highly secure infrastructure from Amazon Web Services and is built by a team of experienced developers with international experience. Furthermore, Jong's dedicated legal team will ensure that submission complies with Vietnamese and international regulations.
Another highlight of this year is the debut of the Vietnam Startups Championship, the C1 Cup for Vietnamese Startups, which is the playground for potential startups that have won in different entrepreneurship competitions in Vietnam. The Championship will be held in Boston this October with the presence of many domestic and foreign journalists. In addition to the cash prize of US $ 10,000, this is an excellent opportunity for startups to promote themselves and compete in an international environment. Moreover, the winning team of the final Vietchallenge 2020 in Hanoi will be sponsored for a trip to America to attend the Vietnam Startups Championship by Vietchallenge.
Requirements regarding English proficiency in VietChallenge is a question concerned by several teams. As an international startups competition, participating startups need to be able to present in English to the jury. However, Mr. Tai Nguyen, CEO of VietChallenge America, advised: "VietChallenge is a startup contest. Therefore, the jury will evaluate based on the potential and execution of startups itself, not its founders' English level. The most important thing is that startups' founders can persuade the jury with their vision and ideas." Besides, the VietChallenge team and mentors will provide lots of support to startups so they can all bring out the best performance. Thus, do not worry if your current English level is not too good. Be confident and consider VietChallenge 2020 as an opportunity for you to improve your concentration and VietChallenge yourself!
The guest speaker also shared a few tips for startups competing in VietChallenge this year. Mr. Hoang Nguyen, Founder of Alobase and PM of Jong, advised startups to focus more on their serving market. "All investors are interested in a (1) large, (2) highly growing, and (3) expandable market. Data needs to be accurate and come from reputable sources. Different markets may require different KPIs. Additionally, startups should pay attention to creating a presentation-deck that is beautiful, smooth, simple, and intuitive for the listeners."
Mr. Cuong Nguyen, Founder of Alobase and CEO of VietChallenge Vietnam, believed that VietChallenge competition is a wonderful learning opportunity. Therefore, the most important thing is that startups' founders can adopt an open-minded attitude when receiving feedback from their mentors. "Humbleness and open-mindedness will help you open up numerous opportunities and perspectives." - shared Mr. Cuong.
The fifth season of VietChallenge has officially received applications for the 2020 season on March 21, 2020. Right now, potential startup teams can track the details and registration form for the program through the website: https://www.vietchallenge.org/ or http://jong.ventures/
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