HCMC delivers VND2 billion to support innovative startup projects

SGGP

In order to encourage and accelerate current innovative startup projects so that they can be launched onto the market at the earliest time, the Ho Chi Minh City Department of Science and Technology introduces a program called SPEEDUP.

Accordingly, SPEEDUP will support innovative startups in the aspects of laborer and expert seek and hire, third-party hire, and material supply. This will be done via incubation organizations, with each project receiving up to VND2 billion (approx. US$87,400) in no later than 24 months.

SPEEDUP is one of the eight programs run by the HCMC Science and Technology Department to celebrate its 45th anniversary.

In 2020, SPEEDUP selected and supported 40 projects, spending VND25.3 billion ($1.1 million) from the state budget and VND10.3 billion ($450,000) of reciprocal capital from investment funds. Thanks to this, many innovative startup projects like Teamup, SchoolBus, 689 Cloud were successful in attracting more capital from private investors and increased their value by 1.5-1.8 times.

By Ba Tan – Translated by Vien Hong

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