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NextTech Group launches Next100

Released at: 17:45, 01/08/2019

NextTech Group launches Next100

Photo: NextTech Group

$10 million early-stage startup fund features hybrid model combining a Venture Builder, an Ecosystem, and a Venture Capital Fund.

by Doanh Doanh

NextTech Group of Technopreneurs has launched Next100, a $10 million early-stage startup fund with a hybrid model combining a Venture Builder, an Ecosystem, and Venture Capital, the first of its kind in Vietnam.

NextTech’s desire with Next 100 is to nurture Vietnamese startup’s competencies and for it to be a launch pad for hundreds of technology entrepreneurs to succeed locally and scale regionally as well as to invest into specialty technology startups across the region. Next100’s initial fund size is $10 million, to be supplied by NextTech and other capital partners from Vietnam and overseas.

With the slogan “Startup Soulmate”, Next100 will not only provide capital but also support Vietnamese founders in resolving the trickiest hurdles during the early startup stages to maximize the success rate at an optimal cost and time.

“NextTech was once a small startup and fortunately got to where it is now, so we hope our resources and experience can contribute back to Vietnam’s startup ecosystem,” said Mr. Nguyen Hoa Binh, Founding Partner of Next100. “We empathize with the loneliness and struggles during the early startup stages, so Next100 is positioned as a ‘startup soulmate’ with a wish to accompany founders to overcome obstacles on the path to success.”

According to Mr. Dao Minh Phu, Managing Partner of Next100, the target audience for Next100 is technology startups who are digitizing traditional industries or traditional startups that are leveraging technology to increase efficiency and productivity in their respective sectors, with the common goal of disrupting or optimizing traditional practices to deliver new added value for society. Next100’s key criteria for potential investments are (1) the founding team’s core competencies with an out-of-the-box creative mindset, (2) a deep understanding of the chosen sector, and (3) a breakthrough and scalable business idea. On the shortcomings that startups may have, Next100 and its partners will support founders to fix these post-investment.

The unique proposition of Next100 lies in its hybrid model, a well-blended combination of a Venture Builder, an Ecosystem, and a Venture Capital Fund, which together help Vietnamese startups resolve their three greatest hurdles.

The first is to find the “Point of Impact”, interpreted as the right business strategy that is in line with the startup’s core capabilities, a new niche blue-ocean market that is big enough, a secret sauce for success in disrupting the existing market.

Secondly, after discovering the “Point of Impact”, it is much more advantageous for the startup to have access to a strong ecosystem that possesses a large customer base to quickly launch the product to the mass market at minimized cost yet high efficiency. Among startups with the right strategy and good products, the most competitive are those who can leverage the advantage of “standing on the shoulders of giants”, which puts them closer to the finish line than the other lonely, fresh startups.

The third is money. In reality, the majority of startups will be unable to overcome the aforementioned hurdles and will have to shut down within one or two years after burning out all their funding and being unable to raise new funds due to growth issues. The founders may then face other post-failure tragedies, including debt and loss-of-faith.

Next100 partners with fellow investors in Vietnam and across the region to strengthen the links within Vietnam’s startup ecosystem, including but not limited to deal sourcing, cross investment, and mentorship for startup founders.

At the launch ceremony, NextTech announced the completion of its three most recent investments in Vietnamese startups, including outstanding names such as VayMuon.vn - Vietnam’s premier P2P lending platform; the SanShip-HeyU instant delivery-on-demand and concierge service platform; and Teky.edu.vn - Vietnam’s first and largest technology academy chain for kids.

Being among the first generation of technology startups in Vietnam, in 2001, NextTech Group boasts nearly 20 years history, starting from zero to possessing an ecosystem of close to 20 digitized platforms operating in Vietnam and eight other markets across Southeast Asia and China within four major sectors: e-commerce, fintech, e-logistics, and education.

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