The contest, which runs through August 2017, is co-held by the HCM City Youth Federation’s Business Startup Support Centre (BSSC), the HCM City Young Business People Association (YBA) and the municipal Department of Sciences and Technology.
It is divided into two categories, the first for people who have a startup idea but yet to establish business and the second for those who have run businesses under five years.
Some 100 semi-finalists will go through challenges of writing their business plans, designing their trademark recognition tools or promoting their products and joining the Startup Exchange. The best 10 projects will compete in the finale for the championship.
The event aims to look for long-term startup models, thus proving startup is not a trend, but a race with consistency and relentless efforts, said Truong Ly Hoang Phi, Director of the BSSC.
A series of events including programmes on sharing startup ideas, experience and skills will be held during the contest to connect communities and startup ecosystem and help project planners seek partners and co-founders.
Started in 2013, the Startup Wheel has drawn more than 2,100 startup ideas, models and businesses, of which many projects have obtained initial achievements, such as Cheap Tickets - website for selling tickets online, Luckytel - intelligent queuing and Monkey in Black – creative café.