Silicon Valley model inspires new project

The project, launched on October 18, is based on methods used in the Silicon Valley in the US, and is designed to help create an "ecosystem" of start-up businesses.

Firms will receive training on how to improve products as part of an entrepreneurship promotion programme, which will offer them marketing tips and free consultancy on how to attract venture capital.

The programme is intended to help build up the nation's tech firms to cater to market demand, incorporate feasible business strategy and employ qualified staff.

The project will seek help from successful entrepreneurs, venture capitalists, lawyers and technology experts from the US's Silicon Valley.

It is also expected to create a favourable investment environment and attract more private venture capital from domestic and international investors.

Under the project, Vietnam's own Silicon Valley will create favourable conditions for start-up businesses to attract venture capital, and spawn a new wave of innovative businesses to shift the economy from low-value, labour intensive products to competitive, high-value products.

Firms will receive support for products currently being developed, while scientists will be equipped with the commercial acumen necessary to commercialise new inventions.

Skills taught will include basic management and business planning in line with international standards.

Minister of Science and Technology Nguyen Quan, said thousands of research programmes and inventions were registered in Vietnam each year by domestic and foreign universities, research institutes, businesses, organisations and individuals.

However, the commercialisation of these advancements remain a challenge, he said.

During the 2013-14 period, promising start-ups will take training courses offered by Silicon Valley experts.

Once graduated, they will be invited to attend a Demo Day, similar to an event held annually in the US where start-ups are able to showcase their innovations and network with entrepreneurs.

A social investment fund named "Start-up Vietnam Foundation" will be set up to call for domestic and foreign investment while introducing new Vietnamese business players to various venture funds and start-up training networks across the US.

Silicon Valley is the southern region of the San Francisco Bay Area in Northern California of the US. It is home to many of the world's largest technology corporations as well as thousands of small start-ups.