InnoLab Asia partnered with The Invention LAB to bring RISING X Demo Day Startup Runway to Ho Chi Minh City on 10th October 2019. The startups brought life to Demo Day with their AI–driven ideas to solve real-time issues in industries.
Behind RISING X, we have The Invention LAB – Korea’s leading Open Innovation Advisory Firm. The Invention LAB specialises in platform technology and service startup investment. Being recognised by the Korean government, The Invention LAB has invested in 46 platform-driven startups through the Accelerator Fund in Korea.
AI Technology – Our Future
In the recent years, the Vietnamese government has been placing emphasis on science and technology enterprises. 380 firms are certified as science and technology enterprises and 43 firms that are considered high-tech. (Koushan, 2019)
There is no doubt that technology will continue to take over the world, one step at a time. Thus, with the ever-changing times, there is a strong need to keep up with the latest trends – A.I. technology.
A Glimpse into the Vietnam-Korea Startup Ecosystem
“I am confident that the current wave of startup entrepreneurship based on the high technology platform will allow the next generation of businessmen to join hands proudly, to bring Vietnam’s and South Korea’s relationship to the next level” – Dr Tran Hai Linh, Chairman of the Vietnam-Korea Businessmen and Investment Association (VKBIA), opening the event with his inspiring words.
“The Invention LAB is pushing Korea’s platform startup into SEA through the RISING X program. RISING X is a brand of global acceleration program targeting the SEA countries such as Vietnam and Thailand.” – Mr David Kim, CEO of The Invention LAB, introducing the RISING X Program.
With technological advancements within the past decade, many have dabbled in the latest trends to bring about solutions for problems that we currently face. With RISING X, startups are able to pitch their ideas that incorporate data-driven services to resolve issues in various industries.
Let Us Dive Right into the Winner of RISING X – HotelOrder
HotelOrder is a smart concierge application that solves miscommunication problems often faced by guests when making requests at hotel reception. Guests can fill out requests through the application simply with their fingertips. Dining, concierge, tour and shopping services are all provided through the application.
In just a span of 3 months, their monthly recurring revenue is an impressive USD $80,000. This demonstrates a need for this service for hotels and home-owners to increase their revenue.
Coming in second place – Wayne Hills Ventures
Wayne Hills Ventures created an AI platform that transforms any kind of text into dynamic video, complete with DRM free content and subtitles. With Wayne Hills Ventures, a book that takes 4 days to read can be condensed into a 2-minute video easily within a short period of time.
As compared to the traditional methods of video editing, this AI platform is 4 times faster and 1/10 cheaper. Within 2 weeks, 120 videos has been created. This year, the revenue of Wayne Hills Ventures has increased up to $2.5 million.
Last but not least, in third place – AdFi
AdFi is a Wi-Fi router created by Danbi Korea that gives offline restaurant and cafe owners the same customer data as online ult. As a result, this helps them to know their market better and improve sales. Firstly, Danbi Korea will collect offline visiting data, then personal order data, and finally analyse both data for offline businesses.
Working with 3500 stores in Korea, Danbi Korea’s average growth rate is 20% with a cumulative revenue payment of $126,000.
Meanwhile, Reviewty, Dbd Lab, 2LUCK, Fdding and WeMath pitched their ideas as well, all of which included technology-based software.
Congratulations to all of the startups for delivering wonderful pitches, and we appreciate all of our honoured judges and participants for supporting us at RISING X Startup Runway Demo Day!
If you have an interest in the startup ecosystem, where startups will pitch their ideas, be sure to join our upcoming Final CrowdPitch Vietnam 2019 on 14th November 2019!
The CrowdPitch Vietnam is powered by InnoLab Asia.
Bibliography:
Koushan, D. (2019, February 15). Vietnam’s New Incentives for Science and Technology Firms.
Retrieved from Vietnam Briefing:
https://www.vietnam-briefing.com/news/vietnam-new-incentives-for-science-and-technology-firms.html/
