On November 8th 2023, Innolab Asia successfully hosted the โSmartSpace+ Demo Day in Ho Chi Minh, Vietnam“. This event is part of the Global Market Expansion Program (GMEP) organized in Vietnam by Innolab Asia and supported by Korea Institute of Startup and Entrepreneurship Development (KISED) and The Smart City Association.
Global Market Expansion Program (GMEP) in Vietnam
During the program’s one-month implementation in Vietnam, Korean startups engaged with over 30 representatives from local businesses and experts in various fields such as education, technology, real estate, construction, and communications. This collaborative effort resulted in the signing of more than 4 Memoranda of Understanding (MOUs) between Korean startups and Vietnamese organizations.
The successful SmartSpace+ Demo Day marked a milestone in the Vietnamese market for the Global Market Expansion Program, showcasing 10 startups offering Korean technological solutions. The event attracted more than 10 investment funds and accelerators from Vietnam, including Do Venture, Thinkzone Venture, Genesia Ventures, Crescent Point Capital, ITI Fund, ABB Private Equity, VSV Capital, The Ventures, and Innolab Asia, along with over 150 entrepreneurs and representatives from the Vietnamese startup ecosystem.
Mr. Huynh Cong Thang, the founder and CEO of Innolab Asia, expressed pride and confidence in the Global Market Expansion Program event, emphasizing its role in fostering connections between Korean businesses and Vietnamese experts and enterprises. This experience expands perspectives and identifies business development potential in Vietnam. Leveraging Innolab Asia’s wealth of experience and best practices, the event proved instrumental in supporting international enterprises and startups entering the Vietnamese market.
Smart City Startup pitching session
A highlight of the event was a presentation by startups on their business models and achievements during the six-week journey meeting with local businesses and experts in diverse industries in Vietnam.
Among the ten participating teams are:
- Contactus, an online platform for remote building management;
- Mewolmejoo, a platform for O4O alcohol distribution;
- Yaholab, a tutor class matching platform for 3-11-year-old childrenโs after-school education;
- Addd, a solution for offline and outdoor advertising effectiveness measurement;
- Bluefrog, an AI service for connecting small businesses with local customers;
- Jarasoft, an automatic facial recognition and blurring service in videos;
- Parallel Space, a 3D digital twin solution for online site surveys and real estate facility management;
- Oneroof, a workspace management solution for digital transformation;
- Timwork, a drawing-based smart construction management solution.
The event went beyond just pitching; it provided startups with the opportunity to receive feedback for improvement from judges and network with numerous Vietnamese businesses, opening up potential future collaboration opportunities
For example, “Contactus,” a company that handles medium-sized building properties, conducted a series of meetings with large building owners and building management businesses in Vietnam to confirm the feasibility of entering the Vietnamese market for patrol services. Through in-depth talks with local businesses, other firms including OneRoof, Timwork, Yaholab, Addd, and Bluefrog were also successful in examining the possibility of entering the local market.
Business Exhibition
Another notable feature of the event was the Business Exhibition, providing a platform for Korean startups to exhibit and introduce their products and services to local partners and venture representatives.
Throughout the event, vibrant activities provided opportunities for networking and future collaboration between Vietnamese and Korean businesses. The event offered a multifaceted view of international business in the Vietnamese market and expanded perspectives on service technology from Korean businesses.
The results of the SmartSpace+ DEMO DAY event go beyond connecting businesses. Through knowledge exchange, sharing, and collaboration, we believe this event will drive profound innovations, enhance the quality of services and products in both countries’ technology industries, and promote sustainable development in the digital age.
