IPP is inviting Expressions of Interest from Vietnamese new innovative growth companies targeting international markets. Teams that contact IPP will receive an invitation to participate in a series co-creation events, where they can receive support for developing their initial ideas and project proposal before the first grant call, which is scheduled to open in early 2015. All Expressions of Interest must be in English.
The EoI format and guidelines can be downloaded from the link below. EoI’s should be emailed to the following address email@example.com.
IPP will support companies that are developing products and services that are new to the Vietnamese market and have the potential to be exported to international markets. New innovative companies, though often small in size and young in age, have very skilled and committed teams and their products or services have potential for high growth in international markets. These companies have the ability to attract other funding to support their growth, i.e. they convince investors. IPP’s support for new innovative companies aims to seed their first phases in innovation, increase their capabilities through training and accelerate their success by connecting them to external funding and support.
New innovative companies or teams of at least three individuals that are planning to establish a new company can apply for grants, coaching, training and international experts in the near future. To start the process, IPP expects to receive an expression of interest (EoI) from the teams. IPP will communicate with team members in IPP events and one-on-one to help to develop the ideas, project plans and potential funding applications further.
IPP’s grants are for covering 70% of internal and external human resource costs related to the innovation project. The first phase grant is approx. €30,000. The most successful teams can receive an additional grant of maximum €300,000.
Eligibility for IPP’s Support
A Vietnamese new innovative company can apply for the grant. Also, a team of at least three individuals can apply if they commit to establishing a company in the first 6 months upon being selected for IPP support. The program is open to international applicants, but they must also establish a legal entitiy in Vietnam after selection. The team and its project must work on new innovative solution (product or service) targeting international markets, rather than innovations that are improvements to existing products, or innovations that lower the production costs of existing products. The solution and related business model cannot be a direct copy of something that exists already.
The company must be a new company defined not by age but by a fact that the applicant company does not have any products or services in the market. There are limitations to the ownership of the company. The applicant must use part of the project budget for partnering and connecting with national and international experts and organizations needed for the project’s content. The applicant commits project’s core team members to participate in the Innovation Fast Track training provided by IPP and they can include the cost of the training into the project budget.
The applications will be evaluated based on financial feasibility (co-funding), collaboration, market and user needs, solution (product or service), benefits and customer value, competition, budget and finances, and effect of IPP funding.
The core team must commit to 6-months long weekly part-time innovation and entrepreneurship training.
Teams apply for additional funding in IPP’s second funding round.