For the development of a healthy and sustainable Vietnamese innovation and entrepreneurship ecosystem, since 2016, IPP2 has been providing financial support and other soft-supports (training, coaching and networking) for some outstanding and impactful ecosystem development projects. These granted projects are a versatile mix of public, private and civil society entities building collaboration and real partnerships to support innovation – often from scratch.
IPP2 has effectively showcased a transparent evaluation process in the Vietnamese context. The portfolio projects were selected through a rigorous process involving evaluation from qualified international experts. The funding mechanism encourages project owners to finance their projects in advance and receive a 70% reimbursement. This helped strengthen their commitment towards the project. In addition, IPP2’s support (grant and soft support) gave the granted projects more freedom and confidence to experiment with their products/service in order to improve their offerings and develop faster with less cost. These projects are now growing rapidly in terms of revenue and employment. Ecosystem building projects have initiated many trainings, acceleration, incubation programs and generated many demonstration cases. The total revenue of the whole portfolio in 2016 is close to 660,000EUR, achieving capital growth of $ 459,000 and created more than 350 direct jobs.
Portfolio projects are closely monitored by IPP2’s internal experts, ensuring corrective actions are undertaken and problems resolved quickly when they arise. IPP2 has been an active player within the Vietnamese innovation ecosystem, showing good practices according to international standards in terms of project management, thereby helping to shift the mindset towards a more open and transparent business ethic.
More details on the supported ecosystem projects can be found here.