500 Startups Vietnam to launch US$100K investment accelerator programme in partnership with South Korean GS Shop

Wed Dec 19, 2018 - 9:00am UTC
500 Startups Vietnam

500 Startups Vietnam

19/12/2018 – 500 Startups Vietnam has today revealed a new accelerator program for 2019. It is called The Saola Accelerator, named after a rare Vietnamese deer that is also known as the Asian unicorn.

The new accelerator program will bring 500 Startup’s Silicon Valley accelerator curriculum to Vietnam, in addition to a total investment capital of US$100,000 to support three batches of Vietnam-connected startup.

Besides, South Korean multimedia retailer GS Shop will also match 500 Startups Vietnam’s investment in graduates from the Saola Accelerator, bringing a potential total investment of US$200,000 to each startup.

Under the program, each participating company will receive access to more than US$500,000 worth of free perks and discounts from twenty 500 Startup partners including tech giants Amazon Web Services, Google, and Microsoft.

According to 500 Startups, the Saola Accelerator is its latest initiative to back talented entrepreneurs in Vietnam, to help them build companies at scale, and develop thriving startup ecosystems around the world.

“We’ve learned a lot from working with 1000 companies in more than 40 growth program batches around the world. We’re excited to bring that experience to Vietnam,” said Marvin Liao, the Partner at 500 Startups and head of its flagship accelerator program in San Francisco.

Capital aside, the Saola Accelerator will also offer enhanced programming including 500’s signature Growth Hell Week plus hands-on support for growth.

The program will then conclude with a Demo Day where startups will share about their products and progress to an invite-only audience of regional venture investors.

The accelerator program is a partnership with Korean multimedia retailer GS Shop. The retailer plans to match 500 Startups Vietnam’s investment in selected batch companies, bringing the potential investment per company up to US$200,000.

“We believe Vietnam’s existing incubators and accelerators have played an important role in nurturing startups in their earliest stages. Our program is aimed at companies ready to break out and become Asian unicorns – saolas,” said Eddie Thai, a lead partner of 500 Startups Vietnam.

Startups interested in applying for the program need to be tech or tech-enabled, have meaningful traction, and must either have a Vietnamese co-founder, team on the ground in Vietnam, or be focused on serving the Vietnamese market.

The deadline for application is on January 20, 2019, with an early bird cutoff on January 2. Early-bird applications will get first consideration and can access investment capital sooner.

Last month, 500 Startups Vietnam’s announced the close of its oversubscribed fund at US$14 million, exceeding its initial target of US$10 million. The fund, led by Eddie Thai and Binh Tran was launched in 2016 and has since then invested US$3 million in 36 Vietnam-connected tech startups.

This news is published on Reuters.

Vivian Foo is a reporter who writes about Southeast Asia’s technology and startup space. The entry point which led her to write about the startup ecosystem was her fascination of the dot-com boom. She is taking a deep dive into how the entrepreneurial mindset works and hopes to share the insights, innovation, and stories of the startups with her readers.