ADB Ventures to support startups in Phu Yen
ADB Ventures to support startups in Phu Yen
Startups in Phu Yen province will be able to access aid and investment capital as well as business development skills via the ADB Ventures – Supporting Impact Startups Project.
Phu Yen Department of Planning and Investment informed businesses in the province about the ADB Ventures project to support innovative startups.
This project is established and operated by the National Innovation Centre (NIC) under the Ministry of Planning and Investment with sponsorship from the Asian Development Bank (ADB). The two-year project (2021-2023) is expected to increase accessibility to venture capital for innovation and startups.
Accordingly, startups in Phu Yen, which are operating in the sectors of clean technology (cleantech), finance (fintech), agriculture (agritech), and healthcare (healthtech) will be prioritised for support.
Notably, ADB Ventures will support these startups to reduce market risks, connect them to potential customers and help them pilot their technical solutions in new markets.
In the first period, each startup will be eligible for $200,000 of sponsorship from the venture.
The project, which was launched in October, encourages enterprises to increase access to venture capital in Vietnam and other ADB member countries through technical assistance. This will reduce market risks for innovative startups developing solutions that create positive impacts on climate change and gender equality.
