On July 8–9, the Creative Start-up Investing Fund (BKFund) of Hanoi University of Science & Technology (HUST), sponsored by HUST, HUST Alumni Network, and HUST Holding, accompanied by enterprises, organized the event HUST Hanoi Investor Network 2023, enhancing the networks of investors and great enterprises that are HUST’s alumni and attracting the participation of more than 70 domestic and international delegates. This would be an important link connecting 3 sides: the university, the scientists, and the businessmen, promoting incubation and technology commercialization activities, and contributing to the development of a start-up ecosystem within the university.
HUST Investor Network is a training program according to the model of connecting and conveying knowledge about investing in start-up, spin-off, and science-technology enterprises through practical activities. It is organized quarterly by BKFund to promote forming a dynamic and creative start-up ecosystem within the university, combined with entrepreneurship. We strived to establish a professional angel investor network, particularly for start-up and spin-off projects from the higher education system, along with creating opportunities for angel investors and investing funds to approach potential investment deals. This is also a place where investors can broaden their relationship networking and give advice and feedback to Vietnam’s young generations.
2 years of BKFund: reviewing and assessing more than 200 potential projects
There have been more than 200,000 HUST’s alumni who graduated and are working in every socio-economic field of the country. Many entrepreneurs and enterprises wish to make a contribution to HUST, a university that has trained, oriented, and supported the alumni for intellectual and material contributions to society. “Being a HUST’s alumni, I would like to invite and call all alumni to join the activities of the Alumni Network in general and the activities of BKFund in particular, to contribute our effort and financial potential together for HUST in the new stage.” Dr. Nguyen Quan expressed.
Mr. Pham Dinh Doan, Chairman of BKFund, said to HUST’s alumni that HUST was a huge treasure for teachers and students there. This treasure has been bringing success and prosperity to many students.
“BKFund has successfully operated for more than 2 years, investing in 7 projects among more than 200 projects submitted. Some projects have been divested, some have not, but they were all potential ones. In addition, there are still many more potential projects that need to be supported by BKFund. BKFund, as well as HUST, really wishes to create a more effective investor network and to encourage the potential projects of HUST’s students and teachers.” Said Mr. Pham Dinh Toan.
The inspiring story of Austdoor Group’s leader, one of HUST’s alumni
At the event, Mr. Duong Quoc Tuan, Chairman of the BOD, also known as the General Director of Austdoor Group, openly shared his start-up story, which was full of determination, creative thinking, and valuable lessons for the marketplace, in order to help HUST’s students and start-ups nowadays have more experience in start-ups, an enterprise development process that is prolonged and in many forms.
The career switch to a field that was non-related to Mr. Duong Quoc Tuan’s major came from a 2-week short trip abroad. Mr. Duong Quoc Tuan shared: “Coming abroad, I was surprised to see their rolling doors operating automatically, smoothly, and not as noisily as Vietnam’s. I was curious and called the numbers on the door; fortunately, the one who answered me was the factory’s owner. I could speak English, so we communicated smoothly, deciding the day to visit the factory. Until that day, the owner himself welcomed me. After that trip, returning to Vietnam, I thought I had to start a company instead of making beer or sugar! Keeping the intention, a year later, I started a business with… a workshop!”
To have the development like today, Mr. Tuan confirmed that the leader always needs to cultivate, supplement, and get updated with the information. When the enterprise has operated for 5 to 10 years, Mr. Tuan thought, “We have to learn about business management in order to form what is strategy and operation, what is finance and accounting, etc., so the business can be sustainably developed.” And HUST’s alumni joined short-term courses, gaining lessons for themselves, which was also an experience for Mr. Duong Quoc Tuan when developing Austdoor Group: “Development needs a procedure! That procedure is also formed according to the customer’s value chain.”
When the factory scale has been operating for 10 years and has accumulation, instead of buying houses or investing in other enterprises in different fields, Austdoor Group invested in an integrated backward or downward its own field’s value chain. This was one of the reasons why Austdoor Group did not have an investment fund to invest in other enterprises or other industries, instead integrating with M&A in its own value chain.
Mr. Tuan analyzed: “Previously, I did not produce aluminum or glass. In recent years, the group has bought other enterprises in the same field, integrating them into the input source for processing factories. In the future, we will continue our service chain, open to distribute and supply building materials to customers. This is the story of integrated investment going backward or downward in what we are doing. Austdoor Group does not invest in many fields.”
Answering the question from the press, “What is the most meaningful lesson to you in the business process?” Mr. Duong Quoc Tuan summarized: “You have to choose a goal and identify your own path. Success or failure in business depends more on the thinking attitude than the thinking ability. Art is a beautiful path; science is an effective path; but business is a profitable path.”
Source: HUST.
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