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Ho Chi Minh City
Thursday, June 13, 2024

Rushing to offshore funds

By Ricky Ho

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Startups are seeking capital from sources that are more accessible, cost-effective and supportive. Like mature birds spreading their wings, they venture far from their nests, uncertain of when they will return. While HCMC remains a beacon for startups in Vietnam, shifts in capital and talent are prompting some to search elsewhere. Many are drawn to locales offering lower costs, while others are setting their sights on Singapore, which boasts a wealth of funding options and programs catering to startups, regardless of origin. Meanwhile, Canada’s startup founder residency program has captured the attention of numerous aspiring entrepreneurs. Danang appeal When Fika, a dating app, shuttered its office in Thao Dien, HCMC, and migrated to Danang, rumors of its demise echoed far and wide. Founder Denise Sandquist later clarified to The Saigon Times that the shift was prompted by changes within the startup, notably the departure of its foreign co-founder and technology director. Now helmed by a Vietnamese engineer, who has studied and worked abroad, as its chief technology officer (CTO), the team relocated to Danang, his hometown. In Danang, they have embraced a strategy of hiring local talent, resulting in a streamlined team size. “The workforce can be reduced by half. […]
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