Businesses are the main actors and the greatest drivers of innovative startups

DNHN - Dr. Đàm Quang Thắng – Chairman of the National Innovation Advisory Council has provided deep insights into the role of businesses within the innovative startup ecosystem.

The beginning of leaps forward

Dr. Đàm Quang Thắng – Chairman of the National Innovation Advisory Council is one of the pioneers who laid the groundwork for innovative startups in Vietnam.

Looking back on the journey, he stated: "When we started, it was very difficult; people did not understand what innovative startups were. However, now everyone has joined in, creating resources for innovative startups. It can be said that, although we did not start too early, we are making leaps forward and have achieved significant milestones in the region as well as globally."

According to Dr. Đàm Quang Thắng, the most notable achievement is that Vietnam has mobilized the entire political system to build an innovative startup ecosystem. From the government perspective, particularly the ministries and departments, there has been a strong commitment. For example, the Ministry of Science and Technology has been assigned to lead the 844 Project, which supports the national innovative startup ecosystem.

To date, Vietnam has made significant progress in promoting innovation. According to the Ministry of Science and Technology, in 2023, Vietnam ranked 46th out of 132 countries and economies in the Global Innovation Index (GII), up two places from 2022. Notably, Vietnam ranked 4th in Southeast Asia and maintained 2nd place among lower-middle-income economies. Vietnam is also recognized as one of the seven middle-income countries that have made the most progress in innovation over the past decade.

Vietnam's legal system for intellectual property is increasingly improving, providing motivation for innovation activities and supporting the application of scientific and technological research results into production and business. These efforts significantly contribute to the socio-economic development of the country.

Research, transfer, application, and innovation activities are being promoted by ministries, sectors, and localities through national scientific programs and projects. The World Bank has noted that Vietnam still has much potential to promote innovation in businesses, especially small and medium-sized enterprises.

The greatest resource for innovative startups

Dr. Đàm Quang Thắng shared that he is currently actively involved in many activities within the innovative startup ecosystem. During his time researching and experiencing, he clarified that the primary actors in innovative startups are startup enterprises.

"Not only have we seen a leap forward in the innovation index, but Vietnam now has a large innovative startup ecosystem that includes large enterprises, small and medium-sized enterprises, all participating in supporting the ecosystem. Moreover, most universities have incorporated innovation into their activities." - Dr. Đàm Quang Thắng observed.

According to Dr. Thắng, aside from the important factors related to the technological level of other resources, businesses play an especially crucial role. Businesses are not only excellent advisors and trainers but also investors. Businesses are the buyers of the startup enterprises' products. Additionally, the advisors and large enterprises willing to invest in startup companies form the foundation for building an innovative startup ecosystem.

In the context of the Fourth Industrial Revolution, innovation is considered a vital driver for rapid and sustainable economic development. Experts recommend that Vietnam should focus on developing high-quality human resources and enhancing research capacity in innovation. At the same time, it is necessary to address the challenges of mechanisms and policies to promote innovation and innovative startups, meeting practical challenges in the future.

Linh An