The Asian Development Bank, TNB Ventures, Mekong Business Initiative, and Australian Aid have partnered to create the Global Smart City Innovation Challenge for Vietnam competition, with the aim of bringing deployable solutions from around the world to the country. As many as 20 companies will be flown to Da Nang, Vietnam to be matched with local program mentors, then take part in a six-week virtual workshop, then return to Ho Chi Minh City to pitch their solutions to government officials, venture capitalists and other stakeholders, and eventually receiving funding towards their programs.
Managing partner of TNB – a Singaporean venture capital firm – Michael Yap, said, “By connecting private sector innovators to Vietnamese stakeholders and adapting their solutions to local needs, the Global Smart City Innovation Challenge for Vietnam achieves a public good while grooming excellent, innovative companies.”
The organizers have identified six major problem areas:
- providing affordable housing – rapid urbanization has led to high growth in city population and thus increased demand for affordable housing;
- reducing traffic congestion and creating more parking areas;
- managing drainage, sewage and wastewater ;
- increasing environmental awareness in tourism;
- enhancing/increasing greenery and public spaces; and,
- ensuring people have access to clean water.
“Knowing what we know now, it is imperative that the public and private sector come together to create innovative solutions facing infrastructure: road, water, housing or otherwise to meet the demands of Vietnamese who move to cities to improve their quality of life,” said Dominic Mellor, senior ADB economist and head of the MBI.
Individuals, start-ups, SMEs and MNCs are encouraged to apply. Potential seed funding will be up to SGD40,000 or Series A investment up to SGD 3million. Applications will be accepted until September 18th, 2017. For further information, visit https://www.tnb.vc/smartcityvn.