Hanoi (VNA) – A demo day was held in Hanoi on July 16 as part of a business acceleration project following the Silicon Valley model, aiming to help startups attract seed capital to stimulate their growth.

Deputy Minister of Science and Technology Tran Van Tung said to have a successful startup environment, the relationship and cooperation capacity between startups and investors are the prerequisites.

The number of startups receiving investment depends on investors’ capacity and the money they will spend. Startup founders’ ability of creating a business with rapid and sustainable growth is also a necessary condition for a successful startup environment.

The business acceleration project looks to develop those founders’ capacity of building startups and call for investors’ seed capital, helping them have sufficient funding to try different business strategies, he added.

He said he hopes the demo day will provide a precondition for successful connectivity between investors, investment funds and potential startups, helping startups to strongly develop in the future.

At the event, 11 potential startups presented their product and business ideas to persuade investors.

In the first demo day in 2014, nine startups presented their ideas, and four of them received capital from funds and angel investors. Those four startups generated profit almost five-fold what they had earned before the event.-VNA