Two startups each received a $10,000 grant in Impact Chapter: Vietnam, an accelerating social impact business program in Vietnam.
These startups are Weshare. Asia Co., Ltd – a donation platform of the e-commerce cashback from store orders and Green Connect Company’s Larva Yum project – its solution is to use the soldier fly model to process organic waste resources into high value products. The Top 2 will compete in the next round of Impact Chapter: Vietnam.
Impact Chapter: Vietnam is co-implemented by Merry Year Social Company (MYSC) and Center for Social Initiatives Promotion (CSIP), under the sponsorship of the Korea International Cooperation Agency (KOICA) with the aim of developing the ecosystem of social impact entrepreneurship in Vietnam. promote . The program seeks to support and invest in impact startups that provide pragmatic solutions to social and environmental problems. The total grant amount received by participating Social Impact Businesses is up to USD 100,000, with the Top 1 receiving a grant of USD 50,000 and an additional grant. In addition, companies with the greatest business potential will have the opportunity to be invested by MYSC and other impact investors.
As of April 2022, 73 applications have been collected from across the country. Subsequently, 12 Pitch Decks were invited to participate in a 3-month accelerator program that provides training, mentoring and connecting impact investors and supporting intermediary organizations to forge a Vietnam Impact Investment Network (VIIN) that promotes the practice of promote impact investments.
Impact Chapter: Vietnam: Demo Day, expected to take place in March 2023, will be the opportunity for proposals participating in the program to be presented to the Board of Evaluation, accordingly the most excellent will be announced to be awarded a grant of USD 50,000.
Mr. Jung-ho Park, representing MYSC, commented on the outcome of the Pitching Day: “The top 7 social impact companies and startups selected to showcase at the Pitching Day have brought 7 different inspiring stories and share the same mission shared and work together on a Social Entrepreneurship Chapter.”
“We appreciate that substantial improvement has been demonstrated by impact startups during Pitching Day. After 3 months training sessions and mentorship by MYSC and CSIP. With all our support, we believe that impact companies will have more opportunities to achieve business triumphs and gain beneficial access to investment capital from impact investors.”, Ms. Pham Kieu Oanh – Founder, Director of CSIP reviewed.
In light of the recovery of the Vietnamese economy from the Covid-19 pandemic, a large number of social impact companies are facing difficulties in recovering and leveraging their business and production activities. Meanwhile, these companies have moved towards innovative and adaptive business models that fit a sustainable environment and economy. It is strongly suggested that financial, capital, technical and capacity-building assistance from the public sector, community and stakeholders should be offered to unlock the full potential of such companies, Ms Oanh added.