SScan was crowned the winner in the final round of Visa’s 2020 Vietnam Financial Literacy program, walking away with the top prize for their Funding platform for streamer project. The Financial Literacy Program, a collaboration between Visa, the Central Committee of the Vietnam Students’ Association (CCVSA) and VinaCapital sought to provide aspiring student entrepreneurs with the answers to common cash-flow dilemmas, and the skills needed to pursue their entrepreneurial dreams.
After being shortlisted from around 700 entrants, the seven three-person finalist teams gathered in Hanoi and pitched their start-up ideas and business plans to a panel of expert judges, competing for the chance to win investment and internship opportunities at venture capital firm VinaCapital. After an excellent performance in the final round, sScan clinched the first prize of 60 million VND, Come On was awarded the second prize of 30 million VND and Heyviec the third prize of 20 million VND.
“Visa has been running financial literacy programs for over two decades and I am proud that this year we were able to tap into the entrepreneurial spirit of Vietnamese students to help nurture some of the brightest future business minds. I was thoroughly impressed by all the finalists, who displayed a dynamism and intelligence that will no doubt serve them well as they push the country toward a prosperous future.”Madame Dang Tuyet Dung, Visa Country Manager for Vietnam and Laos
Using the theme “space exploration”, the program saw students from across Vietnam blast off into a universe of entrepreneurial opportunities. Over the two rounds of competition, students were put through a series of financial challenges that empowered them to learn new skills to bring their start-up ideas to life.
Along the way students attended virtual Q&A sessions and had one-to-one mentoring with experts from VinaCapital and Ms. Thai Van Linh, a key mentor of this year’s program. The finale event, “Spectacular Landing” provided a fitting close to the program, with 400 students from universities across Hanoi in attendance.
Vice President of the CCVSA Mr. Nguyen Minh Triet said: “This year’s program has been an excellent opportunity for students to gain valuable advice on how to run a business in the digital era. We’re very grateful to all of our enthusiastic and creativity participants, as well as the invaluable support that Visa and VinaCapital Group have given throughout the competition.”
Running out of cash has been ranked one of the top reasons for start-up failure globally, responsible for 29 percent of small businesses closures, and in Vietnam, 80-90 percent of start-ups are reported to have failed in the early stages because of funding issues.
Mr. Hoang Duc Trung, Managing Director of VinaCapital Ventures said: “As the leading asset management and investment management group in Vietnam, we are glad to be involved as a key partner in this year’s program. Financial management skills are some of life’s most important, both for individuals and businesses, and especially for young entrepreneurs. We are excited to equip students with critical financial management skills to develop their ideas and give them a head-start by providing them with the motivation before they enter the real world of business.”
Visa’s 2020 Financial Literacy Program not only gave students a chance to showcase their start-up ideas, but also taught them how to create a strong business plan, manage their finances and navigate the pitfalls that regularly afflict nascent businesses. The program featured space travel themed resources including a “Rescue Toolkit” replete with a “Capital Detecting Radar”, “Expenses Steering Wheel” and “Risk Mitigating Shield”, to help students seek out funding and investment, manage cash flow and expenses, and evaluate threats to their business.
Mr. Van Duc Bao, member of the first prize-winning team, excitedly shared that: “This has been a challenging and enlightening process for all of us in sScan. The guidance and mentoring offered by Visa and VinaCapital throughout the competition has given sScan a great foundation for navigating the obstacles we will face in our future business careers. What we have learnt is really valuable and the past journey gives us a ticket to the bright future ahead.”