Korean Smart City Startups Seek to Enter Vietnamese Market through Innovative PoC Program
The Invention Lab, a South Korean early-stage investment firm, has launched an innovative program in Vietnam. This program, part of the Global Market Expansion Program (GMEP) supported by South Korea’s KISED, aims to propel promising startups in the smart city sector into Vietnam. Unlike traditional demo days, this initiative focuses on practical Proof of Concept (PoC) activities.
The Smart City Association, in collaboration with The Invention Lab and Innolab Asia, hosted this event. The program centers around the theme of “Open Innovation and Value Creation in the Smart City Sector between Korea and Vietnam.” Given the growing interest in the Vietnamese market among startups, it places a strong emphasis on hands-on PoC programs.
To select the most suitable startups for this venture, ten smart city-focused companies were chosen in collaboration with the Smart City Association. Over the past three months, these startups have worked closely with Innolab Asia to conceptualize PoC, set goals, identify local partners, and engage in discussions.
Starting from the opening ceremony on October 7th, the teams will spend about five weeks in Ho Chi Minh City, until early November. During this time, they will adapt and implement their solutions and services in the local market, exploring strategies for their expansion into Vietnam.
Among the ten participating teams are Contactus, an online platform for remote building management; Mewolmejoo, a platform for O4O alcohol distribution; Yaholab, a tutor class matching platform for 3-11-year-old children’s after-school education; Addd, a solution for offline and outdoor advertising effectiveness measurement; Bluefrog, an AI service for connecting small businesses with local customers; Jarasoft, an automatic facial recognition and blurring service in videos; Parallel Space, a 3D digital twin solution for online site surveys and real estate facility management; Oneroof, a workspace management solution for digital transformation; and Timwork, a drawing-based smart construction management solution.
- [Korean Startup Interview] Korea’s Traditional Liquor Boom: Mewolmejoo’s Digital Revolution and Global Ambitions
- [Korean Startup Interview] Timwork: A Smart Construction Management Platform for the Korean Construction Industry
- [Korean Startup Interview] Proptech startup Parallel Space reimagines spatial management with 3D scanning
- [Korean Startup Interview] Contactus Innovates Small to Medium-Sized Building Management with IoT and AI
Kim Jin-young, CEO of The Invention Lab, highlighted the importance of both architectural and urban engineering approaches in the smart city sector. He also mentioned the growing efforts by the central Vietnamese government to address environmental issues and increase urbanization rates. Furthermore, he emphasized that Ho Chi Minh City, as a role model for smart cities, presents an ideal opportunity for Korean smart city technologies, services, and products to thrive.
He added, “We focused on selecting service and solution companies in three core areas of smart cities—ICT infrastructure layer, data layer, and application layer—that can be applied effectively in Vietnam.”
The program will culminate in a demo day on November 8th in Ho Chi Minh City, where the startups will present their PoC results and achievements. Key players from Vietnam, including major corporations, venture capitalists, and local partners, will be in attendance to witness the progress and outcomes of this innovative initiative.
- Didim365 Secures Naver Cloud Investment, Accelerates AI and Digital Transformation
- Airbility is selected for KODIT’s “Little Penguin” and “Startup NEST” support programs
- 01Republic Secures Funding to Expand the SaaS Management Solution ‘Scordi’
- AI Startup BFAI Secures Seed Funding to Expand WhaleAI Marketplace for SMBs
- Chabot Mobility Acquires SK Networks’ ‘The Carpet’ to Enhance Vehicle Management
- Nullee Raises KRW 5B in Series B to Enhance SSEM Tax Filing Service and Expand
- Rexpharm Forms MOU with Timely Basket to Develop and Distribute Health Foods in U.S.
- Tokyo Hosts ‘SusHi Tech 2024’ in May to Foster Global Startup Innovation for Sustainable Cities
- ModuSign Secures 17.7 Billion KRW Series C Investment for E-contract Solutions
- [Korean Startup Weekly News #15] ‘Startup Korea Fund’ launched with KRW 500 billion from government and private investors
