On November 1st, The Invention Lab, an early investor based in South Korea, signed a Memorandum of Understanding (MoU) with BambuUp in Hanoi for a strategic business collaboration. Both parties plan to launch the “Founder Meets Founder” program in 2024 and jointly run a localization program through the establishment of a joint venture (JV).

BambuUp is the first in Vietnam to build its own open innovation platform, connecting Vietnam’s SMEs, local medium to large companies, as well as local and international startups. In partnership with BambuUp, The Invention Lab will develop a joint program as part of the Cross-Border Open Innovation Program. This program aims to help South Korean companies expand into the Vietnamese market and facilitate the entry of South Korean startups into Vietnam. The program is set to launch in the first half of 2024.

The initial program, “Founder Meets Founder,” will focus on connecting South Korean startups that aim to challenge localization in Vietnam. It will provide tailored partner searching and matching, talent recommendations, and the necessary connections for localization. Upon successful completion of the first program, a second stage with a strong focus on tangible outcomes will include support for establishing local joint ventures and even co-investment.

Kim Jin-young, CEO of The Invention Lab, expressed their dedication to activating new cross-border programs between South Korea and Vietnam and early-stage investments in local startups in collaboration with BambuUp. Nguyen Quynh, CEO of BambuUp, stated that they aim to actively introduce the open innovation methodology that The Invention Lab has developed and executed in South Korea into Vietnam.

BambuUp has been annually publishing an “Open Innovation Report” in Vietnam, and starting from the 2023 version, they plan to include a South Korean partner organization for the Open Innovation Status section. The English version of the report will be distributed in South Korea through The Invention Lab.