Technology startups need to keep up with the times: NextTech exec

Technology startups need to keep their finger on the pulse of the ever-evolving industry to avoid wasting time and money, said Nguyen Hoa Binh, founder and chairman of NextTech Group, a major technology startup in Vietnam.

Binh made the comment on an episode of "Shark Tank Vietnam - Billion Dollar Deal" season 7, a reality capital-raising television show for startups, in Ho Chi Minh City on Monday. Binh added that startups must understand technology and the market to work effectively. Binh is one of seven sharks on Shark Tank season 7.

Binh said he believed that NextTech's people, market understanding, and compatibility with the ecosystem will be winning factors for the startup.

However, "shark" Nguyen Phi Van, a franchising expert, said the startup's model must be scalable globally.

Le My Nga, president of Weangels Capital Investment Fund, also a shark, said that she made investment decisions based on the following criteria: the founder shows passion and determination to turn dreams into reality, community-based products that users around the world need, and especially startups with the ability to apply science and technology to solve problems, helping to create new values for the market.

There are also four other sharks. Tillman Schulz, who is known as the third generation businessman of MDS Group - a large multi-industry corporation in Germany; Nguyen Van Thai, co-founder and vice president of Thai Huong Group; Pham Thanh Hung, representative of the Columbus Startup Venture Capital Partners investment fund; and Bui Quang Minh, aka Minh Beta, founder of Beta Group.

The new shark faces on season 7 are Van, Thai, Nga and Schulz.

More than 60 startups have received capital from sharks

Le Hanh, general director of TV Hub, the producer of Shark Tank, said that after six years, the reality TV show had introduced 291 business models and successfully connected 174 deals.

More than 60 startups have received capital from investors inside and outside the program. Many startups have recorded sudden growth in revenue, profits, and customers, equivalent to the results of marketing campaigns worth millions of dollars, said Hanh.

Five startups that participated in season 6 have received investments from the sharks. Among them, Banh Mi Hello set a record as the first startup of season 6 to complete a business appraisal and receive $500,000 from Binh. After receiving the investment, this startup quickly grew the chain to 20 shops in Japan in just six months, according to Hanh.