The IoT Startup 2019 competition was launched at the Sai Gon Hi-Tech Park (SHTP) in Ho Chi Minh City on June 16, with competitors to be asked to deal with challenges facing many major technology firms.

Illustrative image (Source: Internet)

The competition is organized with the aim of encouraging the spirit of startup and innovation in the field of Internet of Thing (IoT) among young people and the startup community in Vietnam, and at the same time support the incubation of IoT firms. 

Through the competition, young intellectual people and startup community can get access to technological development trend and the market’s real demand from technology developer as well local and foreign enterprise association.

According to Le Bich Loan, acting president of the SHTP, the format of the competition has been changed from previous editions. Specifically, several big companies such as Intel, Here.com, Dien Quang, Lap Thanh and Acis have put up challenges for competing startups based on their own development demand. 

Besides prizes totalling over 500 million VND (over 21,380 USD), winning startups will receive support during their experiment of products and sign contracts with enterprises proposing the products. 

First held in 2016, the IoT Startup competition has attracted more than 240 projects so far. Following their participation in the event, many startups have successfully called for investors.