The first Startup Wheel contest kicked off in 2013 in Ho Chi Minh City. Eligible participants included students and young people, but the competition is now open to anyone in the country.
|The fourth annual Startup Wheel 2016 contest was launched on May 11 (Photo: enternews.vn)|
The winner of the first group of contestants will be awarded VND200 million (US$9,000) and the second group will receive VND100 million (US$4,500).Up to 400 submissions had already been received as of May 12. More are expected by the end of the month.
For the first three years, there were 214, 348 and 536 submissions with the participation of 3,000; 5,000 and 10,000 people, respectively.
Total capital supporting the startup ideas rose from VND800 million (US$40,000) in 2013 to VND10 billion (US$450,000) in 2014 and over VND11 billion in 2015 (US$500,000).