TECHFEST Vietnam 2024 awards YERA first prize

The final round of the National Creative Startup Talent Search Competition of TECHFEST Vietnam 2024 took place on November 26 in Haiphong, organised by the Ministry of Science and Technology (MoST).

Photo: Ministry of Science and Technology

Speaking at the event, Pham Hong Quat, director of the National Agency for Technology Entrepreneurship and Commercialisation Development under the Ministry of Science and Technology (MoST), emphasised that the event was not just an important milestone but also clearly demonstrated the new dynamism of young Vietnamese intellect.

"Today's final showcases the dynamism of young Vietnamese intellect, with the aspirational heart of the young Vietnamese generation. We are balancing domestic needs and promoting international integration. This is the platform for Vietnam to demonstrate its capabilities in building an innovative startup ecosystem," Quat said.

The National Creative Startup Talent Search Competition was an opportunity to connect financial resources, partners, and develop domestic and international markets, sharing knowledge with founders to help businesses leverage resources and drive economic growth.

Over more than 40 days and through four selection rounds, 40 leading experts and prestigious investment funds dedicated their time and effort to filter nearly 500 applications down to the top 5 teams competing in the National Competition Final. From these, the three most outstanding teams were selected and awarded by the jury council, advisory board, and organising committee.

First prize was awarded to Yeast Era (YERA), a protein product made from microbial yeast, combining modern technology and natural ingredients. With Beta-glucan supporting immunity and soluble fibre said to be beneficial for digestion, YERA is an exclusive biomass fermentation technology brand, offering an alternative to traditional protein sources.

YERA wins first prize at the National Creative Startup Talent Search Competition. Photo: MoST

Second place went to ENFARM, an agritech company on a mission to improve farmers' livelihoods and promote sustainable agricultural growth by developing precise yet affordable soil sensor technology. The third prize was awarded to TUBUDD, a platform connecting tourists with local buddies to provide authentic and unique travel experiences.

According to the collective assessment of experts and investment funds, the solutions demonstrated diversity in development stages, addressing specific challenges across various fields, including tourism, finance, clean energy, and climate. Most products in the top five featured deep technology, creative solutions, bringing AI closer to the business community. The businesses also displayed confidence, market understanding, technological capabilities, and boldness in testing new business models.

The winning teams received awards totalling nearly $630,000 in cash and in-kind prizes, encompassing market development opportunities, product promotion, brand communication, exhibition showcasing, and professional training and development support.

For the first time, the She TECHFEST initiative within the National Creative Startup Talent Search Competition successfully honoured sustainable development by awarding a special support package to a team led by a female founder or key female personnel, meeting technology and social impact criteria. At the event, the women's innovative entrepreneurship award was presented to REPEET, a female-led textile enterprise recycling PET bottles into sustainable fashion products.

Launched in May last year and concluding the application of submissions last September, the competition received nearly 500 applications nationwide, nominated by over 18 innovative startup communities in technology fields at TECHFEST 2024 and provincial startup competitions.

Throughout the competition, support was provided by over 150 experts, partners, investment funds, and experienced technology advisors from diverse industries and fields.

TECHFEST 2024 to focus on Vietnam's startup ecosystem The National Innovation and Startup Festival (TECHFEST) 2024 is poised to be a pivotal event, promoting Vietnam's innovative startup movement.

Technical exchange on deforestation free value chains The European Union Delegation (EUD) to Vietnam and the Ministry of Agriculture and Rural Development held a technical exchange in Hanoi on November 15 to discuss deforestation-free value chains and the EU's Deforestation-Free Regulation (EUDR).

How technology is changing the bank card Over the past six years, VIB has continuously applied technology to introduce new and innovative features for its bank cards to keep pace with future trends.