Amid strong shifts in the global economy, Dak Lak is facing an unprecedented opportunity to make a breakthrough. However, for these aspirations to become reality, the province needs to build a more comprehensive operating framework for startup ecosystem, with the establishment of properly structured business incubators emerging as an urgent requirement.

In reality, most local startup projects still operate under a household business mindset, lacking professional management vision and capacity to apply core technologies such as big data combined with AI to production activities.

The shortage of venture capital, coupled with outflow of high-quality human resources to major urban centres, is creating gaps in the provincial startup ecosystem.

A startup based on local agricultural products in Buon Ma Thuot ward.

Ms. Luong Thi Thuy Anh, Chairwoman of the Productivity Coaching Academy (PCA) and Director of Daklak Innovation Hub (DIH), said that beyond shortcomings in corporate governance alongside strategic development vision, numerous startups also lack the ambition to scale up and capacity to build value chains. More importantly, many startups still maintain a conventional business mindset rather than a true startup approach, remaining hesitant to about capital mobilisation, market expansion as well as aggressive investment to capture market share.

To cultivate a new generation of entrepreneurs capable of competing internationally, the establishment of properly structured business incubators has become increasingly urgent. Under such models, startups would receive guidance from experienced mentors, while gaining access to support resources ranging from policy assistance to finance.

Within this framework, the “dual transformation” strategy would be advanced through encouraging circular economy models, utilising agricultural by-products and tapping into the forest carbon credit market, regarded as one of the provincial distinctive advantages.

When resources are consolidated alongside an open-model innovative startup investment fund, Dak Lak generate create stronger synergy effects, enabling the startup community to become more resilient to market fluctuations and better positioned to drive sustainable private-sector growth in a green along with digital direction.

Ms. Pham Thi Duc Hanh, Chief of Office of the National Startup Advisory Council and Chairwoman of the Board of Directors of My Duc Minh Business Development and Training Consultancy JSC, said the company is currently cooperating with DIH to support local enterprises in product development while promoting the image and culture of Dak Lak globally.

In addition, the company is partnering with PCA to train leadership teams with the goal of developing genuine business incubators. Under this model, new enterprises would receive proper support from the outset regarding development roadmaps and international standards, helping them avoid future challenges related to capital, marketing together with human resources. As for established enterprises, even high-revenue companies still need upgrading and innovation to avoid falling behind during the integration process.

The Productivity Coaching Academy (PCA) along with My Duc Minh Business Development and Training Consultancy JSC signing a cooperation agreement to jointly establish a startup incubator within Dak Lak Innovation Hub.

According to Mr. Nguyen Kien Nhan, Co-founder of the Design Thinking Community and Techfest VN, Central Highlands Regional Head of the “Entrepreneurial Courage” Project coupled with Director of Happy Key Media and Career Orientation Company, local authorities could strengthen foundation for development by establishing digital transformation support centres across localities, thereby preserving cultural identity while fostering modern, practical alongside sustainable economic growth.

Simultaneously, the province needs to attract technology enterprises and startups through preferential land, tax as well as infrastructure policies, particularly in Buon Ma Thuot ward, to create a nucleus for wider regional spillover. Experiential tourism associated with Central Highlands identity should also be promoted through deeper integration of culture, agriculture combined with technology.

Translated by KHUONG THAO