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Investors in Vietnam to be More Cautious While Investing in Tech Startups

Vietnamese Investors More Cautious with Tech Startups

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Investors
Investors and entrepreneurs in the communist nation are taking a more critical look at their businesses after seeing others get burned overseas. Pixabay

Vietnamese startups are heading into the new year looking to avoid the mistakes of such companies as Uber and WeWork, which disappointed investors in 2019 for failing to turn a profit after so much buildup.

Investors and entrepreneurs in the communist nation are taking a more critical look at their businesses after seeing others get burned overseas. WeWork, which rents out shared workspaces, was seen as a cautionary tale of a startup that did not live up to expectations and was not profitable.

For years, investors were willing to back losing businesses to gain market share. But now, there is more scrutiny of new investments.

ho-chi-minh Investors
Ho Chi Minh City is the business hub of Vietnam, where fast economic growth has attracted startup investors. VOA

Benchmarks set

The Vietnam Innovative Startup Accelerator (VIISA) requires its technology startups to meet a list of benchmarks throughout their time in the program.

“Apart from very intuitive selection criteria that all applying startups have to go through, the program has introduced a new development measurement method, which helps us to capture the progress of startups that are accepted into VIISA,” Hieu Vo, a board member and chief financial officer at VIISA, said. “I think this process will bring out the best in each person for the particular business they have founded and committed to.”

Vo said his colleagues sit down with startups when they join the accelerator to discuss key performance indicators, or KPI, that will be set as goals. VIISA also does training for the young businesses so they have quantifiable skills, such as how to structure a business deal, or how to set up their accounting system.

Having metrics and ratings, Vo said, supports “both business performance, as well as personal transformation of founders.”

Investors Uber
Uber was one among those companies that left investors disappointed in 2019. Wikimedia Commons

Founder scrutiny

The founder as an individual has become a point of scrutiny for investors, who used to be more forgiving of an eccentric or aggressive founder, seen as part of the package to have a tech genius head an innovative business. But there has been a backlash among those who think too much permissiveness can damage a business, from the sexual misconduct amid the workplace culture of Uber, to the conflicts of interest in business decisions at WeWork.

It helps to not just think short term and to have an outside perspective, according to Pham Manh Ha, founder and chief executive officer of Beekrowd, an investment platform in Ho Chi Minh City.

“As a first-time founder, it seems impossible for us to look beyond the first six months to a year of our business,” he said, adding that experienced third parties can help businesses take the long view. “They stand outside the trees that are blocking us from seeing the forest.”

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To see the forest, Vietnamese businesses like his are taking a more measured approach. Vietnam has seen an escalation of tech startups, as investors have rushed to put their money to work and take advantage of the economy’s fast growth.

They also remember the dot-com bubble in the United States, and the more recent global tech bubble, two reminders for caution. (VOA)

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Google Maps Allows Android Users to Share Locations Using Plus Codes

The update aims at easy sharing of locations using Plus Codes

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Plus Codes
Android users can now share their location using Plus Codes in Google Maps. Pixabay

Google Maps app for Android has received a new update where users can share their locations using Plus Codes.

Google Maps has the option to show Plus Codes since August 2015. The new change, however, is aimed to expand Plus Codes usage by allowing users to easily share their locations.

A Plus Code is essentially a digital address and it’s derived from latitude and longitude coordinates. It can be generated for any location.

“The technology to generate Plus Codes is also open source, which means the technology is easy and free to use, so anyone can see how the technology works and develop their own applications for any use case,” David Martin, Director of Program Management, Google Maps, said in a statement on Friday.

Users will be able to tap on the blue dot representing their current location and get a Plus Code for it.

Plus Code
Users will be able to tap on the blue dot representing their current location and get a Plus Code for it. Wikimedia Commons

Alternatively, they can long tap on a spot to put a pin on it and get a code for that.

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Alongside the Plus Code, the application will also show other options including options to see nearby places, share your location and save your parking.

Once the app shows the Plus Code on the screen, one will be able to copy it just by tapping on it. Now, one will be able to share it among contacts by pasting it on apps like WhatsApp, Messages and more. (IANS)

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80% Maharashtra School Students Don’t Report Cybercrimes: Survey

It is also reportes that 33% students deleted content due to which they were targeted for cybercrimes

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cybercrimes
37 per cent of the students revealed that they were affected by some sorts of cybercrimes. Pixabay

At least 80 per cent of school students in Maharashtra aged between 10-17 do not report cybercrimes they face online to their parents, teachers and the police, a new survey revealed on Thursday.

The study done with 1,148 children studying in the 6th-9th standard across 18 schools in Maharashtra, found that 33 per cent students deleted content due to which they were targeted for cybercrimes, while 31 per cent informed their friends about it.

The survey by a non-profit startup Responsible Netism and Cyber Peace Foundation, Maharashtra State Council of Educational Research and Training (MSCERT) was conducted between October 2019 to February 2020 to understand internet usage trends of children across Maharashtra.

The research found that 37 per cent of the students revealed that they were affected by some sort of cybercrime including their accounts being hacked, cyberbullying, being threatened online, harassment by strangers and even receiving pornographic content.

“Millions of kids in Maharastra today are being exposed to cybercrimes owing to the ease of access and anonymity that internet offers,” Sonali Patankar, Founder President, Responsible Netism, said in a statement.

Cybercrimes
60 per cent of students faced other Cybercrimes such as cyberstalking, online gambling, etc. Pixabay

“Our research points to the fact that technology companies are not stringently safeguarding the interests of children towards ensuring their cyber wellbeing,” Patankar added.

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The findings showed that at least 60 per cent of students faced other crimes such as cyberstalking, online gambling, body shaming, added to inappropriate groups online, threatened online, etc.

According to the study, 46 per cent of the students revealed that they were dependent addicted to their devices (phones, tablets, computers) and it affected their studies. The report also revealed that Whatsapp and Tiktok are the two most-used apps by children in the state while PUBG and GTA are the most popular online games amongst children. (IANS)

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Bumble to Give Grants Worth A Lakh Rupees Each to 13 Indian Entrepreneurs

To serve local communities and support small businesses Bumble is giving out grants worth a lakh rupees each to 13 entrepreneurs in India

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Entrepreneurs
social networking app Bumble is giving out grants worth a lakh rupees each to 13 entrepreneurs in India. Pixabay

BY SIDDHI JAIN

In an initiative to serve local communities and support small businesses, social networking app Bumble is giving out grants worth a lakh rupees each to 13 entrepreneurs in India. Part of a larger cohort of 150+ businesses that it is monetarily supporting across 11 countries, the timely move comes at a time when companies find themselves at the brink due to the Covid-19 crisis.

The Bumble Community Grant program, launched in the light of the global pandemic, aims to support local businesses and their workers around the globe, and keep them afloat while money is scarce. The program has been offered in the US, UK, Russia, Germany, Australia, India, France, Canada, Mexico, Ireland, and New Zealand.

“When we first realised things were getting serious in March, we pulled together leaders across the company to figure out how we can support both our employees and our Bumble community of nearly over 90 million users in 150 countries during this unprecedented time. We were all watching the news daily and reading updates hourly. Unfortunately, the overall situation was changing rapidly and there were varying degrees of severity in each market that we operate in. Some areas were going under complete lockdown immediately, while others were a few days or weeks behind.

“As all of this was unfolding, we started seeing early reports that a pandemic of this size and with this level of potential impact could trigger loneliness, isolationism, and economic devastation – and we knew that Bumble could help. From using Bumble as a way to stay connected to real people during this time or to provide monetary support for small business owners, we knew we had to act quickly to support our community,” Priti Joshi, Vice President of Strategy at Bumble told IANSlife in an email.

Beginning March 26, in India, applications were available via an online registration form accessible in all three modes of the app (Date, BFF, and Bizz). Users had the opportunity to submit an entry for themselves as a small business owner or nominate a small business in their community. As the deadline closed in on April 9, the team saw a tremendous response.

Small business
In the light of the global pandemic, this campaign aims to support local businesses and their workers. Pixabay

“Within two weeks, we received over 2,000 entries in India from small businesses that have been impacted by the crisis,” Joshi said.

The 13 cross-industry MSMEs that received the grant include Culture Aangan, a company that is developing villages as tourist destinations; The Wishing Chair, a home-grown women-led design brand creating artisanal products as perfect gifting options; and The Curator Collective which aims to publish works of independent or upcoming visual artists and musicians.

From the fashion segment, recipients include Alankaara India, a small craft-based studio working with small sectors of women SHGs; and Bunavat Retail Private Limited who promote sustainable, ethical and timeless fashion.

In the health, CSR, and business sector they have chosen Bloodport Healthtech Solutions, who save lives using their digital platform for blood banks and blood donation drives; Suicide Prevention India Foundation, a non-profit that offers free counseling services to the Covid-19 affected; Mitti Social Initiatives Foundation, a non-profit working for sustainable livelihood opportunities for persons with disabilities; Thinkerbell Labs that have built a tech ecosystem to enable self-learning and classroom teaching of Braille and will go regional; and Happy Turtle OPC Pvt Ltd, a bootstrapped company that works towards minimising plastic consumption.

In F&B and Hospitality, the grants will be given to The Little Farm Co., who produce fruit, vegetables and spices using organic fertilizers in MP; Happyjars.in, a health and food brand from Haryana that offers natural peanuts, almonds and cashew nut butter; and Poshinda Restaurant, who source ingredients from rural farmers and serve food to the farmers and students who come from rural areas to Ambajogai for work.

Bumble initiative
13 cross-industry MSMEs will receive this grant. Pixabay

Suicide Prevention India Foundation told IANSlife: “We use the WHO-recommended strategy called Gatekeeper Training to prevent suicides. We aim to help individuals using evidence-based interventions by creating awareness through talks and workshops on suicide prevention. COVID-19 has pushed us to aggressively train everybody in our growing circle to counsel those who are emotionally distressed/ suicidal due to the uncertainty/loneliness the pandemic has brought along.

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“Unfortunately, to continue training the mental health professionals we were lacking funds as COVID-19 has impacted our funding pipeline and eliminated our face-to-face business to host training with laymen, students or/and corporate professionals. The current situation has led to an increase in demand but a lesser willingness to pay. There has never been a drastic spike in the incidents of self-harm, suicide ideation or suicide attempts in the recent past. With the grant from Bumble, we will again continue to train the common people and mental health professionals who are our front liners to support emotionally distressed individuals.” The grants will be given to the winners this week, as per Bumble. (IANS)