First published on TechieStory, 1 February 2021: archived copy. TechieStory also ran it in Vietnamese: archived copy. Roles and plans are as of that date.
It began with the love for photography. I used to do hip-hop dancing and dived into that kind of art playground. Photography came later, inevitably. My sister also happened to have a studio. I was clearly supported and inspired by it. But when I started making a decision on a career, photography did not seem to have many open doors. So I picked another related field, graphic design. I was a bit greedy when I believed I could handle two majors at once. It's a risky move, but I'm glad I did it. After graduation, I got to know many friends from business, who opened my eyes to business and the economy. It developed my interest in this field. That was 2012 or 2013, as I remember, the time when Uber had just set foot in the market. I received an offer to develop a startup community in Vietnam when I was still in the US. I figured it was best to do something to learn more about it. The more something scares you, the more it can teach you. That mindset led me back to Vietnam and started my ride with startups. I was hoping to use product development skills and technology to lift startup projects within the first two years, then divest to the next investor.
At first, I had no idea what I was supposed to do. So I started looking for like-minded people. There were six of them, including Eddie Thai from 500 Startups and Hai Ho of Triip.vn. I spent over a month catching up with them, and fortunately, they were all thrilled by the idea of scaling up the startup community using their resources. They needed someone to make it happen. Feeling that enthusiasm, I moved back to Vietnam to lead the project. It took me nearly three months to connect and talk with as many people as possible to know what step to take next. I was a complete blank, and people were welcome to fill me in on anything from their expertise. Talk, collect, understand. I eventually got closer to the big picture: the struggles of the stakeholders. I finally came to understand what a startup community lacks. The first thing I started was SHIELD. It stands for Startup Hub for Investment, Education, and Leadership Development. After nearly three years, SHIELD held up to four startup events per week, with 10 to 200 people taking part. I did everything out of a thirst for startup knowledge and the desire to give back to the community. I always feel that if I help people with anything, I'll gain back a lot more. The second thing is, I realized I'm not the only one struggling to find a startup knowledge hub.
Evaluating a startup's potential is a long process. You think you have it under control, but the next second, it's like nothing is clear. I think it's a combination of sentimental and rational judgment. I might first look at the founder's lifestyle and the way they run their startup. I even take a closer look at their personal values, particularly their eagerness to learn and their drive for success. It's the balance between the two virtues. The next thing would be a discussion on the current market, team resources, and financial status. I must answer two questions: "What is their story?" and "What kind of value can I bring?" Asking those questions keeps me from stressing myself out. I used to be an introvert. Meeting new people cost me a lot of energy. After a long time expanding my connections, I learned that what works best in a conversation is sharing your thoughts sincerely. Let them see our point of view on their business problem, and offer them a suitable solution. I tend to build trust rather than make money from them. Taking an interest builds the foundation for any long-term partnership. If you can't get through a casual talk, a deeper level of engagement is impossible.
People seek investors with a purpose. As a partner and an investor, my job is to manage their expectations on the investment, how the resources should be spent, and everything in between. I support them with a framework and a vision to verify their business model. Founders can build startups and still know nothing about what they should do. Supporting them with the right framework and method to evaluate business growth helps them spot the underlying red flags and come up with the right solution. Founders will likely believe what they do is right, so it's our job to help them see the other side of the story. In a world where the risk is beyond 90%, the ability to answer "Am I going the right way?" is vital.