The two-day event also aims to connect elements of the local startup ecosystem and help form a community of angel investors and venture funds in Da Nang.

Held for the first time in the city, it gathers about 10 large domestic and foreign investment funds, including Quest Ventures, Do Ventures, TheVentures, TRIVE Singapore, BK Fund, and FundGo, along with about 30 startup projects and businesses.

Duong Hoang Van Ban, Deputy Director of the municipal Department of Science and Technology, said Da Nang has been working hard over the past years to develop the local startup and innovation ecosystem. It is coordinating with the Ministry of Science and Technology to establish a national startup support centre in the city.

The startup and innovation system of Da Nang is growing, and some local startups have succeeded in raising millions of US dollars in capital, he noted, adding that the city hopes more major enterprises, investment funds, angel investors, experts, and scientists will come to support startups.

James Tan, a representative of Quest Ventures, considered Da Nang one of the localities with good performance in connecting and helping startups raise capital, citing many big enterprises’ presence at DAVAS 2024 and readiness to buy services and products of startups.

He expressed his hope that the city will continue to successfully attract many large firms to the local startup and innovation network.

Da Nang is home to many universities and institutions specialised in training and seeking research and innovation talents, which is also a considerable resource for it to develop startups and innovation, according to Tan.

Activities at DAVAS 2024 include raising capital for startup projects and companies, connecting investors and startups, holding three investment forums on startup and innovation, signing a cooperation deal between the municipal Department of Science and Technology and KILSA Global, and launching an innovation cooperation space of Quest Ventures in Da Nang./.VNA