Deep-tech startups have lower risks, less need for big money

Tuan Cao, CEO of Genetica, said starting a business in deep tech only needs simple conditions and a question good enough to solve.

Tuan once worked for Google, calling it a wonderful company. He was highly appreciated by Google and he was able to buy a house in the US. However, he decided to return to Vietnam to start a business to contribute something to the country rather than being just a small part of a big system.

Deep-tech startups have lower risks, less need for big money

Tuan Cao, CEO of Genetica

“That is the reason I found Genetica to test genes. If you know your genetic map, you can prevent cancer, prevent diseases, follow better diets and lead happier lives,” he said at the Vietnam Venture Summit 2019, a forum for innovative startups.

“This means that the things I am doing with my startups will have bigger impact on the society and community, not just small impact like my contributions previously,” he said.

Tuan and his co-founder are working in deep tech, building genetic maps of Vietnamese people in particular and Asian in general with the combination of artificial intelligence and professional analysis.

Tuan and his co-founder are working in deep tech, building genetic maps of Vietnamese people in particular and Asian in general with the combination of artificial intelligence and professional analysis.

Deep tech refers to pioneering technologies such as AI (artificial intelligence), IoT (internet of things), AR/VR (Augmented reality/Virtual reality) and Blockchain.

Some people think that startups are always associated with risks. And it is even riskier in a developing country like Vietnam. However, Tuan is optimistic about the issue.

 

“For me, with deep tech, you’ll will face lowest risks when starting up. You just need pizza, computer and a cup of coffee everyday to begin,” he said.

A startup with research on electric motorbikes and cars, for example, will need big money, he explained.

Tuan believes that Vietnam is a promising land for everyone to start a business.

He said two weeks ago, investors and American professors came to Vietnam to meet Genetica staff. At first, they doubted the possibility of producing technology unicorns in Vietnam, but later, after realizing the strong support of the government of Vietnam and the aspiration of youth, they changed their mind.

The investors and professors later told Tuan that he has great opportunities in Southeast Asia and Vietnam as well, because in the region, Vietnam has a market even bigger than Singapore's, and the Vietnamese government is more open than the Chinese.

“They said we have great opportunities to create unicorns in Vietnam,” Tuan said.

Thanh Lich

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