AirCity, a startup that provides a technology-driven, all-in-one building management service for landlords and rental property businesses, exemplifies this spirit.

In an interview with Lao Dong, co-founder and Chief Business Officer Le Xuan Vu (Steven Le) shared his journey from initial struggles to market success.

Behind every milestone lies determination, resilience, and a passion for innovation - qualities that define the new generation of entrepreneurs.

The inspiration behind AirCity

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The founders of AirCity. Photo: Provided by the individuals.

Three years ago, after concluding a project in the education sector, Vu began considering how to make a broader impact on society.

It was during this period that he met his current co-founder, a seasoned technology expert who shared his vision.

Together, they observed the rental property market - especially in the boarding house sector - and identified significant gaps that could be addressed through technology.

Realizing that they possessed the necessary expertise, recognized the market potential, and aligned with future tech trends, they decided to develop a solution that modernizes rental property management.

Their goal was to enhance efficiency for landlords while improving the experience for tenants.

Overcoming initial challenges

The early days of AirCity were particularly challenging.

First, the team faced staffing issues.

With only the co-founders handling all operations, they had neither the budget to hire employees nor the ability to attract top talent at such an early stage.

They had to optimize every available resource.

Another major hurdle was market acceptance.

Because technology-driven property management was still a novel concept in Vietnam, potential customers were skeptical.

They questioned the product’s effectiveness and wanted to see proven results before adopting the service.

Convincing them required patience and relentless effort.

Funding was also a concern.

Fortunately, AirCity received an initial investment of $50,000 from a startup incubator in exchange for equity.

This funding enabled them to develop their technology, secure their first clients, and prepare for future investment rounds.

Later, individual investors - mainly acquaintances - provided additional support, contributing between $10,000 and $20,000 each.

This financial backing helped the company navigate its toughest phase and establish a solid foundation for growth.

The technology-driven edge

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The AirCity leadership team at the announcement ceremony for the Top 200 Global Promising Startups 2024, organized by Forbes magazine. Photo: Provided by the individuals.

AirCity’s core competitive advantage lies in its technology.

Unlike many competitors who integrate technology only in specific processes, AirCity automates its entire workflow.

This approach reduces operational costs by 30-50% compared to traditional property management methods.

Additionally, the company develops its own proprietary technology rather than relying on third-party solutions.

This independence allows for greater flexibility and scalability, positioning AirCity ahead of competitors.

Their technological innovation has attracted the support of major partners such as Google for Startups and Antler, as well as recognition through prestigious industry awards.

After three years of building a strong foundation, AirCity is now entering a rapid growth phase.

The company aims to expand its building management services to major cities across Vietnam.

Looking further ahead, they aspire to enter the Southeast Asian market, establishing themselves as a leader in rental property management and real estate operations.

Advice for aspiring entrepreneurs

From his own experience, Vu advises young entrepreneurs to start small.

Initially, he pursued his startup part-time, maintaining a day job while working on AirCity in the evenings.

This strategy helped him manage risks and gain practical experience before committing to the business full-time.

“Entrepreneurship isn’t just a trend or a high-stakes gamble,” he emphasized.

“Be financially prepared, gain the necessary knowledge, and seek support from reputable investors and organizations.

Most importantly, learn from those who came before you to avoid repeating their mistakes.”

Lao Dong