Season 2 - Episode 10 | Driving Growth with Da Nang's First Public-Private Partnership Business Incubator: Nguyen Van Chuong (Vietnam)

Startup Evangelist Mr. Chuong Nguyen believes that business growth is the driving force for good things in the world. As society faces an ever-increasing number of problems, we need new founders more than ever to solve them.

Chuong, CEO of Da Nang Entrepreneurship Support (DNES) Business Incubator, jumps into a discussion with Dr. Ramesh on innovation and entrepreneurship, from sharing his roots as a software engineer to his invaluable insights gained managing Danang's first public-private partnership business incubator.

Top 5 Takeaways from this Podcast:

1. Entrepreneurial Mindset: Chuong emphasises the importance of being resourceful, managing uncertainty, and creating value—crucial entrepreneurial attributes for success.
2. Crisis Resilience: As a personal practice, Chuong faces challenges with stoicism, self-reflection and control, rather than blaming others.
3. Strategic Partnerships: Finding the right co-founder and building strong partnerships, especially during the initial years, is vital for a startup's success.
4. Sustainability in Innovation: Recognise the necessity of sustainability, not just in environmental terms but also in business models, to ensure adaptability and growth in dynamic markets.
5. Thriving amidst Disruption: Chuong defines thriving as growth, peace, and mindfulness. How do these elements contribute to personal and professional success in a dynamic world?

Host: Dr. Ramesh Ramachandra, Author, Podcast Host, Founder of Talent Leadership Crucible & Founder of Impact Velocity

Guest Speaker: Mr. Nguyen Van Chuong, CEO of Da Nang Entrepreneurship Support (DNES) Business Incubator

Tune in, and together we'll be Thriving in the Age of Disruption. 

Thriving in the Age of Disruption with Dr. Ramesh
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Transcript

To learn more about the entrepreneurial mindset with Dr. Ramesh, get your copy of The Big Jump into Entrepreneurship 2.0 on Amazon.com or www.Dr-Ramesh.com.

If you're interested in building crisis resilience, Dr. Ramesh will be launching her new book on the crisis ready mindset - Make sure you follow Dr. Ramesh on LinkedIn so that you’ll get her new book alert!

Host: Dr. Ramesh Ramachandra, Author, Podcast Host, Founder of Talent Leadership Crucible & Founder of Impact Velocity

Guest Speaker: Mr. Nguyen Van Chuong, CEO of Da Nang Entrepreneurship Support (DNES) Business Incubator

Tune in, and together we'll be Thriving in the Age of Disruption. 

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Ho Lai Yun  00:00

Welcome to Thriving in the Age of Disruption with Dr. Ramesh.  

Startup Evangelist Mr. Nguyen Van Chuong believes that business growth is the driving force for good things in the world. As society faces an ever-increasing number of problems, we need new founders more than ever to solve them.
 
 Mr. Chuong is the CEO of Da Nang Entrepreneurship Support (DNES), and today he jumps into a discussion with Dr. Ramesh on innovation and entrepreneurship, sharing his roots as a software engineer and also his invaluable insights gained from managing Danang's first public-private partnership business incubator.

Dr. Ramesh Ramachandra 00:45

Welcome Mr. Chuong to Thriving in the Age of Disruption podcast series.

Mr. Nguyen Van Chuong

Thank you, Dr. Ramesh for having me here in your program. My name is Chuong. I'm from Danang, Vietnam. And after spending about 15 years working as a software engineer, working on building software products, in November 2021, managing a business incubator.

Dr. Ramesh Ramachandra 01:09

Is this incubator the first incubator in Danang?

Mr. Nguyen Van Chuong

In 2016, it's very first time, not only in Danang, but public-private partnership incubator in Vietnam also.

Dr. Ramesh Ramachandra 

So, since you have been around from 2016, there must have been a lot of success stories along the way as well.

Mr. Nguyen Van Chuong

Actually, building a new entity is not a challenge. The founder and management board, at that time, we learn a lot and we try a lot, of course. And after several rounds of incubation, we (provided) support for 84 startups, yeah, to launch their product and up to now about 8 of them, they are still alive and rising successful and then grow their business, yeah.

Dr. Ramesh Ramachandra 01:50

Wow, wonderful milestones for the first initiative in Danang. In a personal context, Mr. Chuong, are you married with kids? Have you always lived in Danang? Are you from some other part of Vietnam?

Mr. Nguyen Van Chuong

Yeah, most of the time I spend in Danang, but as a businessman, I have to travel a lot. But thanks to my wife, I'm a father of three kids and thanks to her, that she always supports me on every action, that I am very happy when I’m working. And no worry about other things. 

Dr. Ramesh Ramachandra 

That's really great, and how old are your children?

Mr. Nguyen Van Chuong

The smallest one is, two years old, and a big one, eleven.

Dr. Ramesh Ramachandra 02:32

Lovely. 

I define entrepreneurial mindset as one whereby a person is being resourceful. And usually, to be resourceful: A) You have to be able to identify the right problem, and then go about solving it. B) It is to be able to manage uncertainty, and to take risks and C) is to create value. And this value is not just for yourself. It's also value, which is just not financial. So that's entrepreneurial mindset. But on the other side, some people may have a great idea and they want to start and run a business around that idea. And that's when they become an entrepreneur. But I feel that not everyone needs to become an entrepreneur, but it's very essential in today's world, that everyone has an entrepreneurial mindset. So, in your work in managing the incubator, what have you found about the entrepreneurs who succeed vis a vis the entrepreneurial mindset? 

Mr. Nguyen Van Chuong

You are right when we are talking about the character of an entrepreneur, who can overcome many challenges. That is a long journey. And sometimes you fail, sometimes your succeed, and sometimes you learn something. It needs resiliency, how you overcome the obstacles. And also resourceful, that you look around and see many problems and you’re looking for the solution to offer a better solution. Business growth a driving force for the good things. After the COVID and now we are facing uncertainty situation, we’re facing ever increasing the number of problems. And then we need the new founders to solve them, yeah.

Dr. Ramesh Ramachandra  

That’s right. New founders, what do you mean by that?

Mr. Nguyen Van Chuong

The people who will not just stay and see things happen, but are involved and try to solve a problem. For example, in my perspective as a software engineer, my background, so I try to apply the technology into business problem and other things.

Dr. Ramesh Ramachandra 

Right, have you ever wanted to start your own software business? Or were you just working as a software engineer?

Mr. Nguyen Van Chuong

Yeah, I started my career as a software engineer. And then suddenly I just opened my own software engineering (business) 13 years ago, just because our customer wants me to issue him the invoice, the past invoice. So that's why I have to do the registration for the company. 

Dr. Ramesh Ramachandra 04:50

Yeah, that's a good way to start at a business. And then what happened?

Mr. Nguyen Van Chuong

I'm lucky enough when I have the right co-founder, he accompanies with me to commercialise that product. And now after 13 years, we’re still together and we serve more than 30 big companies. They have good revenue, yeah. 

Dr. Ramesh Ramachandra 

Wonderful. So, when you look at yourself as an entrepreneur, and you're working with entrepreneurs, what do you think is the key thing that aspiring entrepreneurs must focus on, from your own experience?

Mr. Nguyen Van Chuong

Because I'm a member of the Young Entrepreneurs Association in Danang, I work based on what I observe and learn. I see that entrepreneurs who have the key product or service would become stronger and stronger.

Dr. Ramesh Ramachandra  

So, it's like a unique value proposition that they can offer to the marketplace, with their product or service, right?

Mr. Nguyen Van Chuong

Right. Yeah. 

Dr. Ramesh Ramachandra  

What can you say about partnership, because you were lucky to find the right co-founder?

Mr. Nguyen Van Chuong

Yes, it’s very important and for example for me, a software engineer, I'm good at tech skills, but the other things, I'm not good at it. So, in the beginning of our career, the other side, he or she is good at sales or marketing, so he can support us on that. Of course, that after that we learn also. But at the beginning, the first and second or third year is really hard. And at that time, we have to focus on what we do the best.

Dr. Ramesh Ramachandra 06:13

That's right. But then I want to ask you, the more difficult part of the relationship, I can understand that you do your part functionally, and he does his part functionally. But then how do you actually build a relationship where you can trust each other? So, with this co-founder of yours, did you know him for a long time before you went into business? Or it so happened that you met each other, and you had the same passion? 

Mr. Nguyen Van Chuong

Yeah, very good question. It reminds me about the past. Of course, I start with my old friend. But then when the business (gets) to the certain level, he doesn't work with me anymore. But at the same time, I found the new one. And he’s older than me, I think that his experience is a good point for me, to help us to work together until now, after more than 10 years, yeah. 

Dr. Ramesh Ramachandra  

So, at different points in our journey as an entrepreneur, we may find that we have to renew our partnerships, and the people we work with, because we will find different things that need to be available. And what is the advice that you can give to people who want to develop that entrepreneurial mindset? What do you think they can do in schools, kids who are still 15-16 years old.

Mr. Nguyen Van Chuong

Lean in. Lean in today, to lead on tomorrow.

Dr. Ramesh Ramachandra  

Nice, and what do you mean by lean in today?

Mr. Nguyen Van Chuong

For example, if you are working on a project, so you should get your hands dirty, with something and do that. 

Dr. Ramesh Ramachandra  

So, just don't be an observer or not even participate. And it's okay if you don't succeed, because the experience is valuable.

Mr. Nguyen Van Chuong

Exactly.

Dr. Ramesh Ramachandra 07:46

Very good. 

I define crisis as a setback. And sometimes in the setback, we may come to a moment where we’re going to die, because we didn't take the action. And often, most people actually don't want to deal with crises because it's uncomfortable. Mr. Chuong, how have you dealt with crises in your life, and if you can share an example of a crisis that you've dealt with? It can be in the workplace, in your business, in your personal life, it doesn't matter in which aspect.

Mr. Nguyen Van Chuong

Yeah, of course when we run our business, especially in a startup environment, we only run out of resources, but before, the money and the network. And sometimes, we only have a one-week runway and after that, we will run out of money, yeah. At that time, we have to overcome the obstacle. Especially during the Covid time, you know that during two and a half years of Covid time, many things change. And so, for us to have a chance to look at ourselves, yeah. 

Dr. Ramesh Ramachandra  08:48

In fact, I think one of the most successful businesses that were able to take the opportunity to adapt or to pivot became even stronger and better. And in your incubation program, how did the businesses survive Covid times? 

Mr. Nguyen Van Chuong

Yeah, in 2021, after the two years of Covid, the incubators were very, very difficult. And the government don't have a lot of money to sponsor the activity, but incubator also lost the land, the office. But at that time, I do the event for the incubator, to support them. And even at that time, the CEO, he just quit the job. So, the chairman asked me to become the CEO. I mean, that at that time, we have to restructure our operation, and we do what we have to do, and after nearly two years, now we move on to a new building and continue our mission.

Dr. Ramesh Ramachandra  

That's interesting. So that's a great example of what you had to do personally. You'd always been the investor for this DNES incubator in Danang. And then because of Covid times, when the CEO had left, you now had to take on the CEO role. But then you had to also take on a role during difficult times to restructure, to look for a new office space, to revitalise these businesses. So, my question for you is, “What you had stay on course and do this?” You didn't have to do it, you can just be an investor. You can say, “I gave up.” But what motivated you?

Mr. Nguyen Van Chuong

I see that the incubator is a very good thing for city like Danang, and we’re famous with hospitality, like a tourist city. But nowadays, the city in the world can make not only by tourism, but also by innovation. So, I think that it's very necessary, yeah, so I just do that. And of course during the hard times, the young startups, they need us. Yeah, so we do what we have to do. 

Dr. Ramesh Ramachandra  

So, what I'm hearing is that you see, as someone who lives in Danang, that it's important to grow. And that innovation drives the growth and that you can't just depend on hospitality because that's what Danang is famous for, that you also need to invest in grooming the next generation of entrepreneurs so that the ecosystem is dynamic, and it is growing. That's really inspiring. That's the sense that I got from speaking with all the people in Danang, that most of you are very proud of being in Danang. Is that very unique in Danang?

Mr. Nguyen Van Chuong

Our story is quite interesting. We have quite an inspiring leader. In the past, he spent a lot of time to renovate our city, from a small town into a developing city. We learn, we get inspired from that.

Dr. Ramesh Ramachandra 11:39 

Amazing. Even as I talk to you, I can observe that you're very calm. So, what do you do, to actually practice, so that in a moment which is stressful, you can take a step back and make a decision and not panic.

Mr. Nguyen Van Chuong

We have to practise from a very early age, I’ve been practising like stoicism. When bad things happen, we see the inside out first and we try to control this. Yes, not blame about other people. That's when I was a young student, yeah, at the time, we don't call me a stoic person. But until now, three or four years ago, when I listen (to) some businessman sharing about the character and story. “Oh, wow! That’s exactly what I’m practising, yeah.”

Dr. Ramesh Ramachandra  

I see, that's interesting. And in Danang, do you have a lot of family businesses?

Mr. Nguyen Van Chuong

Yeah, in our Young Entrepreneurs Association, we have our 700 members and most of the family businesses. And at our time, the second generation, just coming back from study in the University abroad and now, they come back and learn how to manage the business of family.

Dr. Ramesh Ramachandra  

And what do you find is the biggest challenge for the next generation who're taking over from the founders?

Mr. Nguyen Van Chuong

It’s just few years now, I don't see much challenge, but some of them by learning from developing country so they apply the new thing. As a first time, they don't come back to family, but they open their own business, they run it, they fail and then after, that they come back to family’s business. 

Dr. Ramesh Ramachandra  

Which is very good because they learn from that experience, right? And then they can listen now to the founders?

Mr. Nguyen Van Chuong

Actually, not really 100%. But some of them may run like a function of the business of the family, yeah, by themselves, yeah.

Dr. Ramesh Ramachandra  13:29

That's interesting. And most of these businesses, in which kind of industry are they, is it still hospitality or it is now diversified into other areas?

Mr. Nguyen Van Chuong

Most of them, they are still in hospitality, but some of them in production and some they do have different kind of service company also, yeah.

Dr. Ramesh Ramachandra  

Lovely. 

What is spirituality for you? And where are you in your spiritual journey?

Mr. Nguyen Van Chuong

As I mentioned before, I'm like stoicism, so I believe in Buddha, someone who go behind everything and back our mission, our duty, to learn to control ourselves and to do good things.

Dr. Ramesh Ramachandra  

And do you think it's possible to live a simple life?

Mr. Nguyen Van Chuong

For me, for example, our association is really dynamic. They have once a week, they always have two or three events, and social networking, there’s a lot of beer and drink. So how I can survive in that environment? So, we have to choose whether we suitable for suitable events, otherwise we come back to our family or business. So just live a simple life, it’s our choice, yeah.

Dr. Ramesh Ramachandra  

So, what are you saying is that even when you have to be busy and doing what the world expects us to do, we can find simplicity when we go back to our family and being at home. 

And how would you describe thriving?

Mr. Nguyen Van Chuong

Thriving. Thriving is growth.

Dr. Ramesh Ramachandra  

Yes.

Mr. Nguyen Van Chuong

Growth.

Dr. Ramesh Ramachandra 

Peaceful.

Mr. Nguyen Van Chuong

Before, I like the word “Lean in”. Mindfulness, yeah. 

Dr. Ramesh Ramachandra  15:07

Okay, thriving is growth, peaceful and mindfulness. Excellent. 

I wanted to ask you whether sustainability is a big thing in Danang and if you can share with me what it means to you.

Mr. Nguyen Van Chuong 

I think it's really important and as we can see, that like a hospitality city, and when Covid comes, after one and two and half years, they will make everything disappear. 

Dr. Ramesh Ramachandra  

Yes. 

Mr. Nguyen Van Chuong 

Yes, it's not sustainable. And even like the motto at the DNES incubator, we lost the balance and it’s not sustainable. I think that is very important to manage that aspect, and not only in business, but also in life. 

Dr. Ramesh Ramachandra  

Interesting, because what you are pointing to is that sustainability is that ongoing thriving of a living system. It may not just be about looking after, let's say the resources or the climate or nature, but it's also in making sure that whatever that we are dealing with, whether it's our business, or just even hospitality, that there is an ability to go on with it. And if something happens, like Covid, how are we going to go on, if we don't have our tourists, if we don't have the business? It must have been very difficult for most people who are in hospitality business, because travel just stopped. So, what did most businesses do in Danang to survive the two and a half years?

Mr. Nguyen Van Chuong 

And of course, we have products, production industry and also eCommerce. And also, we do have a great culture. Now alot of products from countryside, they adapt to new standards, to be able to export, so that they have the label, the standards, yeah. Also to increase the value of the product soo they can make more money. 

Dr. Ramesh Ramachandra  17:12

So, this has been the opportunity of the Covid lockdowns, that people have had to look and diversify into other industries, upgrade and to be ready to export their products, versus just depending on the local consumers as well as tourists coming. 

I'm going to now ask you a series of rapid-fire questions and you just have to tell me the one or two words that come to mind. Don't overthink it. Who inspired you to become an entrepreneur?

Mr. Nguyen Van Chuong 

My first customer.

Dr. Ramesh Ramachandra  

Great. What is the one thing that you have done to navigate disruption in your business?

Mr. Nguyen Van Chuong 

I look inside myself.

Dr. Ramesh Ramachandra  

Look inside yourself, okay great. What is the most important advice you have for aspiring entrepreneurs?

Mr. Nguyen Van Chuong 

Lean in to lead on.

Dr. Ramesh Ramachandra 16:57

Great, the one thing that you have done to stay ahead in your game?

Mr. Nguyen Van Chuong 

Innovation.

Dr. Ramesh Ramachandra  

How do you deal with crisis? 

Mr. Nguyen Van Chuong 

Straightforward.

Dr. Ramesh Ramachandra  

Deal with it straightforward. What is the key mistake people make in a crisis?

Mr. Nguyen Van Chuong 

Key mistake people make, people try to findmany solutions outside. But actually, they have to look at their internal capacity, to develop, and to change, to improve, to adapt.

Dr. Ramesh Ramachandra  

How do you stay calm and focused during a crisis? 

Mr. Nguyen Van Chuong 

The same, we just go inside, look inside us, yeah.

Dr. Ramesh Ramachandra  

How do you think we can inspire other people to embrace sustainability in their daily life?

Mr. Nguyen Van Chuong 

Do more things that make you happy. Because when you’re happy, it means that, if you're good at that, it’s sustainable. Otherwise, it will be a crisis.

Dr. Ramesh Ramachandra  

That's right, can you share an innovative solution that you have seen, which promotes sustainability?

Mr. Nguyen Van Chuong 

Actually, I support for electric bike, the project is not only a good example of sustainability, but also it’s inspired a lot to become bike maker, and innovating all the time.

Dr. Ramesh Ramachandra  

That's right. And so much so that now Danang is becoming an EV space, right? A popular centre for all the electric bikes. 

Mr. Nguyen Van Chuong 

I hope so.

Dr. Ramesh Ramachandra  

How do you think organisations can prioritise sustainability?

Mr. Nguyen Van Chuong 

Organisations, they have to survive first. And then build the culture. That’s our sustainability. 

Dr. Ramesh Ramachandra  

Yeah, what are you saying is that maybe create for them to see that part of surviving is to be sustainable.

Mr. Nguyen Van Chuong 

In our organisation, if we depend on one or two source income, and then it's not balanced, so we have to build our internal capacity so that we can survive, so that the way of sustainability in my capacity.

Dr. Ramesh Ramachandra 19:28

Wonderful. Okay, I'm going to ask you some questions to get to know you. 

What's your favorite book?

Mr. Nguyen Van Chuong 

Jim Collins writes the book named ‘Good to Great’. We get inspired from that.

Dr. Ramesh Ramachandra  

What's your favorite travel destination?

Mr. Nguyen Van Chuong 

I travel a lot and then every place has a good thing for me to learn. Last trip, I have a car rental in Italy, last November, I spent one week and drive for the whole Italy.

Dr. Ramesh Ramachandra  

Interesting. So, if you could have dinner with anyone, who would it be?

Mr. Nguyen Van Chuong 

That’s not easy. After today, with you, for example. 

Dr. Ramesh Ramachandra  

Okay, so we’d have to meet either in Hanoi or Danang for dinner. What's your favorite song?

Mr. Nguyen Van Chuong 

In Vietnam? We have a song like ‘one for us’, one people are like… yeah, I have a Vietnamese song, it’s story is about the meaning of life. When you have destination to go, your life will have a meaning.

Dr. Ramesh Ramachandra  

That's so inspiring. Is there a hobby or interest that you have that might surprise other people? 

Mr. Nguyen Van Chuong 

Recently, just I ride EV. Danang has very nice landscape, so I moved to mountain and down the river and a very nice place. Sometimes with friends, sometimes with family, very enjoyable.

Dr. Ramesh Ramachandra  

And the last one, is there a movie that you find is unforgettable?

Mr. Nguyen Van Chuong 

Sorry, it's long time I don’t see movie. I remember just recently, I just watched like American factory. Yes, there's a film about China factory, but built in the US and they had to settle. 

Dr. Ramesh Ramachandra  

Okay, good. Mr. Chuong, I want to thank you so much for coming on board and sharing with us your wisdom, your experience, the gems that you've collected along the way, because it's going to inspire alot of people who want to know more about the incubation space in Danang, about being an entrepreneur and how to be resilient in life.

Mr. Nguyen Van Chuong 

Thank you, Dr. Ramesh, it’s also so great for me to catch up with you again, and get the energy you bring for us, so that we have more power to overcome the obstacles. 

Dr. Ramesh Ramachandra  

Wonderful. 

Mr. Nguyen Van Chuong 

I'm very happy to join this podcast with you, and also connect with you. And actually, I read up your book, you're so inspiring. And I see myself next 20 years, at that time maybe I will be like you, Dr. Ramesh, do some live-stream and talk with the young guys from different country and city, and then help them to grow and do and learn new things. 

Dr. Ramesh Ramachandra  

Wonderful. Thank you, Mr. Chuong, for sharing that you read my “Big Jump into Entrepreneurship”, because if we have entrepreneurial mindset, we can actually be successful in life. Not just because we're running a business, but we actually know how to navigate life.

Mr. Nguyen Van Chuong 

Yeah, I agree.

Ho Lai Yun  22:12

Thank you, Dr. Ramesh and Mr. Chuong for your thoughts on the entrepreneurial mindset and supporting a vibrant entrepreneurial ecosystem in Danang, Vietnam.

Whether you’re an aspiring entrepreneur or investor, looking for inspiration to overcome the challenges in your life, or simply curious about the stories that shape the Changemakers of our world, this podcast series is your gateway to a world of insight and inspiration. Be sure to subscribe to the Thriving in the Age of Disruption podcast, or follow Dr. Ramesh on LinkedIn and other social media, so you too become a part of Dr. Ramesh’s thriving network.