Representing 35 start-up projects receiving financial support and consultancy from the Vietnam-Finland Innovation Partnership Program Phase 2 (IPP2) – Cooperation Program between Ministry of Foreign Affairs of Finland and Ministry of Science and Technology study and technology – speech at the closing ceremony of the program, lecture by TS. Dang Thanh Trung, co-founder of ezCloud Global Technology Co., Ltd, has received special attention from the auditorium because of the outstanding achievements that the company has achieved.
ezCloud is a hotel management technology solution that is based on cloud computing technology combined with other service platforms such as messaging and email, helping hotel owners have more tools. To care and develop more customers. ezCloud is the key to help hotel owners take advantage of the wave of technology 4.0 in hotel management and business to promote the competitive advantage in the domestic and international markets.
Although newly established in 2013 with six founding members of the university in the Faculty of Information Technology, National University of Hanoi, ezCloud Global Technology Company Limited has made admirable journeys. as: Top three start-ups of HATCH in December 2015; Top 15 Best Companies in Asia Attend the Global Seedstars World Conference in Switzerland in February 2016; one of the 8 entrepreneurs selected for the global summit in Palo Alto, California, USA; one of the 10 most popular DNS at the 2016 Startup Festival; One of 14 typical businesses attended the slush technology conference in Helsinki, Finland on 11/2016, top 10 Best Startup at Startup Festival Vietnam 2016 …
ezCloud is based on the idea of co-founders wanting to build software based on the knowledge learned at school to develop a product of their own – a product developed by the Vietnamese, for the Vietnamese and then be able to expand abroad. TS. Dang Thang Trung said: “We recognize that the adoption and development of information technology solutions in Vietnam are not inferior to other countries in the world. The development of potential and highly supportive of the Party and State’s economic development orientation. Therefore, ezCloud was founded and directed to provide solutions in TravelTech field. Travel technology) for hotels not only to manage daily activities but also to help hotels and businesses grow, this is the difference we want to bring to our customers. “
In the early years of its existence, ezCloud faced many difficulties. Although the company was established, it did not have an office but rather worked at a café to save money. The company does not have a business strategy that only sells on the basis of relationships and habits as well as market orientation. In addition, revenue comes mainly from the sale of products, which is relatively low. The number of company co-founders in the initial stage is more than the staff and must cover most of the work from marketing, finance, product development, 2 years. However, due to lack of experience, it is not effective to take part. Meanwhile, the company has no specific product development orientation, based on the requirements of customers, so the product is not clearly defined. With that, the pressure comes not only from the work but also from the family.
“This is also a common situation of startups in the early stages of development, and indeed without support, most startups are unlikely to break through this stage,” Trung said. Fortunately, ezCloud has received support from IPP, a project that can be considered as a turning point for the company’s development. ”
Getting ezCloud to get this support can be considered quite accidental, due to the introduction of a friend. The practical experience that ezCloud draws is that in the start-up process, in addition to passion, capacity and product or idea (this is obvious), one of the important factors that startup needs to be that mind is the relationship. And ezCloud has been filing for IPP through the introduction of friends and considering joining the IPP is one of the important projects so I have prepared quite well.
As a start-up business with a lot of experience in calling for investment, ezCloud has drawn some experiences that need attention as follows:
– Study the requirements of the fund. Each fund has different goals, so there will be different constraints and requirements. Document preparation should focus on these requirements;
– Understand what startup issues are and what the real needs of startups are;
– Have a detailed and appropriate plan for the activities as well as the corresponding costs.
– Study the requirements of the fund. Each fund has different goals, so there will be different constraints and requirements. Document preparation should focus on these requirements;
– Understand what startup issues are and what the real needs of startups are;
– Have a detailed and appropriate plan for the activities as well as the corresponding costs.
“At the time of applying for funding, ezCloud’s first concern for the project was funding, but later, ezCloud realized that this was not the most important issue for us. In fact, apart from the capital, we get more: These are new relationships, mentoring, direct mentor mentors, practical mentors, step by stepping them. I have a strategy for human resources management, marketing, business, market, customer portraits, product development orientations and business operations. Effective for startups because in fact, ca C startup often lack management and operational skills as well as concrete plans for capital use. ” “IPP’s support model is very important for Vietnam’s startups,” Trung said.
After the success of Phase 1, ezCloud was selected for the second phase of IPP. And just like the goal of Phase 2, after ezCloud has had a tremendous experience in running and developing a business in Phase 1, ezCloud aims to expand its product-based market. Newly developed from a deeper assessment of the market and user needs as well as product development experience in the first stage. ezCloud understands what needs to be done, develops what it can to dominate. The market has developed and breakthrough with its new products, making a difference to the rest of the market.
In addition, in the second phase, ezCloud, through its IPP relationships, direct consultations with IPP professionals in many areas of the community, ezCloud has accumulated experience in calling, calling investment funds. This is one of the goals that almost every startup is looking for when starting a business, but it is not simple and potentially risky if not experienced. In ezCloud’s experience, before calling startup funds, answer the following questions:
– Call the capital to do? Why call? Is it really necessary to call the capital?
– How much is the call on capital? How much stock do you sell?
– How to avoid being squeezed by investors
– How to find the right investor?
– Do you have specific plans to use the funds?
– How much is the call on capital? How much stock do you sell?
– How to avoid being squeezed by investors
– How to find the right investor?
– Do you have specific plans to use the funds?
Investors are usually very good at financials, so their goals are often not the same as the goals of startups. We always want to combine with investors to solve the win-win problem for both parties. In fact, investors are not always expected, except angel funds like IPP.
With the support from IPP, ezCloud has achieved some significant developments: Product: ezCloud has launched a breakthrough product in the Vietnamese market, ezCloudHotel, a management solution. Cloud-based technology for everyone and use is very simple. Since then, the company has expanded and integrated with many other connecting channels to support the hotel not only management but also business, helping the hotel’s revenue increase significantly. Thanks to the support of IPP in this period, ezCloud has developed a breakthrough, reaching a new height compared to the initial stage of start-up.
The company’s staff has grown considerably since its inception with four employees. At present, the company has about 80 employees with an average revenue growth of 200% per year. Today, ezCloud is headquartered in the north, central and south of Singapore and is believed to be used by more than 1,000 hotels in five countries including Vietnam, Laos, Thailand, Cambodia, and Myanmar. Hotels around the world and over 450 billion transactions per year.
With a vision in the coming time, the company plans to become one of Asia’s leading travel companies by 2020, occupying 50% of the market share in the hospitality industry and one of the Leading technology company has a dream work environment in Vietnam.
Source: http://www.vista.gov.vn
