According to experts, although there is overlap, innovation and creative entrepreneurship are different and need to be distinguished in order to have appropriate responses from the state management.
Currently, 20 localities nationwide have developed or are developing plans to establish Innovation and Startup Support Centers; 60 provinces and cities have issued plans to implement projects on developing the innovation ecosystem; and 39 provinces and cities have issued resolutions of the People's Council stipulating financial mechanisms for supporting innovation and startup activities...
According to Deputy Minister of Science and Technology Hoang Minh, in the past, many concepts of innovation and innovation-based startups have been used inconsistently, leading to a lack of uniformity or misunderstanding of their nature in management, administration, and policy-making; there is also a lack of policies to develop the innovation-based startup ecosystem, such as funding for capital, policies to encourage individuals to invest in venture capital for innovation-based startups, and policies to encourage innovation training programs in schools.
Furthermore, policies are still scattered and not deeply focused on specific industries, professions, and fields; there are limitations in building incubation, training, and startup consulting organizations; and there is a lack of connection between research institutes and universities. Policies supporting the commercialization of startup products are still lacking.
In particular, startups currently face limitations in terms of capital, infrastructure, management and operational skills, promotion and marketing, and the ability to meet necessary administrative procedures; training and development activities for the workforce of startups are still largely superficial...
According to experts, although there is overlap, innovation and innovation are different and need to be distinguished in order to have appropriate responses in state management.
Innovation, simply understood, is the process of transforming knowledge and technology into concrete products. Innovation does not necessarily have to come from research and development activities; it can also come from disseminating the experience and knowledge of the people, but it cannot be separated from science and technology. The main subjects for implementing innovation are businesses and entrepreneurs.
Startups, on the other hand, focus on raising capital or conducting IPOs to invest in and create new models, products, and businesses, but they do not yet have production activities to bring products to market. Startups can be run by groups, individuals, or under the guise of small and medium-sized enterprises (SMEs).
Currently, startups are being "entrusted" to the SME community, leading to the "misunderstanding" that startups are SMEs and resulting in inappropriate approaches. Therefore, a separate legal framework for startups is needed, along with intermediary organizations to connect startups with businesses and other stakeholders in the startup ecosystem.
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