Ten ID: Pioneering innovative startups to cope with climate change
Ten Innovation Design (Ten ID) is one of the leading enterprises in the new generation of Vietnamese businesses in the field of dynamic and potential innovation business: Innovation in response to climate change.
As one of 32 businesses that received financial and non-financial support from VCIC in the period of 2016 - 2017, Ten ID has turned ideas into practical results through providing innovative supply chain solutions in Vietnam "Smart pond control system" and called for USD 995,000 private investment for development and commercialization.
This system was developed by three technology entrepreneurs (Tuan Le, Tien Nguyen and Anh Nguyen). The project was held in the middle of 2017 by the "Proof of Concept 2" Competition held by VCIC in mid-2017, which provided a priming capital of USD 50,000 and provided construction consultancy and market access consultancy. Later, Ten Innovation Design Co., Ltd. was established to professionalize business operations.
With the support of VCIC, Ten ID has completed the technology based on artificial intelligence and applied IoT to shrimp farming. Approach to high-tech shrimp farming, such as adjusting feed samples and environmental pond, increases climate resilience with higher survival rates, better quality, and save energy to increase profits for farmers. In particular, Ten Innovation Design's system provides integrated supply chain optimization solutions to create additional profits for market participants by bypassing intermediaries and forecasting market trends.
With innovative and environmentally friendly ideas and high profit potential, Ten Innovation Design received USD 645,000 investment from Vietnam private equity fund and USD 350,000 committed from Dutch investors to continue developing the business model and the technology.
“VCIC has been with us and made a great contribution to successfully raising capital by promoting and connecting with investors as well as adjusting our business development strategy,” Mr. Tuan Le, Director of Ten Innovation Design shared.
Initial tests in Soc Trang province have shown that the 'Smart pond control system' technology increases shrimp survival from less than 50 to 80% per year, improving product quality and saving more than 30 % of energy used in production.
Ten ID sets an ambitious goal of becoming one of the leading companies in this field in Southeast Asia by 2023 with 5,700 operational systems.
The company's ambition also stems from the effective support of VCIC as an incubator and a driving force for domestic businesses to innovate and grow green.
Vietnam sets a target that 50% of Vietnamese enterprises will apply green production technologies by 2020. With the above objective, the World Bank Group estimates that Vietnam's clean technology market will require investment up to 19 billion dollars.
This means that local entrepreneurs such as Tuan Le, Tien Nguyen and Anh Nguyen of Ten ID will gradually become central in developing innovative technologies and business models in the fields related to climate technology to support the development of Vietnam's economy, create jobs and increase industrial competitiveness.