Six business plans make final of 20 million USD Challenge

Six business plans made the cut to enter the finals of the second 20 Million USD Challenge Contest which took place in HCM City on June 20 and 21.

The finalists focused on media publishing, communications, spa treatments, websites, real estate management and additives manufacturing. Four of them came from HCM City and the other two from Hanoi .

The contest’s judging panel includes Chris Freund, managing director of Mekong Capital; Jonah Levey, managing director of Navigos Group; and Dang Ngoc, investment manager of Mekong Capital.

Freund said the most important selection criteria are having realistic and proven business strategies and the team’s ability to execute them.

The winner will be announced mid-August.

The winners will get an investment of 400,000 USD. They can invest an initial 10,000 USD in the business themselves, with ongoing support to reach the competition’s ultimate target: a 20 million USD company value within 5 years.

20 Million Challenge’s mission is to find entrepreneurs with the skills and commitment to realize their business plans.

Organised by Mekong Investment and sponsored by Mekong Ventures, Mekong Capital, Le Bros and Navigos Group, this year’s event received 159 business plans, 23 of which moved to the semi-finals.

One of the 6 finalists is the Online Commercial Real Estate Exchange, a website with commercial real information for the Vietnam market.

“[Making it this far] proves the feasibility of the project,” said Nhat John Nguyen, managing director of Nguyen Alliance Commercial Real Estate (NAC Real Estate) – the sponsor for the project.
He said the project is also part of the executive business plan to be carried out soon. (VNA)