Start-up failures are welcomed

Fail smart is a forum sharing start-up experiences. Instead of honouring success, fail smart discusses failures. How and why a project fails in a market has provided valuable lessons for participants. Through the experiences shared, start-ups can minimise future mistakes, and most importantly, accept failure in a positive way.

"Many start-ups ended in failure and were a bit negative and not ready to share their experiences with other people. They might face the pressure of not being able to start again. So this event wants to spread the message that, Let’s start over! Failure is not the end", Phan Dinh Tuan Anh - co-organiser of Fail Smart - said.

Fail Smart event (Photo: Le Ngan/enternews.vn)

Vietnam is still behind in the culture of accepting failure. This hinders the development of the start-up community. Therefore young entrepreneurs, policy makers, and wider society are encouraged to be more open with start-up failures, as failures equally go towards boosting the creation of a healthy environment for innovation in Vietnam.

"In the US, investors are very interested in start-ups that have already experienced five times. With that passion, that person is willing to do anything to success. A failed launching is still an opportunity to gain experience. And we’re so short in skilled workers. They will be the one who develop our industry sector", Truong Gia Binh - Chairman of FPT group - said.

As expected, Fail Smart will be held once every 6 months in Hanoi and Ho Chi Minh City.