Launching “BK Fund” at HUST for Start-up investments
On January 15, 2021, the "Bach khoa (HUST) Business people’s Party" was organized by HUST Alumni Network. The event marked the launching of BK Fund – an investment fund for innovation and entrepreneurship.
Building on a solid foundation of investors who are alumni of Hanoi University of Science and Technology, BK Fund’s mission is to serve as a foundation for start-up projects for both university and industry to develop science and technology products. "By connecting with HUST alumni who are successful business people , BK Fund is expected to function as a driving force for promoting scientific research, technology transfer and innovation of the university", Assoc. Prof. Huynh Quyet Thang – HUST President shared.
The fund's objective is to provide financial support for scientific research and start-up projects of the “Bkers” (HUST’s people) community while calling for investmentfrom potential projects and for SMEs. Moreover, BK Fund also helps investors make profits and contribute to the social development.
Speaking at the launching ceremony, Assoc. Prof. Hoang Minh Son - Deputy Minister of Education and Training affirmed: "The BK Fund is considered as an outstanding example for solidarity, wisdom and bravery spirit of HUST’s people, who are always the pioneers in innovation"
According to Dr. Nguyen Quan - Former Minister of Science and Technology Chairman of HUST Alumni Network, BK Fund is the first fund developed by a public university, pursuant to the Decree no. 38 of the Government and to the law on supporting SMEs that was approved by the National Assembly in 2018. “WhileThe BK Fund has both potentials and challenges, it can be considered as a high-tech venture capital fund model that we all want to have. The Fund's activities will contribute to the development of HUST in the coming years "- Dr. Nguyen Quan shared.
Mr. Pham Dinh Doan – Alumni of Cohort 27th, Chairman of the BK Fund and Chairman of the Board of Directors of Phu Thai Group - stated that BK Fund is the beginning step for HUST alumni to join hands in developing the university. . "the desire of the BK fund is to connect with generation of students and to create influences by having successful student alumni to support the other members”
In the short term, BK Fund will focus on investing in startups. The first goal is to help potential research projects and innovative and creative ideas of HUST’s faculty members and students. This goal offers an opportunity for innovative ideas to be realized in real life, turning into commercial products that meet the needs of society. The fund is expected to invest about 1 billion VND per project, lasting from 4 to 5 years.
In fact, the current largest venture funds in the world are not usually from private organizations but university, specifically the funds from the two leading US universities: Harvard - 300 billion USD and Stanford - 290 billion USD.
HUST is ranked in the top 300 leading universities in Asia. To support the government to combat to the Covid-19, HUST was the first university in Vietnam researching and successfully producing the test kit. HUST scientists and professors also worked with health agencies to research and manufacture the mobile COVID-19 disinfection chambers and the BK-Vent ventilator.