Vietnam’s digital economic system is without doubt one of the quickest rising on the earth, however the nation is dealing with a rising scarcity of IT workers. Many kids wish to research coding, however faculty curricula are restricted, mentioned Tung Nguyen, co-founder of MindX, a web based / offline training platform that focuses on making ready college students for technical careers.
The firm introduced at this time that it has raised a $ 3 million Series A led by Wavemaker Partners, Vietnamese funding financial institution Thien Viet Securities and an undisclosed US-based investor. MindX additionally acquired debt financing from Beacon Fund, an funding agency that focuses on women-founded corporations.
The funding will probably be used to increase MindX’s on-line platform, create extra academic content material and increase to Vietnamese Tier 2 and three cities and rural areas. MindX plans to construct its community of know-how corporations that supply jobs to college students who full their programs. Startup’s programs are centered on kids starting from kindergarten to grade 12, and in addition faculty college students. It says alumni have labored as software program engineers at corporations like Google, Amazon and Shopee.
For college students getting into MindX with the objective of turning into tech professionals, the startup plans to start out providing an income-sharing settlement the place college students solely pay tuition after securing a job, eliminating the necessity for prepayments.
“One concern for low-income parents is that they want their children to have a guaranteed job placement, but they do not want to run out of money for education,” Tung mentioned. “They asked for funding solutions, and we plan to implement the income-sharing model by the end of this year for our students.” An instance could be a program aimed toward college students who have already got one or two years of expertise working for software program corporations in Vietnam. The course will put together them to discover a higher paid job in Singapore and permit them to pay for tuition again after they begin working.
MindX was created as a non-profit in 2015 by Tung Nguyen and Ha Nguyen. At the time, each labored in know-how corporations and taught part-time coding courses between their jobs, offering studying areas and laptops to their college students. After a yr, demand rose to the purpose the place the 2 determined to decide to MindX full time as an organization.
MindX now has 13 offline places in Vietnam, along with its on-line training platform, and claims to have been worthwhile for the previous six years, even beneath COVID-19. In truth, the founders of MindX say that from September 2021, MindX had skilled a development of 1,000% year-on-year in on-line enrollment.
MindX works with 200 know-how corporations in Vietnam, Singapore, Japan and different nations to assist discover jobs for its college students after finishing their training, and says that its employment charges for graduates are 100% in Vietnam and 55% in Singapore. Some of the businesses additionally act as coaching companions. For instance, they offer MindX college students alternatives to create tech merchandise or reside tasks with them.
For each Tung Nguyen and Ha Nguyen, launching MindX was a private mission. “We did not have the opportunity to study technology early in our lives,” Tung mentioned. “For example, I was born into a poor working-class family in a remote province of Vietnam. Computers were very, very expensive, they cost a fortune to most Vietnamese families at the time, so of course my family could not afford one for me.”
Tung was the primary particular person in his prolonged household to go to varsity however dropped out after a yr “because I did not find any passion in the university curriculum and did not see my future in it.” Instead, he spent two and a half years finding out coding on his personal. “I think the experience of learning software engineering and coding transformed my life because it opened up a lot of opportunities for me,” together with a place as a software program engineer at a know-how firm in Hamburg, Germany.
While there, Tung met many European colleagues who had been about the identical age as him, however who had began coding a lot earlier after they went to main faculty. “I really realized that for myself and other young students in Vietnam, if we had the same opportunity to study software engineering, we might have a far better future and far more opportunities to compete and participate in the global job market.”
The founders of MindX say that many STEM coaching facilities in Vietnam solely provide 3 to 4 month programs. On the opposite hand, MindX’s choices vary from a yr to a decade, relying on college students’ ages, ranges and objectives. Most mother and father and college students initially selected shorter programs, however MindX has just lately seen extra college students begin with 2, 5, or 6-year packages to arrange for a tech profession. The college students are organized in grades and work intently with the academics.
After finishing their programs, MindX’s profession counselors assist college students construct resumes and put together for job interviews. Part of MindX’s new funding will probably be used to make use of blockchain know-how to maintain observe of the relationships between MindX alumni and the businesses that rent them, in order that the appliance and interview course of might be automated.
In a press release on funding, Wavemaker’s normal companion Gavin Lee mentioned: “We are happy to help the MindX group with their imaginative and prescient to revolutionize Vietnam’s technological training panorama and release profession alternatives for 20 million Okay-12 and faculty college students. MindX meets a transparent want of the worsening scarcity of software program engineers in Vietnam. “