Vietnam’s digital financial system is without doubt one of the quickest rising on the earth, however the nation is going through a rising scarcity of IT employees. Many youngsters need to examine coding, however college curriculums are restricted, mentioned Tung Nguyen, the co-founder of MindX, a web-based/offline schooling platform that focuses on making ready students for tech careers.
The firm introduced at present that it has raised a $3 million Series A, led by Wavemaker Partners, Vietnamese funding financial institution Thien Viet Securities and an undisclosed United States-based investor. MindX additionally obtained debt funding from Beacon Fund, an funding agency that focuses on corporations based by ladies.
The funding will probably be used to develop MindX’s on-line platform, create extra instructional content material and develop into Vietnamese Tier 2 and three cities and rural provinces. MindX plans to construct its community of tech corporations that provide jobs to students who full its programs. The startup’s programs are centered on youngsters starting from kindergarten to grade 12, and college students, too. It says alumni have gone on to work as software program engineers at corporations like Google, Amazon and Shopee.
For students who enter MindX with the purpose of turning into tech professionals, the startup plans to started providing an earnings share settlement, the place students solely pay tuition after securing a job, eliminating the necessity for upfront funds.
“One concern for parents with low-income levels is that they want their kids to have a guaranteed job placement, but they don’t want to run out of money for tuition,” mentioned Tung. “They asked for financing solutions and we plan to implement the income sharing model by the end of this year for our students.” One instance will probably be a program geared towards students who have already got one or two years of expertise working at software program corporations in Vietnam. The course will prepare them to discover a higher-paying job in Singapore and permit them to pay again tuition after they begin working.
MindX was created as a non-profit in 2015 by Tung Nguyen and Ha Nguyen. At the time, each have been working at tech corporations, and taught part-time coding courses in between their jobs, supplying studying areas and laptops for their students. After a yr, demand elevated to the purpose the place the 2 determined to commit to MindX full time as an organization.
MindX now has 13 offline places in Vietnam, as well as to its on-line schooling platform, and claims it has been worthwhile for the final six years, even throughout COVID-19. In truth, MindX’s founders say that as of September 2021, MindX had seen a 1,000% year-on-year progress in on-line enrollment.
MindX companions with 200 tech corporations in Vietnam, Singapore, Japan and different international locations to assist discover jobs for its students after they full coaching, and says its hiring charges for graduates is 100% in Vietnam and 55% in Singapore. Some of the businesses additionally function instructional companions. For instance, they offer MindX’s students possibilities to create tech merchandise or reside initiatives with them.
For each Tung Nguyen and Ha Nguyen, beginning MindX was a private mission. “We didn’t have opportunities to study technology early in our lives,” mentioned Tung. “For example, I was born in a poor working family, in a remote province in Vietnam. Computers were very, very expensive, they cost a fortune for most Vietnamese families at that 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 faculty, however dropped out after one yr “because I didn’t find any passion in the university’s curriculum and didn’t 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 a lot of opportunities for me,” together with a software program engineering place at a tech firm in Hamburg, Germany.
While there, Tung met many European colleagues who have been about the identical age as him, however had began coding a lot earlier, after they have been in main college. “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 far better futures and far more opportunities to compete and participate in the global job market.”
MindX’s founders say that many STEM schooling facilities in Vietnam solely supply 3 to 4 month programs. On the opposite hand, MindX’s choices vary from one yr to a decade, relying on students’ ages, ranges and objectives. Most mother and father and students initially selected shorter programs, however MindX has just lately seen extra students begin with 2, 5 or 6 yr applications, to prepare for a tech profession. Students are organized into cohorts and work intently with lecturers.
After they end their programs, MindX’s profession consultants assist students construct CVs and prepare for job interviews. Part of MindX’s new funding will probably be used to apply blockchain know-how to preserve monitor of the relationships between MindX alumni and the businesses that rent them so the applying and interviewing course of could be automated.
In assertion about funding, Wavemaker normal accomplice Gavin Lee mentioned, “We’re excited to back the MindX team with their vision to revolutionize Vietnam’s tech education landscape and unlock career opportunities for 20 million K-12 and university students. MindX is addressing a clear need, given the worsening shortage of software engineers in Vietnam.”