Vietnam’s digital financial system is likely one of the quickest rising on this planet, however the nation is dealing with a rising scarcity of IT employees. Many youngsters need to research coding, however college curriculums are restricted, stated Tung Nguyen, the co-founder of MindX, an internet/offline training platform that focuses on making ready college students for tech careers.
The corporate introduced right this moment that it has raised a $3 million Collection A, led by Wavemaker Companions, 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 girls.
The funding will probably be used to increase MindX’s on-line platform, create extra academic content material and increase into Vietnamese Tier 2 and three cities and rural provinces. MindX plans to construct its community of tech corporations that provide jobs to college students who full its programs. The startup’s programs are centered on youngsters starting from kindergarten to grade 12, and college college students, too. It says alumni have gone on to work as software program engineers at corporations like Google, Amazon and Shopee.
For college students who enter MindX with the objective of changing into tech professionals, the startup plans to started providing an earnings share settlement, the place college students solely pay tuition after securing a job, eliminating the necessity for upfront funds.
“One concern for fogeys with low-income ranges is that they need their youngsters to have a assured job placement, however they don’t need to run out of cash for tuition,” stated Tung. “They requested for financing options and we plan to implement the earnings sharing mannequin by the tip of this yr for our college students.” One instance will probably be a program geared towards college students who have already got one or two years of expertise working at software program corporations in Vietnam. The course will put together 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. On the time, each had been working at tech corporations, and taught part-time coding courses in between their jobs, supplying studying areas and laptops for his or her college students. After a yr, demand elevated 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 it has been worthwhile for the final six years, even throughout COVID-19. In reality, 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 college students after they full coaching, and says its hiring charges for graduates is 100% in Vietnam and 55% in Singapore. Among the corporations additionally function academic companions. For instance, they offer MindX’s college students possibilities to create tech merchandise or dwell initiatives with them.
For each Tung Nguyen and Ha Nguyen, beginning MindX was a private mission. “We didn’t have alternatives to check expertise early in our lives,” stated Tung. “For instance, I used to be born in a poor working household, in a distant province in Vietnam. Computer systems had been very, very costly, they break the bank for many Vietnamese households at the moment, so in fact my household couldn’t afford one for me.”
Tung was the primary particular person in his prolonged household to go to school, however dropped out after one yr “as a result of I didn’t discover any ardour within the college’s curriculum and didn’t see my future in it.” As a substitute, he spent two and a half years finding out coding on his personal. “I feel the expertise of studying software program engineering and coding remodeled my life, as a result of it opened loads of alternatives for me,” together with a software program engineering place at a tech firm in Hamburg, Germany.
Whereas there, Tung met many European colleagues who had been about the identical age as him, however had began coding a lot earlier, after they had been in main college. “I actually realized that for myself, and different younger college students in Vietnam, if we had the identical alternative to check software program engineering, we would have much better futures and way more alternatives to compete and take part within the international job market.”
MindX’s founders say that many STEM training facilities in Vietnam solely provide 3 to 4 month programs. However, MindX’s choices vary from one 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 yr applications, to organize for a tech profession. College students are organized into cohorts and work intently with lecturers.
After they end their programs, MindX’s profession consultants assist college students construct CVs and put together for job interviews. A part of MindX’s new funding will probably be used to use blockchain expertise to maintain monitor of the relationships between MindX alumni and the businesses that rent them so the appliance and interviewing course of may be automated.
In assertion about funding, Wavemaker basic accomplice Gavin Lee stated, “We’re excited to again the MindX workforce with their imaginative and prescient to revolutionize Vietnam’s tech training panorama and unlock profession alternatives for 20 million Okay-12 and college college students. MindX is addressing a transparent want, given the worsening scarcity of software program engineers in Vietnam.”