Saturday, 16 Dec 2017

Starting up from start up insurance service

Updated at Tuesday, 08 Aug 2017, 14:02
The Hanoitimes - In order to encourage the startup movement, the government has issued a number of supporting policies to minimize risks for start up enterprises. However, when those supports expire in the long term, startups will need to rely on other way to ensure their operation safety. The insurance service for startup is a way to share risks.
In business, high risk means high return. Enterprises accepting  high risks earns higher profit. Every business operation is covered  by insurance.  Developing an insurance market for startups to replace government support policies in the future is the way out for businesses to face the future termination of government support policies.
Enterprises introduce products at the Start-up day.
Enterprises introduce products at the Start-up day.
Over 110 thousand businesses were established in 2016. Not all of them succeed in the first three  to five years of operation. This is the promising market for startup businesses insurance.  If all the newly established enterprises in 2016 buy insurance, there will be 110 thousand insurance contracts. By the year 2020, when the target of creating one million enterprises is fulfilled, these enterprises are a huge potential for the startup insurance service.  
Insurance firms deemed this is a business opportunity that  should not be missed. Investment startup funds including venture capital funds, angel investment funds,  and entrepreneurial incubators all implied certain activities of  start-up insurance. These funds have proven to be successful internationally, meaning that  start-up insurance has the potential to be highly successful even in the highest risk business environment.

Immediately after identifying this market segment, insurance firms are approaching  customers, thoroughly studying the market and then coming up  with product suitable for startups. A safe insurance market for startups will become  a driving force for business creation.

​Risks related to start-ups are diversified which can be built into categories such as insufficient market information, lack of legal knowledge, financial and human resources, weak branding, as well as risks related to competition. Start-up insurance will ensure the efficiency of start-ups, making it easier for anyone to startup with the support from these professional services.
Assc. Prof. Dr. Vu Thuong Lang - Nguyen Tung
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