Lao Dong Newspaper reporter had a chat with Mr. Le Xuan Vu (Steven Le), co-founder - Sales Director of AirCity Company Limited to hear about the journey from the first steps to the mark on the market. Behind the success are difficulties, determination, and the desire to conquer. At the same time, it is a living proof of the spirit of daring to think, daring to do of the young generation.
How did your startup idea come about? What inspired you to start building this startup?
- About 3 years ago, after finishing a project in the education sector, I started thinking about how to create a bigger impact on society. It was at that time that I met my current co-founder - an experienced technology expert who shared the same idea. We then observed together and realized that the rental real estate market, especially boarding houses, still had many gaps that needed to be improved by technology, and we sat down together to evaluate the possibility of realizing this idea.
Both of us realized that there were 3 suitable factors to start a technology startup: each person's expertise met the requirements, the market still had many opportunities to participate, and future technology trends fully supported this direction. From the above assessments, we decided to start building a technology solution to help manage rental properties become more modern and convenient, while improving the experience of both landlords and tenants.
The early stages of starting a business were probably the most difficult. How did you and your partners overcome those difficulties, especially in terms of capital and market confidence?
- The early stages of our startup were the most difficult for us. First was the human resource issue. At that time, the team consisted only of founders and we had to take on all the work from basic to complex. There was no budget to hire outsiders, as well as difficulty in attracting talented people to join from the beginning, we were forced to optimize all existing resources.
The next challenge is the market. With a new industry like technology-based real estate management, customers are often skeptical about the effectiveness and practicality of the product. They ask many questions: Have we implemented it anywhere, have we brought results, and how can they trust this solution? This is a big barrier, requiring us to be patient and constantly try to convince them.
The third challenge was funding. Fortunately, we were supported by a startup incubator with an initial capital of $50,000. After seeing that our idea was suitable and had long-term development potential, they supported the initial capital in exchange for company shares. This capital helped us develop our technology product, attract the first customers and prepare for the next funding rounds.
After that, we received more support from individual investors, mainly acquaintances, each investing 10,000 - 20,000 USD. Thanks to that, we overcame the most difficult period and took faster and more solid steps.
What is the core differentiation in AirCity's products and services? What helps your startup compete with competitors in the market?
- Our biggest difference lies in technology. While many other companies only apply technology to a small part of the process, all of our processes use technology to automate operations. This not only helps optimize the process but also reduces operating costs by 30 - 50% compared to the traditional way.
In addition, we develop our own core technology and build a comprehensive ecosystem, instead of buying external solutions like many other businesses. This brings greater flexibility and scalability to AirCity. This is the weapon that helps us compete with competitors in the market today.
This is also the factor that helped us receive support from major partners such as Google for Startups and Antler, and achieve many prestigious awards.
What is your vision for the startup in the next 3-5 years? How to realize these ambitions?
- We are entering a period of rapid growth after 3 years of building a solid foundation. In the near future, AirCity's goal is to expand its building management and operation services to major cities in Vietnam. Further, we have the ambition to reach out to the Southeast Asian market, becoming a leading company in the field of rental housing management and real estate operations.
From your practical experience, what advice do you have for young people who want to start their entrepreneurial journey?
- Starting a business is a long and risky journey, so start small. I started a business part-time, keeping my day job and developing projects in the evening. This helped me control the risks better and gain practical experience before moving to a full-time business.
Most importantly, starting a business is not a trend or a risky game. Be fully prepared financially, knowledgeable and seek support from reputable organizations and investors. At the same time, learn from those who have gone before to draw lessons and avoid repeating their mistakes.
Thank you for your interesting sharing. Wish you and AirCity more success!
(Posted on the special edition of Labor Weekend Spring At Ty)
