Saigon Investment recently spoke with Nguyễn Kinh Quốc, Founder and CEO of QAS Company, one of the few startups in the field of medical software solutions, to gain insight into the core factors necessary for startups to survive and thrive in today’s rapidly evolving landscape.
JOURNALIST: - In your experience, what do you believe is the key factor for a startup to survive and grow in the current business environment?
Nguyễn Kinh Quốc: - The essence of a startup is creativity. Therefore, it's difficult to define a "common formula" for success or survival. However, one factor that I think deserves attention is perseverance. When we founded QAS in 2013, we spent about two years just on research and development (R&D). At that time, "hot" startup models like ride-hailing, food delivery, and fintech were emerging. Meanwhile, the healthcare sector, despite its significant potential, was challenging to break into and thus received little attention.
During that difficult period, I was frequently tempted to switch industries or pivot our business model. However, I constantly reminded myself of the original vision—building "Made in Vietnam" healthcare management software solutions. It was this perseverance that built trust among our partners. Startups need this trust because if partners believe in your potential for survival and growth, they will choose to work with you. In short, having innovative and unique products is crucial, but perseverance is equally important for long-term success.
- Many startup projects have seen rapid growth, achieved milestones, and even been regarded as "unicorns," yet they still failed in the end. How do you explain this phenomenon?
- I want to emphasize again that the nature of startups is innovation, and that often comes with risks. Failure is part of the game, regardless of the startup's scale. While the media often highlights the glamorous side of startups, those of us who have been through the process know it can be described in one or two words: “extreme” or “very extreme.” Even startups that achieve significant growth can struggle with maintaining that momentum.
For startups, this pressure is even greater because they are constantly chasing growth, market expansion, and increased market share. This often puts them in a state of being “constantly cash-strapped.” Startups frequently face funding shortages, which can persist for years. This financial pressure means that even technically-minded founders must become well-versed in areas like finance, capital mobilization, and investor relations. And they must not just know the basics—they need deep knowledge, because if they don’t, they won’t have the resources to hire specialists to handle these critical tasks. The irony is that once a startup operates efficiently, it will be highly valued, but getting to that point requires navigating complex financial and operational challenges.
- In your opinion, what will the future hold for startups, and which industries do you think are ripe for startup activity?
- Startups are always about growth. To achieve that growth, startups must be creative. However, to mitigate risks, innovation needs to be aligned with sectors that are large enough and have substantial growth potential, such as technology, education, healthcare, and e-commerce.
In the near future, I believe the startup landscape will become more challenging due to increased selectivity. However, this also creates opportunities. Unique startups that offer something truly different will have the chance to make significant breakthroughs in a short period, while ineffective startups will be quickly eliminated. Startups that have already gained some traction will face strategic challenges, but their ultimate goal will remain the same—growth and finding new growth drivers.
At QAS, after a long period of researching and developing software solutions for clinics, we are now working on launching an app designed to streamline the management of medical examination and treatment results for patients. Currently, patients often need to download multiple apps for different medical facilities, which is inconvenient. Our goal is for all clinics to use our app so that patients, no matter where they seek treatment, will have all their results consolidated in a single app. This solution will save both clinics and patients time and money.
However, for this to succeed, the app we develop must offer outstanding functionality that encourages widespread adoption by clinics and patients alike. From this experience, I realize that another key factor for a startup’s survival and growth is speed. In a fast-paced market, consumer needs are constantly evolving, and businesses must quickly adapt and optimize their products for the majority in order to succeed.
- Given the challenges ahead, what advice would you give to aspiring startup founders?
- My main advice would be to stay perseverant and always keep learning. The startup journey is filled with ups and downs, and you need to be committed to your vision through the tough times. Secondly, understand that growth requires speed—both in product development and in responding to market demands. Lastly, be prepared to learn deeply about all aspects of your business, from technical development to finance. You won’t succeed by just being a specialist; you need to be a generalist with the ability to dive into the details when needed.
- Thank you very much.
