The first U2U Spring Hackathon ended with a display of creative tech projects from the top 10 teams. With a total prize value of up to $82,000, the participating teams not only received cash prizes but also the opportunity to join a special startup incubation program by U2U Venture Builder and a chance to receive support packages worth up to $500,000 from the U2U Network ecosystem.
Launched for the first time in 2024, the U2U Spring Hackathon quickly garnered nearly 100 applications from both domestic and international teams within a month of opening registrations. This not only highlights U2U Network’s stature but also affirms Vietnam’s position in the global Web3 community, especially in the startup and digital asset development arena.
Furthermore, the competition was sponsored by Amazon Web Services (AWS), the world’s leading cloud computing company, providing nearly $40,000 in AWS credits. This sponsorship meant that the teams had their cloud service fees covered during product development.
The first U2U Spring Hackathon finale was held at the Saigon Innovation Hub, attended by a jury of leading experts in the Web3 field in Vietnam. Throughout the competition, a series of webinars and strategic orientation sessions for the projects were organized, culminating in the selection of the top 10 teams with exceptional technological solutions that promise to bring useful applications to life.
On March 31, 2024, the top 10 teams had the chance to present their products and technological solutions to the jury and Web3 field experts, as well as representatives from major investment funds. This segment allowed the teams to passionately convey the realistic potential of their projects.
The criteria for evaluating the projects in the finale were meticulously selected to ensure the most accurate technical assessments, as well as the usefulness and practicality of the projects in improving daily life through blockchain technology.
With four training workshops and 20 leading speakers from the blockchain field, both locally and internationally, the organizers recognized that while most teams were technologically adept, they lacked other essential skills for startup success, such as human resource management, financial management, market development, etc. At this year’s finale, Mr. Le Thai Duong, CEO of U2U Venture Builder, shared about a two-month, three-phase incubation program designed for the top 10.
– The first phase includes meetings and work sessions with experts from the U2U Network ecosystem for training in professional development skills, technological support, and expanding Web3 sector connections.
– The second phase involves direct training and practice with the ‘Entrepreneurs Mini – MBA’ program, enhancing deep operational skills for running a startup, such as planning, human resources management, market analysis, financial problem-solving, negotiation skills, and brand building.
– After completing these phases, the projects will directly receive support from the U2U Network ecosystem, with investment opportunities of up to $50,000 per project and connections to U2U Network’s angel investor network and major Web3 investment funds. This represents a significant opportunity for potential Web3 projects in Vietnam to reach a regional scale and lay a strong foundation for national technology development.
This year’s U2U Spring Hackathon finale was a marked success, showcasing teams that deeply understand market potential and the ability to apply technology to provide useful solutions for everyday life. U2U Network’s continued support for these teams post-competition is expected to foster a spirit of entrepreneurship and bring valuable products not only to the Web3 community but also to the wider technology user base.
The final victory went to Nimbus, the project convincingly secured the champion position with its financial analysis tool tailored for Web3 investors. This application enables Web3 investors to easily manage their investments across various platforms, analyze data, and evaluate the potential of investments to minimize risk for users.
The runner-up of the competition was Token Tails, a team from Lithuania with an entertainment app aimed at building community and supporting animal rescue projects. This app brings joy, relieves stress, and serves as an entertainment tool for animal lovers.
Following closely and claiming the third place was A Drop from the United Kingdom, with an application that simplifies the process of hunting for airdrops, making it easier to participate in defi through automation and the use of smart contracts.
With the success of the first U2U Spring Hackathon, U2U Venture Builder hopes to not only support the top 10 finalists but also to serve as a launchpad for Web3 startup projects in general, offering them the opportunity to scale up and become technology unicorns with the technological resources from the U2U Network ecosystem.
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Funds Spectrum journalist was involved in the writing and production of this article.