In a video posted on the Shark Tank’s Fanpage, Mr. Nguyen Hoa Binh, Chairman of NextTech, shared his insights on entrepreneurship in the F&B industry.
When asked if F&B startups are the easiest model for success, Shark Binh replied: “Previously, I read about the F&B startup model – a popular and familiar concept that anyone can see and easily make a living from. But, in reality, entrepreneurship in this industry is not that simple.”
As evidence, in a previous discussion on “Mistakes Leading to Startup Failure,” Shark Binh analyzed the high risks associated with the F&B industry. He pointed out that out of 10 restaurants, 8 would struggle to attract customers. Meanwhile, the profit margin for investors is not that attractive. When investing in traditional restaurants, revenue growth often comes with increased costs and management challenges.
“In reality, many traditional investment funds have poured money into F&B chains. However, I think we need to clarify the concept of a startup – it must involve innovation, a broad market, and high growth potential,” said the Chairman of NextTech.
At the same time, Mr. Binh advised that unless startups can find a clear advantage, it would be difficult to succeed in any business model. “F&B startups are fine, but you must find a clear opportunity and competitive edge,” he asserted.
Sharing a similar view, Shark Hung also pointed out that no other industry in Vietnam attracts as much talent as the F&B sector. The majority of young entrepreneurs consider opening a café as their first choice.
According to this entrepreneur, there are many successful F&B startups in Vietnam and worldwide. However, this industry is often characterized as a “self-business,” meaning the founder does most of the work. Fundraising is not a critical aspect in this case.
“However, recently, food delivery apps like Foody, Grab, and Uber have gained immense popularity. This shift in the F&B industry has led to the emergence of cloud kitchens, which are gradually replacing traditional restaurant setups. Some well-known restaurants now operate without a physical dining space, relying solely on a kitchen and online presence. I believe this will be the new trend. As for traditional F&B startups, Vietnam already has many successful enterprises in this domain,” said the Vice Chairman of Cengroup.
The entrepreneur praised Vietnamese cuisine as a competitive advantage for entrepreneurs and expressed his support for F&B startup ideas. “Unfortunately, the F&B startup ideas presented on Shark Tank are often too narrow in scope, focusing on producing noodles, fish sauce, and vinegar, which makes it challenging to scale,” shared Shark Pham Thanh Hung.
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