{"id":10738,"date":"2017-11-14T10:16:35","date_gmt":"2017-11-14T03:16:35","guid":{"rendered":"http:\/\/yup.edu.vn\/?p=10738"},"modified":"2026-10-01T01:30:45","modified_gmt":"2026-09-30T18:30:45","slug":"so-huu-san-pham-va-quy-trinh-cuc-tot-nhung-startup-nay-da-mat-co-hoi-dau-tu-36-ty-vi-giua-cac-cofounders-co-mot-dieu-gi-do-khong-ro-rang","status":"publish","type":"post","link":"https:\/\/yup.edu.vn\/en\/so-huu-san-pham-va-quy-trinh-cuc-tot-nhung-startup-nay-da-mat-co-hoi-dau-tu-36-ty-vi-giua-cac-cofounders-co-mot-dieu-gi-do-khong-ro-rang\/","title":{"rendered":"Despite having an excellent product and process, this startup lost a 3,6-billion investment opportunity because \u201csomething between the co-founders was unclear\u201d"},"content":{"rendered":"

Although the Sharks liked the product and its production process, this startup failed to raise funding. \u201cYou two have something going on that we don't know about. The main reason a startup fails is problems between co-founders,\u201d Shark Linh Th\u00e1i commented.<\/strong><\/span><\/p>\n

\"Despite\u00a0<\/strong><\/span><\/center><\/p>\n
\u00a0<\/span><\/div>\n
\n

HappyTrees\u2019 fundraising pitch takes up half the running time program\u00a0Shark Tank\u00a0<\/span>the first episode began with exclamations of admiration from Shark Ph\u1ea1m Thanh H\u01b0ng, Vice Chairman of CEN Group's Board and Chairman of CEN's Board<\/span> Invest \u2013 with a thumbs-up gesture, ending with a lingering look from Xu\u00e2n Th\u1ee7y \u2013 Cofounder of HappyTrees.<\/span><\/p>\n

Tomatoes fertilized with chicken eggs and milk<\/strong><\/span><\/p>\n

HappyTrees was established in late 2014 as a small online shop. The company\u2019s notable products now include \u0110\u00e0 L\u1ea1t strawberry plants, Tamarillo tree tomatoes, Air Bonsai and, especially, fruit eggplants.<\/span><\/p>\n

Three young people joined the program: Minh Tu\u1ea5n, founder and CEO of HappyTrees; Xu\u00e2n Th\u1ee7y, co-founder responsible for production; and Huy\u1ec1n Tr\u00e2n, co-founder responsible for sales. They sought 2.9 billion \u0111\u1ed3ng for a 19% stake in the company.<\/span><\/p>\n

After tasting the fruit tomatoes several times, the Sharks became even more interested when watching a video of the farm producing them. In the clip, Th\u1ee7y described caring for plants as caring for children. With good nutrition, healthy plants, and stronger plant antibodies, pesticides would not be needed.<\/span><\/p>\n

\n
\"<br<\/span><\/div>\n
\n

HappyTrees' 3 co-founders, from left to right: Xu\u00e2n Th\u1ee7y, Minh Tu\u1ea5n and Huy\u1ec1n Tr\u00e2n. Photo: Shark Tank Vietnam.<\/span><\/p>\n<\/div>\n<\/div>\n

Th\u1ee7y also personally cracked eggs, selected lotus seeds and milk\u2026 tasted the finished product and poured it into a bin to make organic fertilizer for plants.<\/strong><\/span><\/p>\n

The fruit eggplant product alone, sold at VND 110,000\/kg, brings HappyTrees average revenue of VND 90 million\/month, with a profit margin of 28%.<\/span><\/p>\n

The presentation went smoothly, the cofounder showed dedication and love for the product, and the Sharks were enthusiastic\u2026 But the questioning that followed exposed this startup\u2019s problems.<\/span><\/p>\n

\u201cAre the 2 parties investing in the farm, or is Th\u1ee7y the only investor?<\/i>\u201d, asked Shark Nguy\u1ec5n Xu\u00e2n Ph\u00fa, Founder and Chairman of Sunhouse Group.<\/span><\/p>\n

Th\u1ee7y had answered Shark H\u01b0ng's earlier series of questions. But this question was answered by Tu\u1ea5n, HappyTrees' CEO.<\/span><\/p>\n

\u201cInvestment in the farm combines HappyTrees' contribution with reinvestment for Th\u1ee7y.<\/i>\u201d.<\/span><\/p>\n

\u201cCount it toward the company's equity or account for it separately?<\/i>\u201d \u201cShares and separate accounting as well.\u2019<\/i><\/span><\/p>\n

\u2018What percentage of the company does Th\u1ee7y own?\u2019<\/i><\/span><\/p>\n

Surprised by the question, Th\u1ee7y turned to look at Tu\u1ea5n. Tu\u1ea5n said Th\u1ee7y held 19% of the shares.<\/strong><\/span><\/p>\n

\u2018Why doesn't Th\u1ee7y know?\u2019 Shark Ph\u00fa pressed repeatedly.<\/span><\/p>\n

\u201cIf this were Th\u1ee7y's offer, I would agree immediately. But the offer is Tu\u1ea5n's, so I cannot invest!\u201d<\/strong><\/span><\/p>\n

This startup's problem is the unclear accounting of the company's total assets. The product that excited the Sharks belongs to Th\u1ee7y, the 2,300m2 farm belongs to Th\u1ee7y, and the greenhouse also belongs to Th\u1ee7y, rather than to HappyTrees.<\/span><\/p>\n

Shark H\u01b0ng, the first to taste the fruit tomatoes and give a thumbs-up, did not want to miss this startup. He proposed that Th\u1ee7y\u2019s farm merge with HappyTrees and he would invest.<\/span><\/p>\n

After the team\u2019s discussions, repeated arguments about the company\u2019s brand value and the value of Th\u1ee7y\u2019s products and farm failed to produce agreement on the company\u2019s total assets or each person\u2019s equity after the merger.<\/span><\/p>\n

\u2018Th\u1ee7y is responsible for production, but only HappyTrees distributes this product,\u2019 Tu\u1ea5n explained.<\/span><\/p>\n

Shark H\u01b0ng shook his head: \u201cIf it is still VND 2.9 billion for 19%, I would agree immediately if this were Th\u1ee7y\u2019s offer. But I cannot invest in Tu\u1ea5n\u2019s offer.<\/strong>!\u201d<\/span><\/p>\n

Shark Tr\u1ea7n Anh V\u01b0\u01a1ng, CEO of SAM Holdings Joint Stock Company, said he had 300 ha of land in Tuy\u1ec1n L\u00e2m and was also very excited about this startup. He offered to invest and control the company with a 51% stake, but Tu\u1ea5n would accept at most 29% equity for this funding round.<\/span><\/p>\n

\u00a0<\/span><\/div>\n

\u2018The company is currently valued at VND 10 billion. You are contributing VND 2.9 billion, equivalent to a 29% stake. Th\u1ee7y is contributing VND 3.5 billion for 35%. Together, that gives the two of you 64%. Tr\u00e2n\u2019s 10% brings the total to 74%, leaving Tu\u1ea5n with 26%. Is that the correct shareholder structure?\u2019 Shark V\u01b0\u01a1ng asked.<\/span><\/p>\n

\u201cNo,\u201d Tu\u1ea5n replied.<\/span><\/p>\n

\u201cI would also like a specific figure,\u201d Th\u1ee7y said, turning to look at Tu\u1ea5n.<\/span><\/p>\n

\u201cThere is something going on between the two that we do not know about. The main reason a startup fails is problems between its cofounders.<\/strong>\u201d, Shark Linh Th\u00e1i commented, deciding not to invest.<\/span><\/p>\n

Unclear accounting and a lack of information about total assets and return on assets make valuation very difficult for investors, so Shark Ph\u00fa also declined to invest.<\/span><\/p>\n

Shark V\u01b0\u01a1ng compromised again, offering VND 3.6 billion for 36% equity on condition that Th\u1ee7y\u2019s assets be merged into the company. But Tu\u1ea5n shook his head.<\/span><\/p>\n

\n
\"\"<\/span><\/div>\n
\u00a0<\/span><\/div>\n<\/div>\n

The fundraising attempt failed. Tu\u1ea5n and Tr\u00e2n turned and left the room. Th\u1ee7y, seemingly unable to believe the outcome, lingered. She watched her co-founders leave, then turned back to the Sharks and declared: \u201cI will return to this startup program as long as Shark Tank still exists!\u201d<\/span><\/p>\n

Collected.<\/strong><\/span><\/p>\n

>> Great Articles on Entrepreneurship<\/a><\/span><\/p>\n

>> Business Startup Course<\/a><\/span><\/p>\n

>> Success Energy Activation Course<\/a><\/span><\/p>\n

>> Business Consulting Program<\/a><\/span><\/p>\n

>> LEARN BUSINESS ENTREPRENEURSHI<\/a>H<\/span><\/p>\n<\/div>\n

Ch\u01b0\u01a1ng tr\u00ecnh li\u00ean quan t\u1ea1i YUP Education:<\/strong> X-Startup \u2013 kh\u00f3a h\u1ecdc kh\u1edfi nghi\u1ec7p \u00abKh\u1edfi Ch\u00e1nh Nghi\u1ec7p\u00bb<\/a> \u00b7 The Journey \u2013 l\u1ed9 tr\u00ecnh ph\u00e1t tri\u1ec3n doanh nh\u00e2n<\/a><\/p>","protected":false},"excerpt":{"rendered":"

M\u1eb7c d\u00f9 c\u00e1c Sharks th\u00edch th\u00fa v\u1edbi s\u1ea3n ph\u1ea9m c\u0169ng nh\u01b0 quy tr\u00ecnh s\u1ea3n xu\u1ea5t, Startup n\u00e0y \u0111\u00e3 kh\u00f4ng g\u1ecdi v\u1ed1n th\u00e0nh c\u00f4ng. \u201cHai ng\u01b0\u1eddi \u0111ang c\u00f3 m\u1ed9t c\u00e1i g\u00ec \u0111\u00f3 m\u00e0 ch\u00fang ta kh\u00f4ng bi\u1ebft. L\u00fd do ch\u00ednh m\u1ed9t c\u00f4ng ty kh\u1edfi nghi\u1ec7p kh\u00f4ng th\u00e0nh c\u00f4ng l\u00e0 v\u1ea5n \u0111\u1ec1 gi\u1eefa nh\u1eefng Co-founders\u201d, Shark Linh […]<\/p>\n","protected":false},"author":1,"featured_media":10739,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[134],"tags":[],"class_list":["post-10738","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-article"],"_links":{"self":[{"href":"https:\/\/yup.edu.vn\/en\/wp-json\/wp\/v2\/posts\/10738","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/yup.edu.vn\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/yup.edu.vn\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/yup.edu.vn\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/yup.edu.vn\/en\/wp-json\/wp\/v2\/comments?post=10738"}],"version-history":[{"count":7,"href":"https:\/\/yup.edu.vn\/en\/wp-json\/wp\/v2\/posts\/10738\/revisions"}],"predecessor-version":[{"id":18305,"href":"https:\/\/yup.edu.vn\/en\/wp-json\/wp\/v2\/posts\/10738\/revisions\/18305"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/yup.edu.vn\/en\/wp-json\/wp\/v2\/media\/10739"}],"wp:attachment":[{"href":"https:\/\/yup.edu.vn\/en\/wp-json\/wp\/v2\/media?parent=10738"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/yup.edu.vn\/en\/wp-json\/wp\/v2\/categories?post=10738"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/yup.edu.vn\/en\/wp-json\/wp\/v2\/tags?post=10738"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}