The Reason Why Vietnamese Businesses Are Wiling To, But Have Yet To Innovate

The Reason Why Vietnamese Businesses Are Wiling To, But Have Yet To Innovate

November 23, 2023

According to data published at The Makeover, many Vietnamese businesses have enough potentials but have not been able to start innovating, because they have not dared to step out of their comfort zones and been able to resolve lingering issues.

According to the latest report from the Boston Consulting Group, 79% of businesses prioritize innovation and creativity. However, statistics from Potential Lab indicate that only around 30% of businesses achieve success. 

According to Ms. Tieu Yen Trinh, CEO of Talentnet Corporation – the organizer of The Makeover – to firmly step on the innovation journey, businesses need to think of new things, and dare to step out of the safe zone, dare to give up old habits to innovate and dare to create and expand vision to create value for people and society. 

However, along with new thoughts and approaches, businesses also need to focus on resolving lingering issues. 

Dare to grow, but need to focus on sustainability 

Data presented at The Makeover reveals that 40% of businesses want to invest more in innovation. However, along with these innovations, businesses need to prioritize sustainable development to build an effective innovation strategy. 

Mr. Andrea Campagnoli – representative of Bain & Company Inc – pointed out that innovation should not simply come from profit and financial goals. This approach can cause businesses to lose support from partners and employees, and even reduce motivation to innovate. 

According to experts, innovation is not a race to promote profit growth, but a focus on quality resources for sustainable development. 

Dare to think big but need to concern about the small things 

It is not necessary to start with big ideas because no matter how big or small, “if your idea can solve the problem of an organization or society, then you can become a world changer”, Mr. Andreas Ekström, TED Talk speaker, shared at The Makeover. 

Ms. Lien shared that AIA is developing a resource development application for the employee in the team, with 75% of employees using it every day and contributing small but significant values to product development. 

Udemy is also applying 3 methods to activate creative DNA in every employee at the business. According to Mr. Alan Malcolm – Head of Partnerships at Udemy – these methods include allowing employees to participate in projects which they are passionate about, creating a safe environment where anyone has the right to share, contribute ideas to create a more interactive and learning environment among the staff. 

Businesses need to focus on sustainability to build an effective innovation strategy
Businesses need to focus on sustainability to build an effective innovation strategy

Dare to think differently, but do not forget to think broadly 

In fact, coming up with a completely new idea and successfully applying it to business operations is difficult to happen. Instead, many businesses choose to fill in the gaps from old ideas or approach them from different angles to increase the rate of innovation for the organization. 

Agreeing with the above opinion, Dr. Son Do LenhPhD EPFL, Harvard Research, shared, “In the term ‘Innovation,’ we should pay attention to ‘N’ – the plural word. And we can approach innovation through ‘N’ ideas, ‘N’ experiments, and ‘N’ perspectives.” 

“The innovation journey is a journey of effort and competition with limited time and the risk of failure is not low, but if you overcome barriers and put your concerns in the right place, Vietnamese businesses have opportunity to rise up,” Ms. Tieu Yen Trinh said. 

Let's talk

Let's talk
Added to cart
CEO Chat: Aligning Tech & People for Sustainable Growth Package: Early bird View cart
Unable to add more items. Your cart can only proceed with 01 single item.
Your cart is empty. Please add new items to continue!