On 14 October, InnoLab Asia organized the Vietnam Innovation Summit 2022 – The Future of Innovation, in partnership with the Department of Science & Technology, at White Palace, Ho Chi Minh City.
Open innovation is the method for businesses and organizations to source innovative ideas externally and internally. As Innovation is essential for businesses to grow and sustain, how and what can businesses do to foster the Innovation, and look within and beyond the resources they have?
Figure 1: Session 1: Future Framework: Towards Open Innovation
In Session 1, Future Framework: Towards Open Innovation, we are honored to have 4 speakers from different world-renowned companies and 1 moderator, to discuss together what they are doing for Open Innovation and what can enterprises do to foster more innovation.
Figure 2: Mdm Nguyen Phi Van, Chairwoman at Vietnam Angel Network
According to Prof. Marcin Piatkowski, the Senior Economist in Finance, Competitiveness, and Innovation Global Practice The World Bank, Innovation starts from young. To foster more innovation within a country and a company, it is important to start educating more innovative thoughts in school. He also added that efficiency is still the product of Innovation. In the World Bank, we usually work hand in hand to support and foster more innovation, to support Technology and Education, and to improve the quality of the products or services.
Furthermore, it is also important to work hand in hand with the government, for example, the policies needed for new technologies like FinTech and Blockchain, Supply Chain, Investments, etc.
Figure 3: Prof. Marcin Piatkowski, the Senior Economist in Finance, Competitiveness and Innovation Global Practice The World Bank
Mr. Anwar Aridi, the Senior Innovation Policy Specialist at The World Bank, said that companies can leverage the resources in the ecosystem to foster more innovation, like Private Sector, Venture Capital (VC), Incubators, etc
Figure 4: Mr. Anwar Aridi, the Senior Innovation Policy Specialist at The World Bank
According to H.E. Oliver Todd , the Consul General of UK, education is important to foster Innovation. Innovation is about transferring knowledge into actions. Knowledge can be captured or taught, but values can’t. “We call it Sticky Knowledge”, said H.E. Oliver Todd, “This type of knowledge is not easy to be transferred as it depends on the individual. It is stored within the Founders, the Scientists, etc, and this Sticky Knowledge is important for Innovation.” The key is how a company or industry can capture and access the knowledge, to build up innovative products with existing technologies.
Figure 5: H.E. Oliver Todd , the Consul General of UK
Mr. Nobuyuki Matsumoto, the Chief Representative of JETRO Ho Chi Minh, said that they have been supporting various startups to build their products and businesses, with various training programmes. He also added the importance of facilities and education to foster more innovation within a country or company.
Figure 6: Mr. Nobuyuki Matsumoto, the Chief Representative of JETRO Ho Chi Minh
In conclusion, Prof. Marcin Piatkowski said “ Penny Wise and Pound Foolish”, you have to invest for the future and the skills; Mr. Anwar Aridi said Educating, Advising, and Researching are essential to foster open innovation; H.E. Oliver Todd said that Encouraging and Educating the next generations in schools are important to foster more innovation, and that required more support from the government; Mr. Nobuyuki Matsumoto said that although it is very challenging for all the stakeholders like corporations, government, investors, etc to cooperate and support each other, it is essential to foster more innovation within the country.
Figure 7: Panel Discussion of Session 1