According to Dr. Nguyen Thanh My, businesses that want to innovate need to start with small-scale technology models and products, then develop them with a bigger vision.
This message was shared by Dr. My, who holds over 400 patents globally, during a discussion on innovation for sustainable growth at the InnoEx 2023 International Innovation Event, held on August 24th in Ho Chi Minh City. He argued that to be innovative, one needs small ideas that change traditional methods and then develop them into new products.
According to him, the generation of people with different mindsets, always thinking of new things, is considered very suitable to change technology, contributing to changing the country and the world .
As the head of 14 technology companies, Dr. My believes that change can be risky, even lead to failure. However, failure helps people learn and motivates them to do things differently faster. "Out of 10 ideas, if only 3 succeed, that's great, as long as the person is willing to do it," he said. The 68-year-old inventor has worked on small but practical projects such as a buoy that measures salinity, sending data to smartphones so farmers know when the water is salty and when it is no longer.
Having achieved initial success, he thought about solving the problem of contaminated food. He simultaneously launched three high-tech agricultural projects in Cu Lao Long Tri: Smart Fertilizer (specializing in smart fertilizers), Rynan Technologies (specializing in smart water meters and temperature sensors in vehicles), and Rynan Agrifoods (specializing in producing multi-layer packaging to preserve agricultural products for a long time without chemicals)...
Dr. Nguyen Thanh My (right) shares a story about innovation at InnoEx, on the morning of August 24th. Photo: Ha An
From his own experience, he said that the greatest happiness for an inventor is when they still have the creativity to create new products and services. Importantly, an inventor chooses collaborators who also find happiness in their research. Therefore, when selecting collaborators, he follows two criteria: motivation and expertise. However, he believes that creative motivation is an inherent human trait, difficult to change. Expertise, on the other hand, can be learned. Motivated people always learn quickly and excel. "Choose motivated people, then work alongside them, challenge them, and support them so they can work with you to achieve what you want to do," Mr. My concluded.
Albert Antoine, a government advisor in Singapore, believes that every innovator needs a grand vision, but when starting out, they should begin with a small, experimental project to assess the risks, and then develop the idea on a larger scale. However, failure should also be faced early and overcome quickly so that innovators can continue to learn from failures to create better products in the future.
According to Vice Chairman of the Ho Chi Minh City People's Committee Duong Anh Duc, the global economy has gone through many difficult periods, and the business environment has changed significantly, putting pressure on old models and causing them to gradually lose their position. This raises the issue of the need for innovation and creativity, creating new business models to help change the nation's position. However, innovation is not easy; it requires investment, time, resources, perseverance, and a spirit of accepting failure. Ho Chi Minh City leaders recognize that all innovation begins with mindset, the synergy of businesses, and the creativity of the community.
Vice Chairman of Ho Chi Minh City People's Committee Duong Anh Duc (right) exchanges views with foreign experts at the event. Photo: Organizing Committee .
The InnoEx 2023 international event took place on August 24th and 25th, with the participation of nearly 2,000 business leaders, experts, and representatives from over 70 investment funds, banks, and financial institutions from Vietnam and internationally, as well as over 200 businesses and startups from more than 50 countries and territories. This event aimed to connect and foster cooperation in innovation, promoting and celebrating innovative products that contribute to socio-economic development.
Ha An
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