As a former CEO of many technology companies in Vietnam including Sony Ericsson Vietnam, Yahoo Vietnam and Microsoft Vietnam, Vice President of Cloud Services at VNG Corporation Vu Minh Tri shared five common factors of companies that can be successful on a global scale: they can address global problems, scale quickly, grow with the ecosystem, go beyond innovation, and pick the best of all worlds.
He used Kodak’s story as an example of industry disruption through innovation, and an Instagram case study to encourage startups to go beyond innovation.
“Kodak was very successful in terms of innovation,” he said. “They invented digital camera, colour film, and many marketing concepts that many companies still apply. In 1999, Kodak reached the market capital at $20.9 billion and employed 83,000 people.
“In 2013, one company was founded called Instagram. Today, the number of photos that go through this platform is very similar to the number of images Kodak processed in 1999 which is about 21.9 trillion, but there is no cost for that. Regardless how good Kodak innovates, one day a new company just gave away the whole business of Kodak and they filed for bankruptcy. Instagram sold to Facebook in 2018 with the validation of $35 billion and they had only 12 employees.”
For those who want to start a Born Global company, Dr Trung gave them a set of questions extracted from his research which was conducted with his colleague Born Global: Do you have what it takes?. These include a passion for adventure, an international outlook and international entrepreneurial orientation, a differentiation strategy, good health, comfort with risks, people skills, a willingness to embrace failure, an ability to leverage advanced information and communications technology, the right formula for corporate governance, and decision-making power.
Established in 2017, RMIT Vietnam’s annual International Business Forum brings stakeholders in the business and economic development industries together to create a space for vital discussions about economic and business themes in Vietnam. It also allows for inter-industry and inter-disciplinary networking. These stakeholders include industry experts, policy makers, local and foreign business experts and academics. A similar event will be hosted in Hanoi on 14 August.
Story: Ha Hoang