business innovation

1. INNOVATION
BUSINESS
S E M I N A R D I S C U S S I O N
EAP 3-3
EAP 3-3
EAP 3-3

2. HOANG TU HUY HOANG THAO NGUYEN
MEMBERS
DUY TRUONG
MINH HUY
TRA MY PHUONG THAO

3. DEFINITION
Business innovation is when companies implement new processes, ideas,
services, or products to affect positive change with the goal of creating
new value and boosting growth.

4. IS IT BETTER TO INNOVATE OR
STICK TO TRADITIONAL VALUES?
The corporate and societal direction
Every company or business has its own direction of innovation.
Many conflicting opinions between innovating and keeping the product value.
For and against of innovation

5. THE
PURPOSE OF
BUSINESS
INNOVATION
01
02
03
Improving brand recognition and value
Improving the customer experience
Improving productivity
04 Reducing costs

6. From a “no specific business model” and “didn’t even make a dime” company (Shepard
Smith, Fox News).Surprisingly, Youtube has become the world’s largest video sharing
website and ranked 2nd globally in just 2 years and till now (SimilarWeb, 2022)
What has created this success during this period is a change in the overall business
model and strategy - Launched a Partner Program.
--> Improving productivity, brand recognition and profitability.
FOR

7. Netflix is company that has benefited from growing digital economies by recognizing
how new technology might improve the services which they provide.
Supply its service; providing more benefits.
Improving its competitive advantage through product and process innovations.
This innovation made Netflix's cost lower; more accessible and affordable for
consumers.
FOR

8. AGAINST
SUDDEN INNOVATION HASTY INNOVATION RISKS OTHER DISADVANTAGES
Lose a number of customers
Abandoning the old
The quality of services and
products
Financial risk
Operational risk
Regulatory risk
Reputational risk
Time- and money-consuming.
Causing organizational friction
and strain.
Encountering consumer
rejection.

9. New Coke - The finest example of unsuccessful innovations in the F&B industry.
Trying to innovate and provide its consumer base something they did not ask for.
Wrong answer for businesses that have products become extremely popular and
become the signature.
Costly and time consuming research.
AGAINST

10. Innovation by definition will not be accepted
at first. It takes repeated attempts, endless
demonstrations, monotonous rehearsals
before innovation can be accepted and
internalized by an organization. This requires
“courageous patience”
– Warren Bennis –

11. 01
02
03
(What Is Business Innovation and Why Is It Important?, 2019)
REFERENCES
nibusinessinfo.co.uk. (n.d.), NIBusinessInfo, Advantages of innovation
SimilarWeb (June, 2022), Sites web les plus visités - Top sites web classés pour
Dansereau, F. et al. (2008). Multi Level Issues in Creativity and Innovation. Emerald Group
Publishing Limited.
Studies, B., Studies, B. and Strategy, N., 2022. Netflix Innovation Strategy: Process &
Product | StudySmarter. [online] StudySmarter UK.
Available at: <https://www.studysmarter.co.uk/explanations/business-studies/business-
case-studies/netflix-innovation-strategy/?fbclid=IwAR1DkRXpoP-
WcoBDuvbaO5lm0998a1P01HalqKNowYkZYWL25vn70cJeldc> [Accessed 18 July 2022].
04
Braineet.com. 2022. 35 Famous Innovation Failures - and What You Can Learn From
Them - Braineet. [online]
Available at: <https://www.braineet.com/blog/innovation-failures?fbclid=IwAR1HPJCKfhJ--
XF4YY2_iA1H2YybYOXO7EViXl_2ZiYu3qNXg5k_CTiaGiI> [Accessed 18 July 2022].
Advantages of innovation | nibusinessinfo.co.uk. (n.d.). NIBusinessInfo.
Retrieved July 17, 2022, from https://www.nibusinessinfo.co.uk/content/advantages-innovation
Dansereau, F., Mumford, M. D., Bedell-Avers, K. E., Hunter, S. T., & Yammarino, F. J. (Eds.). (2008).
05

12. THANK YOU FOR
YOUR ATTENTION