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Ms. Truong Ly Hoang Phi

Head of the Organizing Committee for InnoEx
Founder, Chairwoman & CEO IBP
Founder & Chief Strategist BSSC
Vice President HCMC YBA

Ms. Truong Ly Hoang Phi has been a prominent influencer and key player in the Vietnam innovation ecosystem for more than 15 years. She was among the pioneers who kickstarted the whole ecosystem with the foundation of BSSC–Business Startup Support Center, the very first startup incubator in 2010.

BSSC is the leading incubator and accelerator in Southeast Asia with a network of 200 partners and a community of 30,000 startups from Vietnam and 40 countries. In 2018, she joined Vingroup to set up and lead VinTech City. One of its programmes is Vintech Fund – an R&D grant to sponsor and support the commercialization of high-tech products and R&D projects by Vietnamese researchers around the world. VinTech Fund disbursed more than $10 million USD worth of grant in 2019 and 2020.

Ms. Phi also founded Investment & Business Partners and collaborated with large companies (Hoa Binh Construction Group, Qualcomm – US, SK Group – Korea) in designing, consulting and operating innovation centers, corporate accelerators, innovation investment funds, etc. Some companies in IBP’s portfolio have had significant growth, reaching 10 times their valuation in 3 years despite the pandemic. Recently, IBP actively promoted innovation activities in regional business communities. One of the prominent activities is InnoEx – An annual international event designed to promote innovation and development for the striving business community in Vietnam and Southeast Asia.

She is also an active member in the business community. In the role of Vice President of Young Business Association of HCMC (YBA), she initiated and implemented many value-creating programs for the business community such as Vietnam CEO Forum. She also participated as a strategic advisor and host in “The Next Power” premiered on VnExpress, a pioneering talk-show in real stories of Vietnam corporate innovation.

Ms. Truong Ly Hoang Phi

Head of the Organizing Committee for InnoEx
Founder, Chairwoman & CEO IBP
Founder & Chief Strategist BSSC
Vice President HCMC YBA

Ms. Truong Ly Hoang Phi has been a prominent influencer and key player in the Vietnam innovation ecosystem for more than 15 years. She was among the pioneers who kickstarted the whole ecosystem with the foundation of BSSC–Business Startup Support Center, the very first startup incubator in 2010.

BSSC is the leading incubator and accelerator in Southeast Asia with a network of 200 partners and a community of 30,000 startups from Vietnam and 40 countries. In 2018, she joined Vingroup to set up and lead VinTech City. One of its programmes is Vintech Fund – an R&D grant to sponsor and support the commercialization of high-tech products and R&D projects by Vietnamese researchers around the world. VinTech Fund disbursed more than $10 million USD worth of grant in 2019 and 2020.

Ms. Phi also founded Investment & Business Partners and collaborated with large companies (Hoa Binh Construction Group, Qualcomm – US, SK Group – Korea) in designing, consulting and operating innovation centers, corporate accelerators, innovation investment funds, etc. Some companies in IBP’s portfolio have had significant growth, reaching 10 times their valuation in 3 years despite the pandemic. Recently, IBP actively promoted innovation activities in regional business communities. One of the prominent activities is InnoEx – An annual international event designed to promote innovation and development for the striving business community in Vietnam and Southeast Asia.

She is also an active member in the business community. In the role of Vice President of Young Business Association of HCMC (YBA), she initiated and implemented many value-creating programs for the business community such as Vietnam CEO Forum. She also participated as a strategic advisor and host in “The Next Power” premiered on VnExpress, a pioneering talk-show in real stories of Vietnam corporate innovation.

The Paradox of Innovation?

As you are reading these lines, you have arrived at the InnoEx “Central Platform”. I’m delighted to share that InnoEx has welcomed many innovators, those from the so-called 2.5% pioneers among the world’s population ready to adopt new and innovative ideas. Even though this ratio might be small, if set upon a broader context, chances are great things have happened from an even smaller ratio of 1% or less. With that being said, 2.5% would be more than enough to catalyze innovation and create the next big thing.

Over the past 15 years of working in innovation, I’ve come to realize that the business landscape is rife with paradoxes:

  • The paradox of company balancing on spending just enough resources to sustain current market share or position while keeping on investing for the future
  • The paradox of giant corporate icons once leading the business world with countless successes now grappling with challenges from seemingly smaller players embedded with the next giant’s DNA waiting to be realized
  • The paradox of “outsiders” challenging the established values and notions of experienced industry leaders
  • The paradox of startups striving to make a difference while facing resource constraints, survival struggles, and trust issues.

Interestingly, these paradoxes persist like a never-ending game, constantly creating new winners donning laurel wreaths, set upon a contrasting image of decorated warriors quietly leaving the battlefield.

I often wonder what keeps these paradoxes thriving, and ever accelerating, creating more gaps and challenges. After much contemplation, I’ve found the answer lies in the “speed” and “frontiers” of innovation. Money and technology, ultimately, are not the most formidable obstacles, it’s the “speed of perception” and “the boundaries of thinking” that present the greatest challenges.

At InnoEx Central Platform 2023, the presence of innovative companies and visionary leaders dedicated to innovation represents the first stride towards breaking down the boundaries of innovation, both literally and metaphorically. If I could offer any advice to our esteemed InnoEx “passengers” from over 50 countries, it would be this: come with an open mind and leave the “success of the past” behind, because that success might be the key reason restraining us from the next big thing.

Paradoxes are simultaneously daunting and captivating. They remind us to accelerate our efforts daily, to renew our perspectives constantly. They also emphasize that, regardless of a business’s size, innovation always presents opportunities. Let’s work together to transform these paradoxes into opportunities and harness them as engines for innovation.

The inaugural whistle of the innovation train has started at InnoEx 2023’s “central platform”. Together, let’s ‘connect,’ ‘transfer,’ and ‘refuel’ to reach our destination fastly, lest we find ourselves stranded on the ‘station platform’ of missed opportunities.