Vietnamese real estate group Tan Hoang Minh was among 35 products, services, and organizations named winners at the International Innovation Awards (IIA) 2019 held in Singapore on Wednesday evening.

Notable recipients of the ‘InnoCube’ were AIA Malaysia, Taiwan’s HIWIN Technologies Corp., Singapore’s Olam International Ltd., the Philippines’ Unilever, Indonesia’s PT MRT Jakarta, and the United Arab Emirates’ Roads and Transport Authority.

Tan Hoang Minh Group was the only Vietnamese firm to receive the honor this year.

According to Dato’ William Ng, president of Enterprise Asia, which is the organizer of the IIA, the goal of the awards is to present a broad spectrum of innovations that could spur greater innovation in the recipients’ respective countries and industries.

Just as innovation itself is continuously self-redefining, the awards are meant to promote continuity in innovation, he said.

“Innovation is moving faster than at any other point in history,” Ng said.

“Organizations cannot afford to rely on current practices and hope that they will work in the future. Organizations that fail to innovate are setting themselves up for failure.”

The award recipients also receive the ‘InnoMark,’ a global certification for innovation presented by Enterprise Asia.

The InnoMark adopts Enterprise Asia’s proprietary ‘8-Dimension of Innovation’ – which includes such areas as defendability, enforceability, impact, measurability, ideation, and creativity.

“[InnoMark] will not only help define the best practice in innovation but provide a platform through which companies could showcase the results of their innovation,” Ng said.

Organized annually by Enterprise Asia, the IIA is among the most coveted global awards for innovation and aims to recognize the best innovations in the categories of product, service and solution, and organization and culture.

This year’s panel of judges includes Martin Daffner, founder of Innobrix, Prof. Nadia Thalmann of Nanyang Technological University, Prof. Natcha Thawesaengskulthai of Chulalongkorn University, Makoto Shibata of FINOLAB, The FinTech Center of Tokyo, and Anna Simpson of Flux Compass.

A representative of Tan Hoang Minh Group said the award recipients are the trailblazers of the world.

Beyond the obvious commercial value, their innovations offer what would power the world forward, individually and collectively.

“We hope that more companies and organizations would realize that constant innovation is not a luxury, but a necessity," the representative said.

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