This paper explores the value that ethnography brings to business. It uses the idea of examining the impact and value contribution of the ethnographic praxis within the innovation process and corporate culture. To specify the business impact, it highlights a framework for understanding the value that ethnography brings to a business context. Based on the ethnographic value contribution analysis of different projects and meetings conducted with our clients and with various participating stakeholders, we propose a broader framework and performance indicators for identifying and showing the ethnographic impact regarding business value. Finally, we offer reflections on the value of ethnography contribution as a growing and evolving path.