BEDB roadshow aimed at encouraging innovation and entrepreneurship
BANDAR SERI BEGAWAN: In its continuing effort to reach out to aspiring entrepreneurs and local SMEs, the Brunei Economic Development Board (BEDB) yesterday organised a roadshow to launch a guidebook called Assistance Schemes for Business Start-ups and SMEs.’, Borneo Bulletin reported.
Held at the Tutong Civic Centre, the daylong roadshow aimed at encouraging innovation and entrepreneurship, supporting local businesses, as well as building awareness on the importance of intellectual property
In his opening address, the guest of honour, Dato Paduka Awang Haji Ali bin Haji Apong, the Deputy Minister at the Prime Minister’s Office and Chairman of BEDB, noted the government of His Majesty the Sultan and Yang Di-Pertuan of Brunei Darussalam through various agencies have introduced assistance schemes, both financial and non-financial,, to promote innovative business start-ups, as well as to upgrade the capability and productivity of local SMEs to expand and grow domestically and internationally
In addition, the government provides competitive incentives and business friendly procedures to support SMEs, for example, the tax exemptions and tax credit under the Income Tax Act, Patent Act and Bankruptcy Act.
Dato Paduka Awang Haji Ali also emphasised that “local businesses need to make the necessary changes such as management change, be transparent, adopt proper corporate governance, carry out routine financial housekeeping, create differentiation in the product offering and strategy and be creative in order to be competitive and unique.
“Although most companies started as family businesses, at a certain stage, these companies must be ready to employ new talents and engage professionals to take the companies to new height and ensure longterm business sustainability.”
He also made references to the titah by His Majesty the Sultan and Yang Di-Pertuan of Brunei Darussalam at a Hari Raya Aidilfitri gathering organised by the Sultan Haji Hassanal Bolkiah Foundation and attended by some 1,500 SMEs last year, in which the monarch reminded SMEs not to neglect the valuable basic business ethics of honesty in managing and running a business. Without honesty and integrity, businesses are more liable to financial mismanagement that will ultimately lead to failure.
The guest of honour also launched a new guidebook called ‘Assistance Schemes for Business Start-ups and SMEs.’
The book, targetted at aspiring entrepreneurs and local SMEs, is a comprehensive guide to the various grants and loan schemes, equity funds and other tax incentives and non-financial schemes initiated by BEDB and other government agencies such as the Ministry of Industry and Primary Resources, Ministry of Finance, the Department of Economic Planning and Development and the Authority of Info-Communications Technology Industry (AiTi).
The roadshow showcased products by incubatees at the iCentre, and grant recipients under the Youth Skills Development Programme, Local Enterprise Applications and Products (LEAP) scheme.
Kg Tanjong Maya and Kg Ukong, both recipients of the Village Enterprise financial assistance scheme, as well as food companies under the BEDB’s internationalisation programme, and Promising Local Enterprise Development Scheme (PLEDS), also participated in the roadshow.