Innovation vital in developing enterprises

National 1 minute, 43 seconds

BRUNEI-MUARA

YOUNG entrepreneurs are the driving force behind successful ventures as they have the energy and dynamism to ensure their businesses stay afloat and survive through difficult times.

Minister of Industry and Primary Resources, Yang Berhormat Pehin Orang Kaya Seri Utama Dato Seri Setia Hj Yahya Begawan Mudim Dato Paduka Hj Bakar said young business owners are most likely to come up with innovative ideas, processes and products.

Speaking during a gala dinner and closing ceremony for the Commonwealth Asia Alliance of Young Entrepreneurs (CAAYE 2014) Summit held in Brunei since Monday, the minister said innovations are important to economic growth as without it, economies and societies “will stagnate or even degenerate”.

The business world is full of stories of failed innovations, he said, adding that turning an idea into an innovation requires an understanding of the markets.

“In one study, in Canada (I notice is not yet a member of CAAYE), found out that only seven per cent of new ideas or inventions or did actually reach the market; and out of this seven per cent, that did make it to the market, only 40 per cent made any money,” said YB Pehin Dato Hj Yahya.

The government, particularly the Ministry of Industry and Primary Resources (MIPR), recognises that innovations play an increasingly important role in entrepreneurial development.

This has encouraged the ministry to establish the Bio-Innovation Corridor (BIC) which is an initiative to develop an internationally renowned Halal-themed industrial park for the manufacturing of food products, health supplements, bio medicine products and cosmetics, he added.

BIC also accommodates research and innovative technology applications to support development of the Brunei Halal brand, said YB Pehin Dato Hj Yahya.

A recent Memorandum of Understanding between Brunei and the Guangxi-Zhuang Autonomous Region of China, is also expected to stimulate the development of both countries’ economies, he said.

The partnership will create investment opportunities in business sectors such as processed food products, pharmaceuticals, medicine, cosmetics, biotech research and healthcare.

The CAAYE Summit 2014, was officially closed last night at The Empire Hotel and Country Club in Jerudong.

The Brunei Times