Brunei's main source of new ideas
By Dr. Saad Al-Harran

Part 2

Once we create a new culture of reading and seeking knowledge in the society, then the main sources of new ideas should not be a problem.

The starting point is high schools, colleges, vocational training institutions and universities that require moving around these educational institutions, explaining to their principals and headmasters why new ideas are important to Brunei and how we can achieve that.

We should start from the Science College, Sultan Saiful Rijal Technical College, Jerudong International School and International School Brunei to name a few, to make students excited about the new programme and what they have to do for their country in order to build Brunei as a nation of new ideas and business enterprise.

Surely, such motivations and incentives will undoubtedly make students happy to submit their ideas in the form of business proposals to the principals and headmasters.

A new group of experienced professionals from outside these institutions will be assigned the responsibility to examine these ideas and if it is found financially viable then it goes for further processing.

We should encourage students to work collectively in different fields such as science and technology and bio-chemistry with others in strategic marketing. They will learn the skills of working together for noble projects and assisting their government in building knowledge based society and sharing their thoughts and ideas together.

Here we need to promote the concept "cooperate locally in order to succeed internationally". I believe students can provide valuable assets that assist the nation to progress internationally at the global arena.

Investing in New Business Ideas

Small businesses in Brunei requires intensive care and continued support from the government agencies such as the Ministry of Industry and Primary Resources and Brunei Economic Development Board (BEDB), who want to see this vital sector of the economy proactive in creating wealth to the nation even if it requires assistance from outside, that is the tertiary sector.

The current practices of businesses such as food and beverages, florist, gifts and garment manufacturing in the market place are something of concern that requires atten-tion by the policy makers as to where this sector is heading.

We are of the opinion the only way out for the government agencies to explore is the student potentials through new business ideas scheme that we proposed and venture capital endeavors. These new innovative initiatives should be considered as an alternative or supplement sources of intellectual capital that the policy markers need to address in the coming years.

Undoubtedly, students are the engine of economic development and the future business leaders, which are being confronted with various challenges and problems. They have to be given the opportunities and a conducive environment to excel because they are the main vehicle for change and hopes that the government should rely on to generate new intellectual wealth away from oil and gas industries.

The target groups are the schools mentioned above. These schools have been selected because of local and international outlook so they can work together.

Naturally, investment in human capital is a noble task that empowers students to excel. Often many have new ideas but have failed because of the lack of funds to start the business.

Therefore, there is an urgent need to set up Brunei Youth Venture Capital Company (BYVCC) that could provide the following services:

(1) In House Incubator

It provides students with access to superior resources, regular workshops focusing on start ups business, product development, market development teams and intellectual property protection.

(2) Access to the new business partners who might be interesting to finance the new innovation that student has developed. Such a new strategic alliance is vital to new partners. It is here where Musharakah (partnership) Islamic contract will be signed between the student, who provides the intellectual capital through the new innovation that he or she comes up with and business partner who provide the capital. Such a contract needs to be prepared by a lawyer who is specialised in intellectual property under the supervision of the principals and headmasters of the school that the student comes from. Student rights need to be protected as he or she will be business partner with the person who provides finance that could be government agencies or some body from the corporate sector.

(3) Opportunities for global media to write a story about the student innovation that comes from Brunei. No doubt, such motivation and incentives will encourage our students to innovate and put up new business proposals through working hard and understanding the concept of life that needs struggle in order to excel.

Finally, these gifted students of good ideas need to be given a special status in the country and financial rewards for their hard work and their new innovation because the nation depends on them. They are the new breed of youth entrepreneurs who create wealth and share it responsibly in the community.

(Concludes)

Courtesy of Borneo Bulletin