Technopreneurs Need Proper Funding To Ensure Success
By Azaraimy

Bandar Seri Begawan - Brunei Darussalam needs to provide special funding to create an environment where technology-based business ideas can flourish.

Technopreneurs said that it is difficult for them to expand as fast as they wanted to due to lack of funding. They added that in Brunei if one does not have the money to do it, then there is little chance of succeeding.

For example, in Malaysia, technoprenuers can turn to CREDO, which provides grant-like funding for those who have the "winning idea" but lack the money. It provides "seed funding" for high-tech projects if applicants can score a vote of confidence from CREDO.

Also, in the United States, there are around four million private individuals who have at least US$5 million and are willing to provide funding to those with great ideas.

In the words of Tengku Farith Rithauddeen, the Group CEO and Co-Founder of SKALI, "There should not be any fear of failing if we want to create innovative products or services."

In a brief interview with the Bulletin during the launching of the iCentre at Kg Anggerek Desa, he illustrated his point on how Thomas Elva Edison co-founded the light bulb. He said Edison had many unsuccessful attempts before he came up with the right way of making a light bulb work.

"Therefore, before a successful breakthrough, there are bound to be failures," Tengku Farith added.

Meanwhile, some of the incubatees at the iCentre said that the management were interested to explore ways in which they could provide funding for technoprenuers aside from just providing them with top-notch facilities and amenities.

The Ministry of Industry and Primary Resources recently said that it was "re-structuring" two SME funding options to accommodate even more opportunities.

However, it was not known if the "re-structuring" would include funding opportunities for technoprenuers, which would enable them to turn their ideas into reality.

While the newly established iCentre represents a brave and commendable venture, the consensus nowadays among technopreneurs is that it is difficult to get the right kind of funding for their innovative ideas.

Some said that because of the lack of funding, good business ideas either go slow or reach a dead end.

Tengku Farith said Brunei has people who like in other countries, have the capabilities to create innovative ideas, and the iCentre was a platform for these creative individuals to learn the trade of turning their ideas into a strong business undertaking.

He added that three components are needed to make the ecosystem work nicely i.e. the right physical infrastructure, right people and ready funding.

According to Tengku Farith, the iCentre plays a pivotal role in nurturing innovation and creativity. While the centre may not be on the same scale as those in developed countries, he considers it to be equivalent to Malaysia's Multimedia Supercorridor.

He suggested that venture capitalists could make funding available for good ideas.

The centre is managed by KR Consulting Pte Ltd, a business unit of NUS Enterprise. KR Consulting focuses on providing consultancy in the setting up of high-tech business incubation programmes in the region.

The success of the iCentre in propelling local high-tech ventures is commendable.

One of the incubatees, Mimit Melody Technology, which came from humble beginnings, is now a strong player in the provision of high-technology applications in the Sultanate.

Mimit Melody Technology recently received positive feedback from a Swedish company about one of their applications, "e-Muslim". Representatives from the Swedish company voiced their interest to use the idea in countries like Singapore and Europe.

A representative of Mimit Melody Technology considers the iCentre to be a "catalyst of making things happen", as it provides small high-teCh companies with training programmes and top-notch facilities such as 8Mbps Internet connectivity, security and meeting rooms. -- Courtesy of Borneo Bulletin

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