Business idea competition to promote innovators and entrepreneurs
Bhutan Innovation and Technology Centre, Thimphu TechPark, in collaboration with Entrepreneurship and Self Employment Division of the department of employment under the ministry of Labour and Human Resources has conducted the nationwide ‘Business Idea Competition of Bhutan’ with the theme ‘Innovative Business Idea’. The prize award ceremony was held last Monday at Thimphu TechPark, Babesa.
The business idea such as power of idea in India has proven to be an effective in promoting innovation. Coinciding of such success business in other part of the country, Bhutan has started conducting business idea competition in 2012 with the support of Department of IT and Telecom, Ministry of Information and Communication (MoIC) and World Bank, to encourage and promote innovators and entrepreneurs to raise awareness on innovation and entrepreneurship in the country.
According to Ms. Sonam Choden, Operation Manager, BITC, Thimphu TechPark, Bhutan Innovation and Technology Centre received 76 entries in 2013 followed by 82 in 2014, 50 entries in 2015 and 126 entries in this year. Among which 42 entries are from ongoing student participants. The majorities’ participants are from Gedu College of Business Studies followed by Royal Thimphu College. 69 entries are into manufacturing and 57 of the entries are into services. They have received about 500 business ideas since 2012 where 30 of them have executed their business idea and they are running their business.
In the general category Ugyen Wangchuk and Tashi Phuntsho won the first price for their business idea on natural soaps in the business idea completion. They were awarded attractive prize of Nu.100, 000 for their innovation. “We have decided to submit our business proposal in the last minute and we never expected to win. We have started our business plan in 2013. But we couldn’t start manufacturing as there was no budget. However, we started supplying the natural soaps from 16th of January 2016”. Ugyenn Wangchuk said.
The second prize was awarded to two business ideas: grounded glass bricks and commercial green house with Nu. 25, 000 each and third award of Nu. 20, 000 was awarded to the business idea of LED bulb and advertising board. The free incubation support for six months will be given to three winners at Bhutan Innovation & Technology Centre (BITC), Thimphu TechPark.
In the student category Dhan Kumar from Gedu College of Business Studies took the first prizeof Nu. 30, 000 for his business idea of eco-waste solution followed by consolation price of Nu. 10, 000 each to Menjong Pasta and Bhutan Interlocking bricks from Royal Thimphu College. The seven other participants are awarded certificates and free incubation support for six months at Bhutan Innovation & Technology Centre (BITC). The remaining participants were also awarded certificate of their recognition. The winners were selected by the judges of representatives from Ministry of Labour and Human Resources, Loden Foundation, BITC and potential investors.
The secretary for Ministry of Information and Communication Dasho Kinley Dorji who was the chief guest at the ceremony encouraged the participants to innovate and create ideas for business. “I wished I am a great one civil servant, a government secretary retiring soon and I hope it is from the environment that is coming up. I feel that I am now able to promote myself to become a member of private sector”. Said the Secretary.
Ministry of Labour and Human Resources and Bhutan innovation and Technology Centre jointly organized the 5th nationwide business idea completion of Bhutan (BICOB) and will be an annual event.