NEW OPPORTUNITIES FOR LOCAL SMES

Some of the initiatives undertaken by the BEDB to support local SMEs include:

• A Business Park at Anggerek Desa

The BEDB is developing a Business Park at Anggerek Desa, located just 5 minutes from Brunei International Airport. The Business Park will be developed in phases and will comprise the following:

iCentre
iCentre is the first Info-Communication Technology incubator in Brunei Darussalam, focused on nurturing successful technopreneurs through its comprehensive and effective incubation programme. Aside from its incubation programme, the iCentre also provides mentorship and networking programmes for local ICT companies.

iCentre incubatees have developed a range of applications  including mobile phone content and software, radio frequency identification applications (RFID), as well as software and portal development. A number of these companies, such as Mimit Melody Solution, Rafiqun WDSI, and Expansys Technologies have successfully launched their products and software into foreign markets.

The iCentre is a project spearheaded by the Brunei Economic Development Board. For more information please visit www.icentre.biz

Knowledge Hub
The Knowledge Hub, a Research and Development centre, is a new seven storey energy-efficient Green building located next to iCentre, which is set to begin operations in early 2010. It will house a Modelling & Simulation Centre, a Research and Development Lab, an ICT Leadership and Management training academy as well as the SME Opportunity Centre.

Opportunity Centre
The Opportunity Centre is a one-stop centre which will provide advisory services to guide local businesses. The purpose of the centre is to improve the ease of doing business in Brunei and facilitate SME development by providing key business information such as SME databases, market research & studies, industry information and trade statistic reports, as well as legal advice and guidance in the business start up processes.

• Buy Brunei Portal

The Buy Brunei Portal is the nation’s first online business facilitation and marketing platform that will enable Brunei businesses to promote their products and services both locally and internationally, as well as facilitate business to business (B2B) and business to consumer (B2C) transactions.

This portal will enable Brunei businesses who subscribe to this portal to expand buying and selling opportunities, and to promote business matching and partnership opportunities internationally. It is intended to be an important step towards introducing Brunei businesses and products to the international marketplace.

The first version of the portal is expected to be ready by March 2010.

• Accel-X Venture Capital Fund

Accel-X Pte Ltd, is a venture capital fund that invests into early stage technology companies that are highly scalable. Lead by Mr Edmund Yong, Accel-X brings with them more than 20 years of investment and portfolio management experience. The fund helps young technology firms to finance their expansion into viable markets, provides further value-add via hands-on mentoring and injection of operational capabilities..

For more information, please visit iCentre Venture Funding page.

• Entrepreneurship Development

Towards facilitating entrepreneurship development, the BEDB is formulating a number of programmes specifically targeted at women and youth.  The programmes will aim to upgrade their business skills, and provide support services, business networking, infrastructure and facilities.

Youth Development Resources (YDR)
The YDR is a non-profit organisation, set up by the BEDB mid 2008. The objective of the YDR is to help young people in Brunei to become successful men and women, be it as employees or as entrepreneurs.  Programmes run by YDR include the Youth Skills Development Program, a public private partnership between YDR, Ministry of Culture, Youth & Sports, and Alcoa Inc; the Product Development Program, a partnership between YDR, Village Consultative Council of Kampong Lumut 1 and Petroleum Geo Services; and the Business Development Program, a partnership between YDR and the Bank Islam Brunei Darussalam (BIBD).

YDR Grant Scheme
The YDR Grants given to the participants are not monetary, but are in the form of equipment disbursement.  Students are required to write a simple business plan, and provide a list of equipment they would like to receive in order to start their business. Once the BEDB has disbursed the equipment to the grant recipients, a close and periodic review of their business will be conducted.

WHY FOCUS ON LOCAL BUSINESS DEVELOPMENT?

Brunei Darussalam’s private sector currently comprises a handful of corporations and many small and medium sized businesses. In order to strengthen its private sector, Brunei has recognized the need to enhance competitiveness and enable local entrepreneurs to achieve leadership in business by increasing opportunities for local small and medium enterprises.

Through its newly established Local Business Development Division, the BEDB plans to create opportunities for local businesses through the effective implementation of SME initiatives and programmes while promoting a business friendly environment.

BRUNEI DARUSSALAM’S COMMITMENT TO LOCAL BUSINESS DEVELOPMENT

Vision 2035, Brunei’s plan for long term development, contains a local business development strategy targeted at building greater competitive strength to enhance opportunities for local SMEs by:

• Introducing well-designed and well-funded programmes and more effective ways of financing local enterprises to help local SMEs and entrepreneurs gain business skills and become more competitive
• Developing incubation centres to assist and promote local SMEs and entrepreneurs in areas such as ICT
• Maximising the indirect benefits of foreign direct investments for local SMEs and entrepreneurs
• Encouraging the use of local products, local suppliers and contractors by major businesses and industries
• Privatising, commercialising and outsourcing of government services as a way of expanding opportunities for local SMEs and entrepreneurs
• Ensuring prompt government decisions and payment to local contractors and suppliers