| Danial Norjidi |
DARE (Darussalam Enterprise) officially launched two new initiatives to further help local businesses start and run yesterday, namely the Startup Bootcamp and Microcredit Financing Scheme.
On hand to officiate the launch at the Design and Technology Building in Anggerek Desa yesterday was Pehin Datu Singamanteri Colonel (Rtd) Dato Seri Setia (Dr) Awang Haji Mohammad Yasmin bin Haji Umar, the Minister of Energy and Industry at the Prime Minister’s Office.
The Startup Bootcamp is the first initiative launched, and it is a platform for aspiring entrepreneurs and startups to gain knowledge on building a sustainable business for a period of 100 days.
The bootcamp, which has been running since September 27, is on its first cycle with a total of 65 registered participants, making up 23 teams who meet every Tuesday evening.
At the end of the 100 days, there will be a Demo Day where selected startups and businesses will pitch to investors from within Brunei Darussalam and from overseas.
The second initiative launched is the Microcredit Financing Scheme, which offers microcredit facility amounting up to $15,000 with a repayment period of up to 36 months.
Those eligible for the scheme are micro businesses and startups. The participating bank for this scheme is Bank Islam Brunei Darussalam (BIBD).
In a speech yesterday, the minister said, “In response to the requests of entrepreneurs in this country and the government’s commitment to continue to support economic growth as an enabler, DARE tonight will introduce two new initiatives – the Startup Bootcamp and Microcredit Financing Scheme for local entrepreneurs.”
“The Startup Bootcamp Programme is intended to accelerate the entrepreneurs attainment of knowledge in building a company that is competitive and hands-on experience in introducing and implementing innovative products and services.”
Meanwhile, the Microcredit Financing Scheme with BIBD, he said, is for local enterprises that have a viable business plan in which the loan can be used as a capital injection of doing business up to $15,000, for 100 MSMEs (micro, small and medium enterprises).
Pehin Datu Singamanteri Colonel (Rtd) Dato Seri Setia (Dr) Awang Haji Mohammad Yasmin bin Haji Umar, the Minister of Energy and Industry at the Prime Minister’s Office speaking during the event. – PHOTOS: DEAN KASSIM
Soon Loo, the Chief Executive Officer of DARE, speaking during the event.
During one of the pitching sessions by a participant of the Startup Bootcamp and Microcredit Financing Scheme.
Some of the attendees during the event.
The minister expressed his appreciation to BIBD for their cooperation in setting up the Microcredit Financing Scheme.
“This is an example of the positive effort from local banks to help and develop MSMEs in this country.”
Concluding his speech, the minister said, “Insya Allah, it is hoped that these initiatives will have a positive impact on the MSME landscape in this country.”
Speaking to reporters after the launch, the minister said, “This bootcamp will really teach our MSMEs how to do business properly, how to be efficient in business and how not to be ‘one year businessmen’. This bootcamp will give a very good building block for our MSMEs.”
“This is what is missing in our MSMEs. At the end of the day, the most important thing is we need to really take care of the MSMEs.”
He noted that there are many people unemployed in Brunei, including graduates, and highlighted that many of them have gone on to set up their own businesses, selling various products and services.
“They are doing this business and they are doing it well, and we need to have all these people to make sure they can sustain.”
On the uniqueness of the Startup Bootcamp, he said, “This is more organised and covers the very basics of business. This is aimed at startups. So even if you have very little knowledge on business, this will give you the opportunity to expose you to what business is all about.”
On the Microcredit Financing Scheme, he said, “Every finance scheme in Brunei, every time the first thing they ask for is your collateral. For the first time, your collateral is a viable business plan. This is why it is important. It is geared to our startups.”
This, he explained, is there the Startup Bootcamp and Microcredit Financing Scheme can complement each other.
“The 100-day Bootcamp will work hard to make sure their business plan is viable,” he said.
“We are not only mentoring them, we are actually giving them what the reality of doing business is all about.”
The launch event concluded with a pitching session in which several participants of the Startup Bootcamp got to showcase the pitching skills that they have learned over the past few weeks since the programme started.
The participants for this pitching session were from three companies: Cerebral Network Technologies, Zeneco Solutions and Al-Huffaz Management.
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