| Ishan Ibrahim |
AROUND 140 delegates representing business, government and the for-purpose sectors from Brunei and abroad came together yesterday, for the 2017 Local Business Development (LBD) Forum at the Radisson Hotel, under the theme ‘Finding Opportunity in Challenging Times’.
Dr Yang Amat Mulia Pengiran Muda ‘Abdul Fattaah was also present at the LBD Forum.
The assembly began with opening remarks from Dato Timothy Ong, the Forum Convener; and Pierre Imhof, the CEO of Baiduri Bank as a major partner of the event.
This was followed by a talk by Javed Ahmad, the CEO of DARe (Darussalam Enterprise), with Dato Timothy Ong as the moderator.
The issues discussed focussed primarily on the current business climate, particularly the state of small and medium enterprises (SMEs) in Brunei.
Javed Ahmed also talked about market opportunities for SMEs, and the challenges faced by businesses in the ever-changing global economical climate.
He added that SMEs have the potential to develop further beyond their present markets, if the operators have the capacity to boost their skills and knowledge to become more competitive in both the local arena and abroad.
The day progressed with discussions on key aspects of leading and managing local enterprises to increase their chances of survival, in addition to insights and practical advice on how to build business momentum and sustain it.
A discussion on Blue Ocean Strategy was led by Raj Kumar, one of the region’s foremost minds on the subject and the CEO of UCSI Blue Ocean Strategy Consulting at the Blue Ocean Strategy Institute in Malaysia. The talk was moderated by Reuben Chin, of Toastmasters International.
The term ‘Blue Oceans’ signifies the wider and deeper potential of a market which is untainted by competition.
The discussion focussed on the concept that opportunity exists for rapid and profitable growth in every market, where businesses create uncontested demand for products and services in a market space and where competition is practically non-existent or of no consequence.
This was followed by a panel discussion on new horizons for businesses led by young founders Sky Nokman of Sparkle with Shy, Vanessa Teo of Agrome IQ, and Aizzudin Fakhri of kadairuncit.com. The talk was moderated by Andrew Dy, the General Manager of Regional Programmes at Asia Inc Forum.
The session explored the inspiration behind new ideas and what it takes to bring them to reality in the Brunei marketplace, as well as the mindset that young entrepreneurs need to possess to overcome business challenges with limited resources and capital.
In the afternoon, the forum continued with a sharing of experiences session participated by seasoned local entrepreneurs with overseas ventures.
The discussion was led by Lily Chiam, the Founder of Expressions Music Academy; Edwin Solomon Khan, the Director and General Manager of KMST; Nicky Wong, the Executive Director of Gong Cha; and overseas guest speaker, Adrian Tan, a Lean Startup Coach based in Vietnam. The session was moderated by Siti Rozana binti Dato Paduka Haji Md Yunos, the Head of Corporate Services at BAG Networks.
The panel covered strategies for coping with business challenges, personal habits that contribute to success and viewpoints on navigating the Brunei economy to achieve scale.
A session on tapping alternative sources of funding followed, with a presentation by William Du, a financial advisor, founder and the CEO of Ingenious Haus Group, Malaysia; and a real-life story on crowd funding success by Brunei-based Lucy Bartlett of Bundle Beds. The session was moderated by Fatin binti Arifin, the Marketing Manager of bruneihalalfoods.
As funding remains a challenge, the session presented new avenues for a number of businesses – both established and emergent – to tap alternative sources of funding for new projects.
The LBD Forum concluded with a discussion on social entrepreneurship and the case for operating with a social purpose, led by Aliza Napartivaumnuay, the Co-founder of Socialgiver, Thailand; YB Khairunnisa binti Haji Ash’ari, the Founder of Green Brunei and a member of the Legislative Council; and Leslie Chiang, the Founder of Sumbiling Eco-Village. The session was moderated by Stuart Lee, the Principal Trainer of the Articulation Training Centre.
During the discussion, it was agreed that to achieve long-term success, business responsibility and addressing of social problems must form part of the leadership thinking and strategy.
The Brunei LBD Forum, now in its 11th year, supports the Brunei Government’s local business development and economic diversification strategies. It is convened by Asia Inc Forum, in collaboration with Baiduri Bank as a major partner, the Borneo Bulletin as a media partner and MMW as a creative partner.
The forum is also part of a two-day programme, which includes an LBD Workshop on Lean Startup Principles, which will take place today at the Radisson Hotel.
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