BANDAR SERI BEGAWAN

THE iCentre’s ThinkBig Business Plan Competition has turned out to be a good preparation for participants who aim to penetrate markets beyond Brunei Darussalam, one of the winners said recently.

Rushdi Dato Hj Ibrahim, managing director of Mimit E-Technology, joint grand prize winner of this year’s ThinkBig Business Plan competition, said that the competition is a roadmap for its participants to go outside of the Sultanate.

“Last year, my proposal was not good enough because it did not have (the potential to make) an impact on the global world market. With ThinkBig, you have to think not only about Brunei but the market outside of it as well,” he said.

Rushdi explained while the competition trains one to develop a good business plan, it also trains the participants to do research and forecasts well.

“Your cashflow cannot only be optimistic. You have to be pessimistic. You must be prepared for the worst and not only the best scenario,” he said.

He added that the competition also allows participants to improve their presentation skills, which is of utmost importance when pitching an idea to foreign investors.

“I have seen people slaughtered live when pitching their ideas during my past visit (to the Silicon Valley, United States of America), so this is a good preparation for them,” said the managing director.

He explained that this year’s competition was a prime example of such preparation.

“Everyone had a hard time trying to convince the judges of our business plans during the finals. They were asking a lot of questions and this trains us to be prepared,” said Rushdi before urging local businessmen to change the infamous last-minute attitude that Bruneians have.

“If you have a plan or an idea, write it down on a piece of paper as a bullet point immediately because you never know if it will work,” he said.

“It is like what Thomas Edison said… He had one thousand ways of creating a lightbulb but only one will make it work,” added the managing director.

The ThinkBig competition, an initiative of the Brunei Economic Development Board (BEDB) and supported by the Asia Inc Forum, is a competition held to motivate local entrepreneurs to realise their ideas in the field of information and communications technology (ICT) with the opportunity to develop their business ideas and enhance their creativity.

It also provides a platform for identifying, nurturing and showcasing entrepreneurial talents in Brunei while providing them access to global resources and the entrepreneurial process through various workshops and mentoring conducted throughout the competition.

This year’s competition attracted 50 projects consisting of 28 ICT Business Plan, 5 ICT Islamic Application and 17 college and university students.

The Brunei Times

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