Seven Business Ideas Win Cash Prizes At The Business Idea Competition Of Bhutan

To promote the development of knowledge-based enterprises in the country, four aspiring entrepreneurs and three entrepreneurs received cash prizes at the seventh Business Idea Competition of Bhutan (BICOB) in Thimphu on 11 May 2018.

The Thimphu TechPark in collaboration with the labour ministry and UNDP organised the BICOB.

Who are the winners?

Kinley Wangdi’s Green Vibes, a fresh juice bar company from the start-up category bagged the first prize of Nu 100,000.

Zigyal Tshering, Rohit Upreti and Tshewang Rinzin’s One click Shop, an electronic shopping mart from the idea category bagged the first place with a cash prize of Nu 50, 000.

Happy Pack Lunch Delivery Service, by a group of students from the Rangjung Central School, bagged the special prize of Nu 25, 000.

Thimphu TechPark’s chief executive officer, Tshering Cigay Dorji (PhD) said that as Bhutan prepares to diversify its economy and focus on entrepreneurship, it is only fitting that all Bhutanese realise the need to strengthen its economy as one of the means to strengthen sovereignty.

“If your idea does not win a prize today, it does not imply that the idea is inferior. A business idea’s real worth lies in the successful execution and not in the idea itself. Therefore, real winners will be those who execute their ideas successfully.”

He said that prizes and certificates are only encouragement for executing the entrepreneurs’ ideas.

About the Business Idea Competition

More than 30 business ideas submitted to the BICOB since 2012 are under various stages of execution, he said.

Of the 14 entries for the start-up category and 125 entries for the idea stage category, 10 were shortlisted for the start-up category and 20 for the idea stage category.

The Start-up category includes those businesses which are already in the market but have a business license not older than a year, and the idea stage category is for those business ideas that are yet to be executed.

The judges interviewed the shortlisted entries. Based on the scores the ideas and start-ups received, the winners were selected.

It was learnt that the organising team had also visited some schools to raise awareness about the competition.

One of the members of the One Click Shop, Rohit Upreti, said that it is the right time for entrepreneurship in the country.

Importance of entrepreneurship for Bhutan

“In the past, jobs were generated only through the government, whereas today, we have the chance and the time to work towards creating businesses.”

He said that the team is working on turning their ideas into a start-up.

This year, a special prize of Nu 25,000 was reserved for the best entry for students to raise awareness about entrepreneurship among high school students. About six entries were registered in the category.

The BICOB aims to promote innovation in order to provide gainful employment for Bhutanese youth and to encourage inclusive growth. It also strives to lay a stronger foundation for the Bhutanese economy.

The shortlisted entries would be provided free incubation space in the Bhutan Innovation and Technology Centre along with a boost camp to enhance their knowledge on business development.