The iBEST Success Story
“You can do whatever you want to do,” to a whole new level. With unwavering determination and a dash of stubbornness, Sonam Rinchen, the co-founder and CEO of iBEST has turned these words into a real-life saga of entrepreneurial grit. “But remember, things are not going to be easy. You may have to believe in your dreams and go forward and write an inspiring story.
iBEST, the brainchild of Sonam Rinchen and Tharchen, was founded in 2014. It began as a humble two-person venture with a vision to transform the “Ideas of Generation” into something lucrative. But little did they know that their journey would take them from a zero-bank balance to million-dollar company status.
Sonam Rinchen is the kind of guy who believes that the path to success is paved with equal parts perseverance, creativity, and unwavering determination – and let’s not forget a generous helping of stubbornness. Along this tumultuous journey, they encountered countless challenges and obstacles that would have made most throw in the towel. But Sonam, driven by an unwavering faith in his company’s potential, was not one to back down.
“In the year 2014, as I embarked on my entrepreneurial journey, the decision I made sent shockwaves through my family, particularly my parents. Leaving behind the comfort and security of a corporate job to pursue this path raised eyebrows, and understandably so. Everyone around me questioned, “How are you going to make it work?” Sonam shared.
Reflecting on his own decision, he shared, “I couldn’t help but ask myself the same question: “How am I going to do this?” You see, I hailed from a remote village in Lhuntse, a place where opportunities were scarce. Adding to the challenge, I had lost my father at the tender age of three, and it was my resilient mother who single-handedly raised me. Moreover, I didn’t come from a family with a business background.”
He said that one of the most formidable obstacles we encountered was the lack of access to financial support. “With no collateral to offer the banks, our proposals were met with closed doors and curt rejections from financial institutions. It was a trying and disheartening time for us, as we watched our dreams appear to slip further out of reach.”
“But despite the overwhelming challenges and setbacks, we didn’t waver in our determination. Deep down, I held an unwavering belief that we would achieve our goals. The journey may have been arduous, and the odds stacked against us, but we continued to move forward with resilience, driven by our dreams and the conviction that we could overcome the obstacles in our path,” he said.
Their initial venture was a business consulting firm, and Sonam recalls those days as a survival game where he was constantly juggling between taxi fare and house rent. Bank balances dwindled faster and the thought of returning to the safety of a conventional job crept into Sonam’s mind. However, the tenacity of his partner, Tharchen, kept the flames of determination alive.
“Strategies were reevaluated, and four young, enthusiastic graduates were brought on board. The team began burning the midnight oil, working 16-18 hours daily, even sacrificing their weekends for the cause,” he said, adding that the sweat, tears, and sleepless nights eventually paid off as iBEST established itself as a prominent consultancy in town.
But the journey was far from over. iBEST faced numerous setbacks before it could launch its training institute, its second venture, funded by its meager savings. The taste of success here fueled their aspirations. Instead of indulging in personal luxuries, they reinvested in their business and expanded into providing training in animation, art, design, editing, and graphics to the younger generation, turning the page to a new chapter in their entrepreneurial spirit.
And then came – a multimedia studio and the ambitious project “A Legend of Pemi Tshewang Tashi,” Bhutan’s pioneering 2D animation film. “It took three arduous years and cost around 15 million Ngultrum, a journey fraught with challenges that would make even the bravest entrepreneur question their life choices,” he said, but for Sonam, setbacks were merely stepping stones to success, and quitting was not an option.
He added that the pandemic brought a new set of obstacles for the private sector, but with the Ministry of Education’s support, iBEST produced 500 lessons for Bhutanese students. “I feel so proud that our company has contributed immensely to bringing art and animation to the limelight,” Sonam said, displaying the unwavering spirit that has fueled their journey.
iBEST is now gearing up for the launch of Bhutan’s first learning platform, a testament to their relentless pursuit of turning dreams into dollars. Sonam also shared that the next iBEST is launching Bhutan’s first learning platform.
“While the road to success may be paved with motivational quotes, it’s also full of potholes, detours, and the occasional existential crisis. But for those who dare to dream big and navigate the chaos, the journey is a parody-worthy adventure worth telling – a testament that sometimes, in the world of entrepreneurship, delusion mixed with determination can create something extraordinary,” he explained.
By Tendrel Zangmo
