Paving the Path to Commercial Vibrancy

Bhutan, often referred to as the “Land of the Thunder Dragon,” is a country renowned for its stunning landscapes, rich culture, and unique development philosophy centred around Gross National Happiness. As the world undergoes rapid technological and economic transformations, Bhutan has recognised the importance of fostering an entrepreneurial ecosystem to drive sustainable economic growth and promote innovation. While the entrepreneurial environment has made significant strides, there remain many areas of improvement that need attention before Bhutan can match the commercial vibrancy of global hubs like Vietnam and the Bay Area in San Francisco.

Let’s discuss the current Entrepreneurial Landscape in Bhutan

While Bhutan has made commendable efforts in recent years to cultivate an environment conducive to entrepreneurship. The government has introduced policies and initiatives to support startups, such as the Bhutan Innovation and Technology Centre (BITC) and the Bhutan Innovation and Technology Foundation (BITF). These institutions provide incubation, mentorship, and funding to aspiring entrepreneurs, enabling them to transform their ideas into viable businesses. In fact, Gedu College of Business Studies has also partnered with Loden Foundation in efforts to grow and foster entrepreneurship among the different colleges across Bhutan. 

Additionally, Bhutan’s commitment to sustainability aligns well with the global shift towards eco-friendly practices. This unique positioning allows the country to leverage its abundant natural resources and emphasize environmentally conscious entrepreneurship, attracting investors and consumers who value sustainability.

My recommendations for areas of improvement for the ecosystem in Bhutan are:

1. Access to Funding: While Bhutan has taken steps to provide funding through initiatives like BITF, access to capital remains a significant challenge for startups. Establishing more venture capital firms and angel investor networks can inject much-needed funds into promising ventures. Moreover, streamlined processes for obtaining loans and grants would empower entrepreneurs to confidently pursue their ideas.
   
2. Infrastructure Development: The physical and digital infrastructure forms the backbone of a thriving entrepreneurial ecosystem. Bhutan should invest in modern office spaces, research centres, and high-speed internet connectivity to facilitate collaboration and innovation. A robust digital infrastructure is particularly crucial for technology-driven startups.

3. Skilled Workforce: Developing a skilled workforce is vital for the growth of any entrepreneurial ecosystem. Bhutan needs to strengthen its education system to provide specialized training and courses in entrepreneurship, technology, and business management. By nurturing a pool of skilled professionals, the country can support diverse industries and attract foreign investment. Hence as part of the transformation plans. College of Science and Technology has appointed Mr Douglas Sim to create multiple paths to training and equipping the workforce with digital and programming skills. The launch of D101V, a software development house that is capable of providing software solutions to the global market. The launch of Mid-Cloud Studio, a creative digital market studio that provides cutting-edge digital solution to marketing and advertising needs.
   
4. Regulatory Environment: Streamlining regulatory processes and reducing bureaucratic hurdles are imperative for fostering a vibrant startup culture. A transparent and efficient regulatory framework can encourage entrepreneurs to take risks and experiment without the fear of excessive red tape.
   
5. Market Access and Internationalization: To emulate the success of global entrepreneurial hubs, Bhutanese startups must have access to larger markets beyond the country’s borders. The government should facilitate trade agreements and partnerships that enable entrepreneurs to explore international markets and forge collaborations with established players. Hence the encouragement that more logistic startups should be created to fill the need in the market.
   
6. Cultural Mindset Shift: Cultivating a culture that embraces risk-taking, failure, and innovation is essential. Bhutan’s society traditionally places a strong emphasis on stability and security, which can sometimes deter individuals from pursuing entrepreneurial endeavours. Efforts to change this mindset should include educational campaigns, public awareness initiatives, and success stories highlighting the benefits of entrepreneurship.
   
7. Networking and Collaboration: Building a strong network of entrepreneurs, mentors, and advisors is crucial for knowledge-sharing and support. Regular events, workshops, and networking opportunities can foster collaboration and provide startups with access to experienced guidance.

Bhutan’s journey towards becoming a commercially vibrant entrepreneurial hub akin to Vietnam or the Bay Area in San Francisco is a promising one. The nation’s unique cultural values, emphasis on sustainability, and commitment to Gross National Happiness provide a strong foundation for nurturing innovation and growth. By addressing the areas of improvement highlighted above, Bhutan can create an ecosystem that not only supports startups but also attracts global attention and investment. With the right policies, infrastructure, and mindset, Bhutan has the potential to transform into a dynamic and flourishing entrepreneurial hotspot, contributing to its overall development and well-being.

Question and Answer

1. “As a driving force behind the entrepreneurship ecosystem at Gedu College of Business Studies, could you highlight one or two standout success stories of student startups that have not only thrived within the college environment but also made a significant impact in the broader business landscape?” 

Firstly I would not dare say I am the driving force behind the entrepreneurial ecosystem. Before I started at GCBS, the spirit of entrepreneurship was already thriving. Many of our lecturers and professors are not only academically astute but they have always been supporting the spirit of entrepreneurship. That said, we still have a long way to go in growing the ecosystem. The idea of closely working with College of Science and Technology (CST) is to foster a stronger approach to technology startups. If I were to give one example, I recently heard one of our senior lecturer’s son who is also a student at GCBS, is starting a drop shipping service for the residents of Gedu! I find that truly inspiring. 

2. “In cultivating a culture of innovation and entrepreneurship, collaboration often plays a key role. Can you elaborate on any strategic partnerships or collaborations that the college has forged with industry leaders, startups, or other educational institutions to enrich the entrepreneurial experiences of your students?”

If you have been closely following our college social media pages. You would know that in the last 6 months. CST and GCBS have started the journey to form more twinning programs. We want our undergraduate students to have closer ties to the new technology trends that are coming along. Secondly, you would be able to see that the colleges is starting to form partnership with overseas reputable universities to allow students to have better opportunities in exchange programs. Thirdly, you would also able to see that the college have recently signed MOU(s) with local MNC and overseas startups to allow students to have more engagement and industry exposure. 

3. “Entrepreneurship is often associated with embracing risk and failure. How does Gedu College of Business Studies instil a resilient mindset in its aspiring entrepreneurs, encouraging them to learn from setbacks and continue pursuing their ventures with determination?”
Well, I think it is impossible to teach anyone how to have a resilient mindset. It is not a topic you teach through classes or lectures. However, I think it’s something that is cultivated through the environment, circumstances and more importantly challenges one faces. I think the new program offered by GCBS has been designed to be tougher and more rigorous. This will inculcate a strong and determined mindset. Also, I have always emphasized the importance of treating undergraduate students as adults. Hence across the 4 years that they are with us, many will learn the importance of leadership and how to manage. We believe that as long someone is responsible and accountable, this is the beginning of an entrepreneur who will be serious about their career, and their startup dreams and will work very hard to accomplish it. 

4. “The landscape of business and technology is rapidly evolving. How does the college ensure that its entrepreneurship programs and resources remain up-to-date and aligned with the latest industry trends, equipping students with the skills and knowledge needed to succeed in today’s competitive entrepreneurial landscape?”

Good question. Firstly, everyone should know I came from the commercial market. I was not an educator and I still do not view myself as an educator. Because of my experiences working in the commercial market and together with my colleagues in the College, we have designed our programs for our undergraduate bachelor program to be ready for the new business environment that might come in the future. For example, we recently launched a bachelor’s in business analytics, We believe that the banking sector will grow, and more financial markets may come to Bhutan as part of the special economic zone project in the future. 
5. “Measuring the impact of an entrepreneurship ecosystem can be challenging. Could you share some key performance indicators or success metrics that the college uses to assess the effectiveness of its entrepreneurship programs in preparing students for the dynamic challenges of starting and growing their businesses?”

The founding team’s capabilities in explaining the problem they are trying to solve. It must be short and precise. They must also be able to explain the problem to their friends, family members and to “uncles and aunties” in the community. If they are able to clearly articulate the problem, they will be guided by a clear principle.

Their ability to search for an innovative solution. I have seen many startups fail in expressing their solution and matching it correctly to the problem they are solving. If they are unable to explain the solution, they may have an understanding of the problem but not the solution.

Their ability to clearly state how much money/capital they would need to start their business/startup and what is the clear MVP (Minimum Viable Product) they are building towards. What are some of the clear KPI(s) they are hoping to achieve? If they are able to explain clearly what is the first objective and goals they want to achieve and how much capital is needed. This will state that they are serious and ready to face the many challenges ahead of them.