Universiti Brunei Darussalam (UBD) on Monday celebrated the spirit of innovation and entrepreneurship at its annual UBD Incubation Festival, INCUFEST 2024. Organised by the Industry Engagement and Enterprise Development (IEED) Office, the four-day event showcased over 45 student projects, underscoring UBD’s dedication to fostering industry partnerships and innovation in alignment with Brunei Vision 2035.
Themed “A Celebration of Ideas and Innovation,” INCUFEST 2024 brought together students, industry leaders, and government officials, with prominent projects addressing needs in tourism, supply chain management, cybersecurity, and environmental sustainability. Notable projects included the Go Travel App in tourism technology, Hyper Chain in supply chain management, and Smart Fresh in environmental innovation.
In his opening speech, Guest of Honour Director of the Business Ecosystem and Industry Division at the Ministry of Finance and Economy Allen On, highlighted the significance of platforms like INCUFEST in Brunei’s economic diversification efforts. “IncuFest 2024 brings together students, researchers, and industry professionals to address industry challenges and foster valuable collaborations. These projects play a critical role in our efforts to diversify Brunei’s economy away from dependence on oil and gas,” he remarked.
He further outlined Brunei’s economic progress, citing recent Q4 2023 figures from the Department of Economic Planning and Statistics. Brunei recorded a 6.8 per cent GDP growth, with a 3.1 per cent increase in the non-oil sector, contributing 53 per cent of the total GDP. On encouraged students to capitalise on these growth areas, noting that the non-oil sector has created new opportunities in areas like air transport, finance, and downstream industries.
Assistant Vice Chancellor of UBD Dr Masairol Haji Masri, emphasised the pivotal role of entrepreneurship in Brunei’s future, noting, “At UBD, we are committed to nurturing an entrepreneurial spirit that aligns with our national goals. This festival not only highlights the creativity of our students but also fosters critical partnerships with industry stakeholders.”
IEED representatives expressed pride in the festival’s success, highlighting that INCUFEST exemplifies UBD’s mission to cultivate future innovators and bridge academia with industry. This year’s festival introduced a Business Spectrum Session with topics such as sustainable entrepreneurship, tech innovation, and influencer marketing, featuring prominent industry figures to equip participants for success in today’s business landscape.
The event also spotlighted six finalists for the Reach Pitch Day Competition, underscoring UBD students’ capacity to tackle real-world challenges with innovative solutions. Additionally, UBD’s incubation program has garnered regional recognition, now affiliated with the Babson Collaborative for Entrepreneurship Education, which opens new doors for collaboration with prestigious institutions like Babson College.
INCUFEST 2024 set a new benchmark for innovation festivals, further establishing UBD as a leader in entrepreneurship education within the ASEAN region. – FADLEY FAISAL
