Experts propose Shark Tank to stimulate entrepreneurship in Bhutan
Thukten Zangpo
To foster entrepreneurship in the country, the experts at the recent Bhutan Innovation Forum suggested government-funded startups, incentives and financing, and setting up accelerators by banking on high-quality products and mindfulness to overcome the country’s small market, limited resources, and competition from cheap imports.
This was discussed during the three-day Bhutan Innovation Forum on the theme ‘Identifying new business opportunities in Bhutan’.
One of the speakers, the chief executive officer of THORNICO and Honorary Consul of Bhutan in Copenhagen, Christian Nicholas Stadil, proposed a government-funded programme akin to Denmark’s ‘Dragon’s Den’ to promote entrepreneurial ventures in the country.
He added that the government can also support entrepreneurs by creating accelerators across the country and working spaces to motivate start-ups.
He also highlighted the potential for synergy between tourism and startups, suggesting innovative products like mindfulness trekking tours, among others.
He pointed to Korea’s favourable conditions for entrepreneurs, including low interest rates and government support, as a model Bhutan could emulate to foster a more supportive business environment.
Despite the general aversion to failure in Korean culture, Christian Nicholas Stadil said that the government provides incentives for entrepreneurs. “Bhutan could implement similar incentive mechanisms to encourage entrepreneurship and investment.”
The chief operating officer of LetSequoia, Anna Inyoung Kim, drew parallels with Rwanda, which shares similar challenges as Bhutan. She recommended focusing on niche products, such as coffee, and enhancing branding to achieve higher market prices.
The chief executive officer of the Smooth-E, Sangsuk Pithayanukul, said that Bhutan has more business owners than entrepreneurs and called for creativity and innovation to be integrated into education from an early age.
He said that perhaps Bhutan should position itself as a premium destination focused on mindfulness, wellness, and community experiences.
“We have to add an entrepreneurial mindset and spirit to farmers. Then they start to have creativity and innovation,” Sangsuk Pithayanukul said.
The co-founder and chief operating officer of Adore Me, Romain Liot, highlighted the importance of infrastructure, legal frameworks, and marketing strategies in addition to environmental sustainability. He said that attracting and supporting entrepreneurs is essential for scaling Bhutan’s tourism industry and ensuring its long-term viability.