Business plan contest gives boost to Lao startups
Business plan contest gives boost to Lao startups
The Laos-Japan Human Resource Development Institute at the National University of Laos (NUOL) is organising a business plan contest next month in a bid to encourage young entrepreneurs to get creative.
“We hold this event at the institute twice a year, to help Lao entrepreneurs write business plans, especially those who want to start a business but don’t have a methodical plan,” an official in charge of the institute’s short-term business course, Ms Khamphoui Vilaysouk, told Vientiane Times recently.
She explained that the contest is a platform for Lao entrepreneurs to demonstrate their business skills and get some professional advice from experienced business instructors.
“Each year, about 20 to 30 people enter the contest. Many of them take part in the two-week long course prior to the contest, while some of them do not. In any case, everyone is accepted for the competition,” Ms Khamphoui said.
Selected contestants have an opportunity to participate in the regional business plan contest held in Cambodia as well as joining a study tour to Japan to observe model Japanese enterprises.
As part of the government’s effort to promote Small and Medium Enterprises (SMEs) and new startups in Laos, the recent inauguration of the SME Service Centre at the Lao National Chamber of Commerce and Industry is a significant step.
The Centre aims to provide advice and recommendations for business units, entrepreneurs and startups who wish to conduct a successful business in line with the guidelines of the Lao government and international standards.
The Lao National Chamber of Commerce and Industry says Small and Medium Enterprises account for 98 to 99 percent of all enterprises in Laos.
The promotion of startups in Laos is an essential factor in SME promotion more generally and will help to mitigate various issues.
The establishment of the Small and Medium Enterprises Service Centre represents a commitment by the government to guiding Lao SMEs to greater success.
As well as giving recommendations to business individuals, the Centre will offer assistance with foreign language skills for people who are keen to improve their language ability for better communication with their business partners.
“It has to be said that some SMEs in Laos do not have a good business plan, which puts them at a disadvantage when it comes to asking a bank for a loan so they have more capital to finance expansion,” Ms Khamphoui said.
