Darussalam Enterprise (DARe) has launched the second cohort of its Elevate programme, aiming to help its 10 participants grow their businesses by developing a five-year strategic roadmap with dedicated monitoring and support.
The Elevate programme falls within DARe’s ecosystem of initiatives which helps develop businesses at different stages of their life cycle; and is designed specifically to cater to businesses that are moving beyond the early-stage of their journey and have recorded six figures in annual revenue.
During the virtual launch ceremony on March 9, 2022, DARe CEO Javed Ahmad said Elevate’s programme framework has been jointly created with international business development experts to ensure participants have the tools to succeed not only locally, but abroad as well.
“The COVID-19 pandemic presents new challenges to businesses looking to survive, and yet it also provides opportunities to reflect and pivot on existing business strategies to adjust to the new normal,” said Javed.
“We believe that Elevate is more relevant than ever, and we hope it will give businesses the boost and guidance to add more value and innovation to their products and services, opening up a world of exciting new opportunities.”
While the first cohort of Elevate from 2020 focused on businesses operating within the food and beverage (F&B) industry, the second cohort encompasses businesses from a wider range of sectors who have the potential for overseas expansion and the capability to reduce the country’s reliance on imports. These include businesses in manufacturing, fashion, professional services, and F&B.
The five-year Elevate programme begins with a comprehensive review of the core areas of a business’ operations.
This review is conducted over a period of six months, after which the business will be able to effectively develop a five-year strategic roadmap for their expansion, with DARe providing tailored assistance to help businesses resolve their issues and act on emerging opportunities along the way.
In executing their strategic roadmap, businesses will have biannual check-ins with DARe and will be assigned dedicated business relationship managers, who they can routinely engage with over different aspects of their businesses.
Within the five-year programme, Elevate will also help participants expand their access and develop their capabilities in marketing, financing, internationalisation, technology, and innovation.
Businesses progressing within the DARe ecosystem
The participants of the second cohort shared that they hope the programme will be able to help them be robust yet adaptive as they navigate an ever changing economic landscape.
“Our experiences at Kontena Park really help solidify our belief that we could be a profitable, full-time business in a commercial space,” said Moisjito co-founder Sheikh Muhd Aiman Hj Sheikh Mohd.
Moistjito’s annual revenue increased more than tenfold after their year-long tenancy at Kontena Park, with the youth-led business now selling their Mexican-fusion food and mocktails in Mulaut.
“Now with Elevate we are looking forward to being able to receive guidance from DARe in creating a sustainable plan for our long-term future,” added Sheikh Muhd Aiman.
Tasanne looks to use the Elevate programme to increase sales of their signature Seria Kway Teow through smaller, chain-styled outlets, as well as through direct sales of their fresh noodles from their factory.
“The Kontena Park experience proved that we could expand from our original, more kopitiam-styled shop in Menglait into a more fast food-based concept,” said Tasanne manager Jia Chee.
“Through Elevate, we want to be able to see how we can try this concept at more locations, while also improving the competitiveness of our fresh noodles that are sold directly to shops.”
The other participants in Elevate’s second cohort are: Nasta’een Restaurant & Catering, Ori Enterprise, Ricebowl Restaurant & Catering, Perusahaan Bebola Emas, NuHaus Enterprise, Sabli Beverages, Two Sons Coffee and Al Hayaah Enterprise.
Businesses interested in learning more about Elevate or participating in future cohorts can visit dare.gov.bn/elevate or contact email@example.com.