Sustainable, innovative business key to future growth

While companies must be innovative in order to thrive amid the fourth industrial revolution, they should initially start with small investments to build a sustainable business model, speakers said at a daylong summit held yesterday.

"Innovation comes from the ability to be nimble. But for an innovative business model, the company should start with a small amount of investment to ensure its sustainability," said Sabbir Hasan Nasir, executive director of ACI Logistics Limited (Shwapno).

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Innovation usually requires fresh investment. So, if the investment is a huge amount that exceeds $1 million, it becomes difficult to handle the business at first, he added.

Citing how Shwapno began its journey to become one of the most popular super shops in Bangladesh in much the same way, Nasir said businesses should go for broader moves only after receiving a good return from the initial investment.

Nasir made these remarks while speaking at a panel discussion on "CEO's Perspective: Creating and Fostering an Innovative Culture" at the Le Méridien hotel in Dhaka. The event was organised on the sidelines of the Bangladesh Business Innovation Summit 2023.

The summit is an initiative of the Bangladesh Innovation Conclave organised by the Bangladesh Brand Forum in association with The Daily Star and Aspire to Innovate (a2i).

"As a CEO, one needs to understand the structure of a company and the overall marketplace. For innovation, the company needs to concentrate on increasing its production capacity," said Asif Iqbal, group chief executive officer of Hamid Group.

"Innovation has to be focused on the overall organisational perspective. Broader innovation can only be fruitful by bringing technological advancement," he added.

Khondoker Tasfin Alam, chief operating officer of Daraz Bangladesh, moderated the discussion, while Asif Ashraf, managing director of Urmi group, and Syed Mahbubur Rahman, managing director of Mutual Trust Bank, were present.

"Innovation drives every field of our economic and social lives. So, we have to develop an innovative mindset in every sector of the country to keep finding new areas for nurturing innovation," said Shariful Islam, founder of the Bangladesh Innovation Conclave. "It is a long process and so, we are here to commit for the long run."

Md Alamgir Kabir, chairman of GPH Ispat Limited, said innovation is the key for sustaining and developing industries as well as the nation. "Now is the time to reflect on our progress and strategies that will shape our future," he added.

The summit was followed by the Bangladesh Business Innovation Award 2023, which recognised 49 individuals, startups and established companies for their breakthrough creations and ideas.