Innovation key to success in business: VC

KOTA KINABALU: Entrepreneurs who want to be successful must be innovative to ensure the success of their companies."Innovation is an important element in the world of business," said Universiti Malaysia Sabah (UMS) Vice Chancellor Datuk Dr Mohd Harun Abdullah.

According to him, entrepreneurs would usually compete with one another in terms of the innovation of their products, processes and others.

Harun said this in his speech delivered by UMS Deputy Vice Chancellor (Academic and International), Dr Shariff Abd Kadir Shariff Omong Al-Haj, during the launching of the Entrepreneurial and Innovation UMS Convention at the university's Recital Hall, here, Tuesday.

He explained that entrepreneurship and innovation have always been known as the source of wealth as well as its capability to boost the nation's economy and competitiveness.

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"When the nation's economy improves, the unemployment rate will definitely decrease with higher job opportunities through business activities as well as innovation," he said.

The Government, he said, currently focuses on creating a progressive, scientifically successful and innovative community by the year 2020.

"The Government has introduced several initiatives and programmes which include the New Economic Model (NEM) that was launched in 2010 to transform the nation's economy into a higher income economy and double the nation's income per capita to US$15,000 or RM49,500.

In relation to this, the university, Harun said, supports the Government's effort in achieving their objectives through the building of their Entrepreneurship Research and Development Centre (Erdec).

He said the centre would frequently hold various activities such as seminars, workshops as well as entrepreneurship and innovation courses.

"These programmes will attract more students and train them to indulge in businesses upon their completion of studies," he added.

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On the convention, Harun said it was held for the first time and there will be a Students Innovation Competition whereby students of various fields from different faculties will come together to compete for the most innovative products and services.

"This is appropriate with the university's effort to instil entrepreneurship and an innovative culture among the students besides increasing collaborations with the industries through our innovative research products," he said.

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