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‘Entrepreneurship is lifeblood of any economy’

Published : Tuesday, 2 January, 2024 at 12:00 AM  Count : 307
Economic unit chief at the US Embassy Dhaka Joseph Giblin has said entrepreneurship is the link between prosperity for the nation and prosperity for the individual.

"Entrepreneurship is essential to the lifeblood of any economy. Once there is a reliable link between innovation and personal prosperity, innovators go to work to make the world a little better," he said speaking at a workshop held at the EMK Center, Dhaka recently.

One hundred young people from 64 districts joined the daylong workshop.

Giblin said many think of innovations as huge steps forward, like the electric light bulb, the modern engine, or the airplane, but there are infinite ways to innovate in this world, including the clothes that we wear and the food that we eat.
 
"Innovation can help us in literally every aspect of our lives. In this way, all who live in a free market get the best products for the best prices. Innovation powers new enterprise," he said, adding that he considers entrepreneurship to be the business side of innovation.

Giblin said for a business venture to succeed, it must innovate to stand out from its competitors; it cannot simply do what everyone else is already doing.

"Whether it is a more effective production method, a less expensive source for a product line, a new design or a completely new product no one has ever seen before, your business must innovate, in some way, to succeed," he said.
 
"Entrepreneurship, however, is far from a safe, comfortable path. The risks, both financial and personal, are substantial. To boldly develop new ideas - that takes ambition and courage," he added.

Giblin said entrepreneurs allow an economy to get a market edge in every field of endeavor. "That is why, in the United States, we reward successful new ideas with patent, copyright, and trademark protections."

He said they call those new ideas intellectual property (IP) and provide IP owners with legal rights to protect their property. "IPR and innovation are the two sides to the entrepreneurs coin."

Giblin said the U.S. Embassy can help the entrepreneurs in this room and throughout Bangladesh by linking them with global partners, markets, and opportunities.

"We work to strengthen our bilateral engagement with Bangladesh through investment and training that supports local innovation and leadership," he said.

"Please don give up. Take strength from your setbacks. Continue to create and achieve. Life is our greatest teacher; learn from your mistakes and carry on. Be confident, because ideas are powerful, and you have ideas. Keep your eyes on what lies ahead, and your contributions cannot be denied. Innovate, protect your intellectual property, and succeed!," he added.    —UNB



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