Innovation for Economic Development: Brunei’s iCentre through the lens of global-local linkages, local buzz, and industrial policy
Innovation has been at the heart of economic development. Ever sinceJoseph Schumpeter published his landmark book “The Theory of Economic Development”, innovation has gradually evolved to become an essential subject looked upon by decision- and policy-makers as a source to enhance the competitive advantage of nations. Out of this realisation, decision- and policy-makers have placed into effect policies to induce innovation in targeted industries. One of such policies is the incubation hub. This dissertation will attempt at analysing the effects of such a policy through three theoretical frameworks namely through global-local linkages, local buzz, and industrial policy with reference to iCentre, the first incubation hub of Brunei Darussalam, as a case study and a semi-structured qualitative interview of fifteen people made up of iCentre professionals and entrepreneurs. This work concludes that such a programme can work in precipitating the innovation process. But only to the extent that it has to have the right management with rich global-local link networks in place, who are committed to devise an environment that promotes the innovation culture populated by the right human capital, and a long-term commitment by the government in carrying out industrial policy in the form of supplying financial and physical infrastructure, as well as general industrial support.