Chapter 3: Business Innovation Amid the COVID-19 Crisis in Brunei Darussalam: A Viewpoint

This chapter gives an overview on the importance of business innovation during the COVID-19 pandemic with a special reference to Brunei Darussalam. It also highlights the important role of technology and digitalization of businesses. Micro, small, and medium-sized enterprises (MSMEs) have been the backbone of the Association of Southeast Asian Nations (ASEAN) economy, thus innovative strategies are required to assist them in during the pandemic. The information obtained is based on observation and secondary sources. Despite businesses struggling to stay afloat as a result of movement restriction orders and partial lockdown, new startups were created as a result of addressing a specific problem during the pandemic which requires entrepreneurs to be more innovative and proactive. However, being innovative should not be focused on businesses only. As maintaining positive cash flow is the main issue among MSMEs, a financial innovation to assist MSMEs should be explored, learning from the experience of Islamic banking and finance during global financial crisis. This chapter also suggests future studies, for instance exploring a resilient and adaptable business model during economic uncertainties, the important role of Islamic financial technology and financial digital economy which could help to empower both startups and MSMEs.