The major challenge facing Thimphu TechPark Limited (TTPL) is attracting new Information Technology (IT) and IT-enabled service companies to establish their branch offices at the Park, according to the TTPL’s annual report 2017.
Other challenges include retention of companies and reliability and speed of the Internet.
With the development of the risk management policy last year, the company identified global economic slowdown as one of the major risks. The report stated, “If there is a global economic slowdown like the one that happened in 2007-2008, it would affect the business of our tenant companies. That would directly affect the IT Park.”
Change in foreign direct investment policy to a more stringent condition was also identified as a risk.
As the company is on tax holiday, the profit from operations before tax achieved was about Nu 17.24 million. No dividend was declared last year.
The report stated, “ The entire commercial space in the IT Park building was leased out.”
As part of corporate social responsibility, the company supports the growth and enhancement of the entrepreneurship culture in the country through entrepreneurship training.
According to some officials, TTPL organised more than 35 training on entrepreneurship development, Information Communications and Technology (ICT) for Small and Medium Enterprises (SMEs), effective communications and business idea competition of Bhutan.
Assistant program manager with TTPL, Tshewang Dorji, said that there were nine foreign companies set up at the TechPark such as Scan cafe private Limited, South tech private limited, Secure link services private limited, Bhutan data scientist private limited and Advantage outsourced solutions private limited, among others.
“This year two new companies set up their branches at TTPL,” he said.
At Bhutan Innovation and Technology Centre (BITC) in the TechPark, about 10 local startups were established, which include startups such as housing.bt, drukride, Dr toilet, Taagshing gayd cable solution, Nano company and Yon10 animation, among others.
Currently, there are more than 650 youth working at the TechPark.