Bangladesh Innovation Conclave has organised the fourth edition of “Bangladesh Innovation Fest” to drive equitable innovation in the country’s ecosystem.
The award recognized 38 Innovations of the country following 18 Winners and 20 Honorable Mentions under the theme “For an Innovative Bangladesh”.
The idea behind the product is to provide a woodchips-based particle board solution that will cater to the gap of the furniture market. However, several limitations of regular particle boards emerged as these could not be lacquered and engraved.
Akij Board Product Development team came up with a solution by introducing new technology to produce boards made with wood chips from tree branches instead of logs. The products allow engraved designs up to 4 mm, can be lacquered & sanded, has filler materials, and surprisingly takes up less time & cost to achieve a smoother lacquered finish. Besides establishing the core value, the product will be affordable and environmentally friendly as well. Thus, a new product named "Lacquer Grade Board" came into production in 2018.
The result of this new product was revolutionary. The entire rural furniture market started using this from the district to the union level at large scales. Simultaneously, traditional wood-made furniture started becoming obsolete from the market while the trend shifted towards Akij Lacquer Grade Board-made furniture.
In just 3.5 years, this board became a household name among rural furniture manufacturers. As a result:
2. 80% of rural manufacturers now have access to this board
3. 40% volume growth/year was achieved
4. A boom in the board industry led to about 40% of an overall 15% board industry growth,
5. The entire furniture market is growing as furniture is now more affordable to the consumer.
"Akij Lacquer Grade Board” has proven to be one of the greatest innovations in the Bangladeshi board industry, consistently creating endless possibilities.
The 4th Bangladesh Innovation Award took place at Le Méridien Dhaka on Sunday, March 6, 2022.