Federal MP’s Candidate Kathmandu-2

In the past five to seven years, the startup ecosystem in Nepal has transformed substantially, with fresh and youthful entrepreneurs coming up with novel concepts each year. With most of the successful startups belonging to the IT sector, the future of the Nepali startup industry looks promising. In recent years, both the government and the private sector in Nepal have engaged in extensive discussion on entrepreneurship. Nevertheless, we must all acknowledge that we are not all startup specialists. We have little knowledge about startup companies. Whatever we are discussing and debating, we do it by listening to the perspectives of other nations. Both the government and non-governmental bodies have started to promote startup development in Nepal. In addition, the government has developed a program called “Farm to Factory” to assist new businesses. In addition, the Federation of Nepal Chambers of Commerce and Industry has published a manifesto titled “Startup Nation by 2030.” According to that estimate, 100,000 new jobs will be generated immediately. Now, the 50 Entrepreneurs, 50 Investors initiative has been started, which means entrepreneurs are linked with investors with the help of the Incubate Center.

Basically, an incubation center is a place that provides start-ups with necessary guidance , tech support, infrastructure, access to investors, networking, and facilitating a host of other resources that may be required for the start-up to survive and scale. The government has prioritized national production and entrepreneur protection and has established a program to establish company incubation centers in all seven provinces.

Such centre converts an problem into idea and ideas into company and can increase the success rate of any startups that is why having startup incubators are crucial in increasing its success rate.- said Shekhar Golchha, president of the Federation of Nepalese Chambers of Commerce and Industry as a result the administration has also pledged to construct incubators in each of the seven provinces.

The state has also announced various programs and schemes to promote startups which are still not implemented. Startup programs with various names such as “seed capital” and challenge fund have not been implemented yet. Rastra Bank has also arranged to give concessional loans to start-ups. However, due to the lack of procedures, banks have not been able to provide concessional loans to startups.The National Planning Commission has also issued a notification to provide funds to startups. There were 7-800 proposals from startups. However, it got stuck due to lack of technical manpower as well as youth entrepreneurs for proper guidance and proper understanding. Hence, we need clear policies, master plans and procedures for startups. For a successful startup, there are five pillars of any startup. Startups can be accelerated if they fulfill their respective responsibilities. The first pillar of a startup is the Government. The government should immediately formulate a master plan, clear policies and procedures for startups and entrepreneurs right now.

The second pillar of startups is the private sector. The private sector should assist the government in the development of policies, regulations, and processes. Startups should be funded by the private sector. In this regard, the private sector should work alongside educational institutions. 

The third pillar of the startup is the educational institution, from which the youth come out after studying and learning.But half the total population has limited access to decent education. Because of increasingly irrelevant college courses of study, there is no synchronization between industrialist need and people provided by the education system, which is the most serious difficulty in employment and even job creation.Therefore, entrepreneurship should be taught in educational institutions, entrepreneurship should be taught, how to become an entrepreneur? How to run a business should also be taught and trained during the school level to increase and motivate creative ideas and encore their thoughts into product and business.

The fourth pillar of a startup is itself entrepreneur/startup. New Nepalese entrepreneurs seem to be more driven and overvalue their ideas and products. The idea’s worth grows automatically. New entrepreneur should not be concerned with the amount of money received, but rather with the kind of person with whom I am collaborating.

Lastly, Society and media are the five pillars of startups. They may also be useful in marketing new businesses but also pulling entrepreneurs away from the business and toward the conversation.Those who are just starting out in their careers should concentrate on their job.

Challenges in Startups

The most common challenges for startups in Nepal include brain drain, access to financing, the movement of money in and out of Nepal, and other legislative impediments that limit innovation and the expansion of the entrepreneurial ecosystem. Every year, more than half a million young people join the labor force. The fiscal year’s budget seeks to generate fewer than 350,000 new jobs via employment-related schemes and initiatives, which is a reduction of half from the previous fiscal years 2020–21, as well as when compared to the number of young people joining the labor force yearly. For which we have different agendas in which we plan to provide employment to around 10,000 people in the IT sector by developing an IT commission in the government, which helps in full digitalization of the government section, reducing corruption, increasing transparency and job sector development. 

According to the survey , hardly half the population has access to quality education. For that, we have raised our second agenda on quality education and development. Due to outdated courses of study in the university system, there is no convergence between the demand of industrialists and the manpower produced by the education system, which is the biggest problem in employment and even in creating jobs. So we not only focus on providing free, high-quality education but also conduct different programs and seminars led by great industrialists and businessmen to encourage new ideas and creativity.