Five startups receive investment pledges at Nepal Startup Meet 2019Five startups among the 13 selected by the Nepal Entrepreneurs Society as potential capital recipients obtained investment commitments at Nepal Startup Meet 2019—Sriyog.com, Offering Happiness, AdMana Technology, Nepal Bagaan and Whpedia. NICL Investment Company, Hathway Investment Company, Kathmandu Capital and Business Oxygen expressed interest in investing in their ideas.
Five startups among the 13 selected by the Nepal Entrepreneurs Society as potential capital recipients obtained investment commitments at Nepal Startup Meet 2019—Sriyog.com, Offering Happiness, AdMana Technology, Nepal Bagaan and Whpedia. NICL Investment Company, Hathway Investment Company, Kathmandu Capital and Business Oxygen expressed interest in investing in their ideas. The amounts have not been disclosed.
The second edition of the Nepal Startup Meet organised by the Nepal Entrepreneurs Society saw 13 selected startups from different sectors pitch their ideas in front of investors on Monday.
The Nepal Startup Meet is a platform that brings together startups, business houses, policymakers, diplomatic agencies and investment companies to promote entrepreneurship in Nepal. The Nepal Entrepreneurs Society plans to groom 10,000 startups within 10 years.
The first meet was held in 2018 in which 23 startups participated. Metro Tarkari and Safa Luga received investment commitments from MNS Holdings and Kathmandu Capital respectively. Kathmandu Capital invested Rs20.5 million in Safa Luga.
The second Nepal Startup Meet aimed to connect youth entrepreneurs and investors. The Nepal Entrepreneurs Society will be holding these events every three months. “We created this platform to groom startups to help them expand their business,” said Khagendra Acharya, president of the Nepal Entrepreneurs Society. He added that everybody was ready to lend money to those going abroad, but nobody was interested in investing in youth entrepreneurs. This attitude needs to change, he said. Acharya also highlighted the need to develop innovation-friendly startups in the country. “If we observe global trends, we see that technology plays a huge role in the economic transformation and prosperity of a country. Innovation has no boundaries as shown by the fact that Google and Facebook are making a lot of money from Nepal.”
Nabindra Raj Joshi, president of the Ganesh Man Singh Academy, said that empowering youths and making them competitive in the global market and capable of taking risks had become necessary. Youths need to be encouraged for the betterment of the nation, he said. “We are in search of youths who have a hunger for entrepreneurship. The problem with youths is that they do not have patience. They try to become entrepreneurs, and when they do not succeed in two-three months, they plan to go abroad. Youths look for an easy path without struggling and give up easily,” Joshi added.
According to official statistics, market capitalisation has declined 25 percent. Domestic investors are discouraged to invest here due to the continuing liquidity crisis and high interest rates. The investment environment has not improved, Joshi said. Joshi said he planned to create a startup policy to help emerging entrepreneurs during his tenure as industry minister. The Ganesh Man Singh Academy collaborated with young entrepreneurs in the country to launch the Nepal Entrepreneurs Society in a bid to bring economic transformation through entrepreneurship and innovation. The 13 startups which participated in the second Nepal Startup Meet are involved in different fields like agriculture, customer service, platform creation, e-commerce, technology, artificial intelligence and culture.
Start-ups wishing to participate in the meet are required to be a registered company, and must have been making their products and services available in the market for at least two-three years to apply for the programme. The Nepal Entrepreneurs Society will check their business model, products and services and usefulness in the market, and revenue model before selecting them.