Nepal gears up to emerge as startup-friendly nation

Kathmandu, Aug. 28

The public and private sector stakeholders of entrepreneurship and businesses have come up with a mission to make Nepal a startup-friendly nation by 2030 by developing entrepreneurial mindset, promoting innovative ideas, facilitating technology transfer and advancement, mobilising resources and creating favourable policy regime.

This mission is based on the government's vision of making Nepal a middle-income country by 2030 and National Economic Transformation 2030 agenda promoted by the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) which was endorsed by the government last year. First step towards the achievement of this goal is the promotion and development of startups.

To realize this goal, the Ministry of Industry, Commerce and Supplies (MoICS), the FNCCI, University Grants Commission (UGC), PUM Netherlands, ICIMOD and Antarprerana Pvt. Ltd. are jointly organising 'Nepal Startup Nation 2030' – two-day conference that is discussing various aspects about startups and entrepreneurship – in the Capital on Monday and Tuesday.  They said that the conference is organised for startup promotion and create better environment for them.

This consortium of partners has a goal to develop 10,000 startups and create 100,000 entrepreneurs by 2030.

The conference aims to strengthen the entrepreneurial ecosystem in Nepal, through exploring the opportunities and collaborative efforts between various key actors working on the incubation programmes and ecosystem with around 200 participants together to make Nepal a startup friendly country by 2030.

"A Startup Nation is characterised as a country dedicated to fostering conditions and embracing values that create a favourable environment for startups, recognising the positive impact they bring to society," read a statement issued by the organisers.

It signifies the widespread adoption of these conditions and values throughout the nation, ensuring equal opportunities for all entrepreneurs to succeed with their startups, regardless of their location. Likewise, a Startup Nation fosters the development of a thriving Startup Ecosystem that nurtures the growth, quantity, quality, and success rate of startups.

"For this, innovative entrepreneurship education, policy facilitation, resource management and stakeholders' collaboration would be made. Startup and incubation programmes will be launched across the country," said Shishir Khanal, Chief Executive Officer of Anterprerana.

Addressing the conference, Minister for Industry, Commerce and Supplies, Ramesh Rijal, said that he expected stronger collaborations with the private sector and other concerned organisations in promoting startups.

Stating that the budget of the current Fiscal Year 2023/24 has various provisions for startup promotions, he pledged to implement them to create a better environment for entrepreneurs.

The government has allocated Rs. 1.25 billion to develop start-up businesses, create start-up eco-system and promote innovaiton and entrepreneurship.

An incubation centre would be established and operated in Kathmandu to support in the realisation of entrepreneurial concepts.

Likewise, Pim De Bokx, PUM Programme Manager of PUM Netherlands, suggested backing the people who are struggling to become an entrepreneur. "Make plan and take action. Only planning doesn't work," he said.

Chandra Prasad Dhakal, President of the FNCCI, informed that this is a campaign to promote entrepreneurship and startup businesses.

"Startup policy should be announced and implemented soon as it would define the startups because lack of clear identification of startups has hindered the execution of the startups-friendly policy announced by the government," he said.

According to Dhakal, public-private partnership in arranging capital and policy for startups and develop startup ecosystem would be more impactful. "We believe that the startups would utilise domestic resources and raw materials and create employment for local people that will help local as well as the national economy," he maintained.

Similarly, Izabella Koziell, Deputy Director General of ICIMOD, said that if right policy framework and resources are in place, startups can do wonders. However, she suggested the businesses not just to earn profit but also think about the planet.

According to Juna Mathema, Chairperson of Startup and Innovation Forum at the FNCCI, there is urgency to ignite the spirit of innovation and entrepreneurship.

"However, for this we need a policy. I am hopeful that the government will soon announce the startup policy," she said. A draft of the startup policy is ready but the government has been delaying to approve it showing some excuses. However, startup fund procedure has been formulated and implemented by the Department of Industry from the last Fiscal Year 2022/23.

Mathema suggested the entrepreneurs to make informed decisions through research and development.

Published in The Rising Nepal daily on 29 August 2023.