KATHMANDU, MARCH 23

The Federation of Nepalese Chamber of Commerce and Industry (FNCCI) has decided to raise investment from 50 entrepreneurs to support 50 startups.

The newly-formed Start-up and Innovation Committee (SIC) of the federation will select the best 50 start-ups for investments.

According to the SIC Chairperson Ranjit Acharya, the scheme has been brought under a two-year programme.

Stating that businesses based on latest concepts in any field can apply, he said the shortlisted candidates will have to compete among themselves to prove their feasibility and business prospects.

Investment will then be provided to the final 50 on the basis of need and possibility The federation will open the application in first week of April.

Companies wishing to participate in the competition must have audited their financial transactions for at least one year.

The federation will screen the applications and prepare the first list by the second week of May. The companies selected in the first list will then be called for interviews that will take place in the last week of May. Around the second week of June, FNCCI will make public the list of 50 companies that will receive investment from FNCCI.

The federation also plans to provide mentorship to the selected start-ups for three months from July. The start-ups will be mentored by Anil Chitrakar, Pashupati Murarka, Om Rajbhandary, Saurabh Jyoti and Ashutosh Tiwari.

Similarly, Ranjit Acharya, Suman Shakya, Siddhant Raj Pande, Amit Agrawal, Bishwas Dhakal, Sumana Shrestha, Niraj Khanal, Ananda Bagaria and Gagan Pradhan will also give mentorship.

Other mentors include Niranjan Shrestha, Dileep Agrawal, Sanam Chitrakar, Yogendra Shakya, Bhaskar Dhungana and Sanjay Golchha.

Following the mentorship, start-ups will pitch their ideas in the first week of October. The 20 mentors will also provide counselling through virtual medium for the guidance required by start-ups or industries at the district level as well.

A version of this article appears in the print on March 24, 2021, of The Himalayan Times.