KATHMANDU, SEPTEMBER 9

In a bid to foster entrepreneurship, promote innovation, and facilitate connections between startups, investors, and mentors and for the development of entrepreneurship capabilities in all aspects of startup development, implementation, etcetera, the 'Startup Summit Nepal 2023' was held here today.

In his opening remarks, Shivanh Pande, CEO of NIBL Ace Capital and chief guest of the event, remarked that the summit serves as a testament to the vibrant dynamic startup ecosystem that is emerging in Nepal. Congratulating Sandeep Rauniyar, founder of The Startup Network, and his team for organising the event, Pande thanked all those present at the event for their commitment to fostering enterprises and entrepreneurship in Nepal.

'The theme of the summit 'startups in Nepal from a global perspective' is both timely and relevant. In today's interconnected world, startups have the potential to leap from the status quo, transcend borders, and make an impact on a global scale. Nepal has a hardworking and resilient workforce, geographical proximity to the world's largest markets, and is poised to become a hub for learning generation of entrepreneurship,' Pande said.

Similarly, Ram Krishna Khatiwada, CEO of Nepal Infrastructure Bank Ltd (NI- FRA) and guest of honour, shared that the objective of the event is to create an ecosystem that empowers startup entrepreneurship in Nepal from inception to every stage of development - from idea to innovation to product development to funding and beyond.

'The relationship between the startup ecosystem and the infrastructure development is mutually inclusive and symbiotic. These two aspects go hand in hand and play a pivotal role in shaping the destiny of any nation and Nepal cannot be an exception. The core objective of both sections is to provide effective and problem-solving services to the people, society, and economy as a whole. Startups drive the efficiency, resiliency, and sustainability of infrastructures spurring economic growth and benefiting communities,' he shared.

Khatiwada also said that entrepreneurship development is enhanced by the startup ecosystem as it contributes to innovations, products, and services that strengthen infrastructure service delivery, and that startups are instrumental in advancing infrastructure development across various sectors.

Saarthak Bakshi, founder and CEO of founder and CEO of Rissa IVF Nepal, shared that every entrepreneur will go through failure before they reach a point of success and urged them not to be scared to take the next step. 'A successful person is the one who can turn a 'No' into a 'Maybe' and that into a 'Yes',' he said, before urging all present to try entrepreneurship at least once in their life and not to give up easily.

Panel discussions on the topic 'Startups in Nepal from a global perspective' and 'Startups in innovation' were also held at the summit. The first discussion moderated by Melisha Rajopadhyay, director of Peoples Operation at Upaya, included Mark Templer, political and economic head, US Mission in Nepal; Ajit Bikram Shah, CEO of Lotus Holdings; Deepak Raj Joshi, director general of Confederate of Nepalese Industries; and Upaul Majumdar, head of tourism practice for South Asia with Dolma Consulting UK as panellists.

Responding to the question on how Nepal is perceived globally, Majumdar said that the country's prospects have not been recognised due to additional challenges. 'The country certainly has its challenges not just in terms of startups but also in attracting foreign direct investments. The question of how you get your money in and how you will take it out is quite challenging, which is keeping things from actually happening. However, there are so many business houses and people, who are funding these startups and it is uplifting to know that there are many funds that are coming up. But of course Nepal is not known for startups but it is a country of fantastic opportunities and since it is gradually evolving, there is a lot of information available which the country can learn from and move ahead,' he said.

Joshi, in his response to the challenges for startups and how to overcome them, said that the startup culture is still in its infancy in Nepal. 'There are no formats or formulas to overcome the challenges in business. The country has very limited access to finance, networks, and technology which is a challenge hindering the growth of startups. Another challenge is our education system which is perceived as job securing system. Our startup ecosystem is not so vibrant and resilient, which is why many sectors are unable to bring key players in one place to support such a system. In our part of the world, there is also a need for serious intervention by stakeholders to support the ecosystem. Perception-wise, the Nepali market is still small which also creates challenges,' he said.

Responding to a question related to prospects of collaboration with Nepali start-ups, Mark Templer said that in terms of global collaborations, there is a need to think about Nepal on the comparative advantages when looking at global partnerships. 'You will not get a partnership unless it's a win-win. Nepal is a phenomenal country with many comparative advantages and I think highlighting them is the key to attracting them. First of all, Nepal has an astonishing biodiversity and there are a lot of agricultural products that can be uniquely sourced from the country. This is an area which has not been fully exploited. The labour cost here is also low compared to other countries in Asia. An IT outsourcing company with proper connections can get great labour here, cheaper than Gurgaon. Looking at the comparative advantage of highly skilled labour at competitive market rates is where Nepal excels. Tourism is another aspect, the country can take advantage of. Being the most beautiful country in South Asia and perhaps the most beautiful country in the world, this could be something to attract companies looking to create new bases. Nepal already has a huge network through tourism and can be taken advantage of,' Templer shared.

Also, sharing his take on how Nepal can develop its startup ecosystem to fit into the broader global landscape innovation trends and what are its prospects, Shah said, 'For startups, there is a need for skills after coming up with ideas to work on it. Nepal also does not have a complete entrepreneurial culture and such changes may take time. We also need a good regulatory environment but most entrepreneurs don't wait for things and act directly when they see an opportunity. The collaboration culture is very much required but I don't see such a culture here in Nepal. Visible success is another point that you need in a startup ecosystem which we are seeing a lot of at present. Risk tolerance is another thing that is aligned with the culture. If you don't take many risks, there is only so much that one can grow. We still do not have proper availability of capital for startups. Having said that, the encouragement to solve problems, problem-solving mentality, and public-private partnership are areas where the country is also lacking for startups to thrive,' he said.

Another panel discussion revolved around 'Startups in innovation' which was moderated by Sanjib Subba, chairman of Fintech Alliance, with panellists including Aashish Garg, vice-president of Independent Power Producers' Association Nepal (IPPAN); Amit Agrawal, CEO of Khalti Digital Wallet; Sudhir Parajuli, president of Subisu; Sandeep Kamat, CEO for Bosch; and Ekta Golchha, director for Delta Tech.

Furthermore, Intern Nepal bagged the award for Startup Pitching. Durbean, CabTM, and Saino Marketplace were the competitors in which Shah, Kamat, and Bakshi were the judges.

A version of this article appears in the print on September 10, 2023, of The Himalayan Times.