Nepalese Young Entrepreneurs Forum (NYEF) Kathmandu Chapter has announced NYEF KTM Startup Awards - a premier competition and bootcamp for enthusiastic and driven entrepreneurs who aim to nurture their startup into a scalable business.

The event is targeted towards start-ups who have been in the market for less than five years.

The objective of the event is to develop a business ecosystem in Nepal through the means of exposure, mentorship and investment to these startups.

The event will include an intense mentorship programme where the participating businesses will present their ideas in front of a panel of judges.

In order to take part in the event, the following criteria should be met. The entity should be officially recognised and registered by the government of Nepal.

They should submit the copy of Company Registration, PAN and VAT (if applicable). Any entity registered outside Nepal or has a parent or sister concern outside Nepal will not be eligible. The entity should have been in operation within five years from the date of registration.

The entity should have a product or service in place. The entity must submit the latest audited financial statements. In case of unavailability of audited financial statements, an entity may submit a provisional financial statement.

The entity should be able to commit their time as required for the participation.

An entity owned by any NYEF member shall not be eligible. The winner prizes for first place is Rs 150,000, second place is Rs 75,000 and Rs 50,000 for the people's choice award.

"Our aim and focus is to uplift and enhance the presence of start-ups and entrepreneurship in Nepal," said Niraj Karmacharya, president of NYEF Kathmandu Chapter, in a statement.

With recent announcements from the government for promoting entrepreneurship, the government has allocated Rs one billion for startups and innovation and a sum of Rs 2.5 million as a project-based loan for start-up projects without collaterals.

This in return would help and encourage more start-ups in their ventures and also boost youth entrepreneurship in Nepal.

"We are hopeful that the support from the government can help the youths of the nation develop and come up with new innovations and start-up ideas and thus grow the entrepreneurial scenario of Nepal," he said.

NYEF Start-up Awards is looking to tap into the growing entrepreneurship and startups scenario of the country by mentoring, promoting and uplifting young entrepreneurs and start-ups grow and develop the spirit of entrepreneurship in Nepal.

NYEF is an apex body of young entrepreneurs in Nepal.

It is a membership-based non-profit organisation, established with a vision of empowering positive business thinking. The forum was officially instituted by FNCCI on September 26, 2003.

It aims at creating outstanding entrepreneurs through idea exchange, fellowships, education, training and advocacy among the Nepali youths.

NYEF brings together young entrepreneurs within the country. It promotes entrepreneurial mindset and a shared vision through an effective and much needed networking of young entrepreneurs.

NYEF Kathmandu Chapter was formed in 2016 and has been actively doing events like Impact Talk series, Mentorship week, Masterclass and other social events to enhance the entrepreneurial business ecosystem in Kathmandu. Currently, it has more than 80 entrepreneurs as members of the chapter.

A version of this article appears in the print on August 7 2021, of The Himalayan Times.