NYEF Kathmandu Chapter concludes NYEF Startup Awards 2023

KATHMANDU: Nepalese Young Entrepreneurs' Forum (NYEF) conducted the Startup Award 2023 in Kathmandu, on Friday.

Baikuntha Aryal, Chief Secretary of the Government of Nepal was the chief guest at the event where more than 200 guests, partner representatives, finalists of the awards and media persons were present.

Special guests at the award ceremony included Federation of Nepalese Chambers of Commerce and Industry (FNCCI) President Chandra Prasad Dhakal, Senior Vice President Anjan Shrestha, Vice President (Associate) Jyotsna Sharestha, FNCCI Immediate Past President (IPP) Shekhar Golchha, FNCCI Start up and Innovation Forum Chairperson Juna Mathema, NYEF, Kathmandu Chapter President Prarthana Sakhaa, IPP Chirag Goyal;  NYEF National Governing Council IPP Ritesh Lamicchane.

NYEF, this year received 150 applications from across the country, for the programme, which aimed to develop a business ecosystem in Nepal through exposure, mentorship, and investment.

“Entrepreneurship is not just startups, it is about the courage to dream, the audacity to overcome challenges, and the creativity to turn ideas into reality,” said emcee, Sadikshya Shrestha. 

In her welcome remarks, NYEF National President Sahara Joshi, said, “ We are gathered here to celebrate and empower remarkable startups, not just the seven finalists pitching the ideas today but also the top 20 that were selected and 150 startups who applied for the startup award this year.” “Startups today are the big enterprises of tomorrow. Encouraging startups and the startup ecosystem is a significant opportunity for youths to stay and work in the country,” she added.

The judging panel for the idea pitching session included Lotus Holdings Director and CEO Ajit Shah, Vianet Communications CEO Sewa Pathak, and Laxmi Group Executive Director Niranjan Shrestha.

The top seven finalists pitched their ideas in the session one by one. The startups included Bibaabo, Blanxer, Bhoomithan, Galli Maps, Quickfox, Dursikchya and Pet Mama.

NYEF, Kathmandu Chapter President Saakha shared her views on the policy formation regarding startups in Nepal. She said, “Even though many policies have been formulated, very few of them are actually implemented. This is partly because those of us who are running businesses haven't had the opportunity to observe policy formulation. Our lack of active involvement is causing this divide." She urged the government to involve young people in policy making.

FNCCI President Dhakal noted that banks and financial institutions (BFIs), venture capitalists, and businesspersons were showing increasing interest in investing and said these investments have encouraged young entrepreneurs. He committed to working together with young entrepreneurs to help them grow and urged Chief Secretary Aryal to pay attention to startup policy. 

Aryal informed that the policy regarding startups was formulated during his tenure as Budget Division Head at the Ministry of Finance. However, he lamented that the first policy, which was drafted in 2072, has not developed over the years. He also informed that the Cabinet would discuss the policy and present it to the parliament.

“I am optimistic about young people being motivated to work here rather than emigrating. We have to make sure their aspirations come true. We will undoubtedly strive to establish a favourable environment for young entrepreneurs. We not only guide them, but we will also assist them in preparing for it,” he further stated. 

The event concluded with memento distribution to all the guests, judges, mentors and experts, and awards were also presented in various titles.

Durshikhya received the Social Enterprise Award, Pet Mama received the Audience Pick Award and also became one of the runners-up for the Startup award title. Likewise, Quickfox was another runner-up and Galli Maps won the title.

The NYEF startup award was presented by SALICO, Sagarmatha Lumbini General Insurance Company, powered by NMB bank, associated partner FNCCI, education partner Apex, Cloud partner Adex, investing partner Nepal Private Equity Association, community partners Antar Prerna, NAS-IT and Idea Studio Nepal.