MoU between University Grants Commission and Idea Studio Nepal

KATHMANDU: University Grants Commission and Idea Studio Nepal signed a Memorandum of Understanding (MoU) on April 2, 2024, at the University Grants Commission office Sanothimi, Bhaktapur. This strategic partnership commenced to promote the entrepreneurial mindset and education in higher education institutions of Nepal. Prof. Shankar Prasad Bhandari, Secretary of the University Grants Commission (UGC), and Dr. Tshering Lama, Executive Chairperson of Idea Studio Nepal (ISN) signed the agreement at UGC in the presence of UGC Chairperson Prof. Dr. Dev Raj Adhikari.

The University Grants Commission (UGC) was established as an autonomous and statuary institution under the University Grants Commission Act (1993) to promote, facilitate, support, and enhance the quality of higher education in the country, thereby enabling educational institutions to meet the national demand for an educated workforce; it also aims to develop Nepali academia in accordance with global standards. As a result of political developments in the early 1990s, the UGC was established to answer the people's hopes for revolutionary and qualitative improvements in higher education that would promote the nation's overall growth.

Idea Studio Nepal (ISN) is a dividend-not-distributing company registered at the Company Registrar Office, under the Company Act 2063 of Nepal. Idea Studio Nepal (ISN) provides encouragement, resources, space, exposure, learning, networking, and facilitates investment opportunities for socially conscious business ideas. It enables potential entrepreneurs with innovative business ideas addressing social-economic environmental issues faced by local communities across the country. The Idea Studio Nepal’s approach is based on the core values of promoting social innovation, igniting investments, for social justice, through knowledge creation, and eventually restoring human dignity.

Prof. Dr. Dev Raj Adhikari said, "I am pleased about our collaboration with Idea Studio Nepal. The University Grants Commission (UGC) cannot work in silos and collaborating with the expertise of Idea Studio, we will be able to support students in shaping their vision and goal. Moreover, we do understand that establishing the ecosystem may also create entrepreneurs and it will surely develop an entrepreneurial mindset and this will change how students lead their lives ultimately producing talented workforce”.

Prof. Dr. Lal Prasad Amgain said, “University Grants Commission (UGC) has been working for entrepreneurship development among the universities and through this collaboration, we will accomplish action-oriented activities along with continuous supervision, mentoring, and networking from Idea Studio Nepal. University Grants Commission and Idea Studio Nepal is another crucial milestone exchanging expertise among each other’s network”. 

Dr. Tshering said “This is a crucial milestone as our vision of knowledge-based policy and social/green business practices is being exemplified through this collaboration. Therefore, we look forward to working to promote entrepreneur and entrepreneurial ecosystem in higher education institution of Nepal. As our focus and approach has always been in enabling higher education institutions to establish business incubation centers to address the contexting need of the societies by enabling Nepal’s aspiring entrepreneurs”.

Purpose of MOU

●    Capacity building of faculties, and curriculum development for entrepreneurship.
●    Setting up incubation centers amongst higher education institutions in Nepal.
●    Foster community engagement initiatives
●    Promote and enable academic research environment 
●    Establishing a network of national and global experts for guest lectures to enrich the university's entrepreneurial ecosystem.
●    Action research among the teachers and Students, etc