The Federation of Nepalese Chamber of Commerce and Industry (FNCCI) decided to raise investment from 50 entrepreneurs to support 50 startups. The newly-formed Startup 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 applications in first week of April. Companies wishing to participate in the competition must have audited 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. Mentorship to the selected startups will be provided for three months from July. Following the mentorship, startups will pitch their ideas in the first week of October.