Entrepreneurs seek proper policy for start-ups

Young entrepreneurs have stressed on the need for proper policy for start-ups to foster entrepreneurship development in the country. Lack of policy for start-ups is hindering enterprise development in the country, which is why young entrepreneurs despite having the required skills are either working for established companies, are leaving the country for job opportunities abroad or are unemployed. Young entrepreneurs, who have returned after attending the Global Entrepreneurship Summit (GES-2016) that was held in Palo Alto, California from June 22 to 24, said that mentorship and venture capital for start-ups could bring revolutionary changes in the enterprise development in the country. “The private sector should take the lead for framing a policy for start-ups,” opined Bhuban Acharya, founder and CEO of My Asia Shop Pvt Ltd and one of the participants from the Nepali delegation to the GES. “The top-notch ventures like Google, Facebook, among others were launched through backing from the venture capital and proper mentorship.” The government has announced start-up fund of Rs one billion for new ventures from next fiscal. The government has also called on private sector and non-resident Nepalis to contribute to the fund. Young entrepreneurs have said that until the private sector takes the lead, the government’s tokenistic approach would not be able to deliver desired results for new ventures in the country. Alisha Tuladhar of Microsoft Innovation Centre Nepal, another participant at the GES, highlighted that successful implementation of start-up policy would ultimately support in enterprise development, which is the key element for the country’s sustainable and inclusive economic development. In total, eight Nepali young entrepreneurs had participated in GES-2016 along with young entrepreneurs from 170 countries, where US President Barack Obama had given an inspirational speech on entrepreneurship. During the summit, young entrepreneurs from across the world had exchanged ideas and expanded their network to bring investments for their businesses from various countries. Source: The Himalayan Times