Kathmandu / The stakeholders have emphasized access to capital, knowledge, and network required for Digital Entrepreneurship as it has enormous potential in Nepal.
In
a virtual program on Thursday--Early States of Digital Entrepreneurship--jointly
organized by the Asian Development Bank (ADB) and the Society of Economic
Journalists-Nepal (SEJON), stakeholders urged to create favorable conditions
for Digital Entrepreneurship.
Nepal
has the basis for the growth of digital-based services because it now has high
access to mobile services, declining data charges, and a sufficient number of
young people.
Previous
experience of high growth of technology-based small and medium enterprises has
also shown high potential for its future expansion in Nepal. This kind of
business seems to fill the void for the failed private and public sectors.
These
kinds of businesses emerge as leaders in the local and other markets in the
future, though some of them may fail. These businesses hold the potentiality to
make their market both regionally and globally; stakeholders expressed their
views during the program.
Member
of the National Planning Commission, Dr. Ram Kumar Phuyal, said that the
government should seriously resolve the real problems identified in
entrepreneurship development. Providing financial and policy support is not
enough; the government should promote it, he said.
He
informed that the commission has envisioned enterprising citizens through the
15th Five-Year Plan and will facilitate the execution.
ADB
Country Director for Nepal, Mukhtor Khamudkhanov, said that while there is an
opportunity for technology-based startups in Nepal, it is equally important to
create a conducive environment by addressing economic and legal challenges.
Niraj
Giri, executive director of the Nepal Securities Board, said that the board is
giving leverage to the investors and operators to run on mutual agreement
instead of the regulation. Discussions are underway to bring small and medium
entrepreneurs into the share market to raise the capital, he said. He also said
that there is a challenge to overcome the administrative process from the
Department of Industry and NRB despite concern on bringing foreign capital for
entrepreneurship in Nepal.
During
the discussion, Willem Grimick, Founder of One to Watch, recommended to invest
enough capital required for entrepreneurship. Technology-based businesses have
entered in new ways, in times of crisis, and there is an opportunity for
Digital entrepreneurship to expand, he said.
Lack
of financial access is the biggest obstacle for Nepal's entrepreneurship, said
Nikita Acharya, chief executive of UG Bazaar.
Managing
Director of Safal Partners, Asutosh Tiwari, said that there is a need for
building an overall ecosystem for digital entrepreneurship.
He
stresses the need for investing remittance money in entrepreneurship.
Ritu
Pradhan Malla, an investment manager of Business Oxygen, said that procedural
obstacles created problems while raising capital.
The
program also emphasized the need for legal and regulatory provisions for the
expansion of digital entrepreneurship.
The
program calls for digital entrepreneurship, especially for the upliftment of small
and medium enterprises led by the private sector.
The
program focused on making traditional small and medium enterprises
technology-based and investing in new startups.
The program also discussed creating an overall business cycle for businesses using digital technology that requires an investment of $15,000 to $2,50,000.
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