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Digital Entrepreneurship: Capital Problems in Development

Technology 23 Dec 2020 638 0

Virtual Learning

Digital Entrepreneurship: Capital Problems in Development

Experts say that lack of capital is the main problem in the development of technology-based entrepreneurship. As there is ample potential for digital entrepreneurship in Nepal, they need access to the capital, knowledge, and network needed to promote it.

The Asian Development Bank (ADB) and the Society of Economic Journalists Nepal (SEJON) jointly organized a virtual program on 'Early Stages of Digital Entrepreneurship in Nepal' on Tuesday.

Member of the National Planning Commission Dr. Ram Kumar Phuyal informed that the plan to develop 15,000 entrepreneurship annually is in the 15th Five Year Plan. He also said that the procedure has been prepared to provide concessional loans to the entrepreneurs affected by Covid-19.

Mukhtar Khamudkhanov, ADB's national director for Nepal, said there were opportunities for technology-based startups in Nepal; He said that there is enough potential for the expansion of digital-based services in Nepal due to declining data charges and a sufficient number of youth.

Niraj Giri, executive director of the Nepal Securities Board, said that the board was facilitating to raise the necessary capital for entrepreneurship.

In particular, the gap in the business model based on the needs of the failed private and public sectors was mentioned in the program to fill the gap. Although some of these types of businesses may fail, in the future they will emerge as leaders in the local market in other geographical locations based on their experience, the speakers said. Managing Director of Safal Partners, Ashutosh Tiwari, said that a policy arrangement would be made to use remittances in entrepreneurship.

Ritu Pradhan Malla, senior investment manager at Business Oxygen, said procedural facilitation was needed to raise capital for entrepreneurship. Chief Executive of UG Bazaar Nikita Acharya said that it is very difficult to raise initial investment in entrepreneurship development.

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