‘NTIC Idea Khoj’ to Provide Rs. 5 Lakhs Investment to Selected Tech-based Businesses

Nepal Technology Innovation Centre has launched ‘NTIC Idea Khoj’, amid a virtual press meet recently. The objective of this Business Idea Contest is to bring innovative and impactful technology-based ideas in one platform and support them for their growth.

The startups in the domain of Agriculture and Rural Development, Alternative and Renewable Energy and Health-related Livelihood are eligible to apply for the contest. The deadline for the nomination is August 28.

Anyone with a related business idea, prototype, or even a registered can apply by filling this application form.

The judges will select 10 potential businesses in the first phase of the selection process. Followed by this, ten businesses will pitch their business idea to the judges. The panel of judges include industry experts, academicians and entrepreneurs.

Five of those ideas will be selected for the business incubation and mentorship process. Each business will get Rs 5,00,000 seed investment for developing and scaling the business.

The incubation framework is divided into two segments. The first segment includes seven days of business incubation Bootcamp.

The second segment is mentorship and coaching for product development and market testing, which goes on for a year. On this duration, the incubated businesses will develop Minimum Viable Product/ Prototype, develop business strategy and access to finance to be market-ready.

The businesses will learn to conduct market research, manage business cash flow and do financial management during this stage. NTIC will provide workspace, technical assistance and other services which help the startup foster.

According to NTIC, the idea/startup has to be innovative, rural-focused and it has to be impactful for the upliftment of people’s livelihood. The founders must be Nepali citizens.

We have been working on different media strategies including radio jingle and social media boosting to reach the entrepreneurs and ideators in most remote parts of Nepal, according to NTIC.

NTIC under Integrated Rural Development Project (IRDP) is a funded project by the Korea International Cooperation Agency (KOICA) on behalf of the Republic of Korea and Kathmandu University. The Ministry of Foreign Affairs of the Republic of Korea and the Ministry of Finance of the Government of Nepal signed a Memorandum of Understanding (MoU) to establish IRDP in Nepal in February 2018.