NEHUB Spark Week 2017

NEHUB Spark Week 2017

26th November, 2017

Global Entrepreneurship Week (GEW) is celebrated in the month of November and as it is the 10th Anniversary of GEW, Nepal Entrepreneurs Hub and GEN is collaborating with various organizations to organize a 5-day event titled Spark Week 2017 from 22nd – 26th November. The event is sponsored by Nepal Innovation Lab, Islington College and Local Intervention Group (LIG). Being organized for the first time in Nepal, Spark Week is a jamboree with coming together of many stakeholders of the entrepreneurial ecosystem celebrating the spirit of entrepreneurship. It intends to bring together scattered ecosystem actors along with other players such as media, bilateral and development organizations, etc. to come and work together. It included one panel discussion per day. NEHUB will be conducting similar events with its partners at other cities in the country for GEW. The basic concept of Spark Week lies in the following five tracks for five days that would incorporate various essential elements of starting and growing a sustainable business.

DAY 1: Media and Entrepreneurship

The first day, dedicated to talk to the media about entrepreneurship, was held on 22nd November from 1-3 pm at iHub, Teku. In the current situation, although media looks after entrepreneurship and business with keen eyes, much is left to be understood regarding entrepreneurship, its ecosystem and its true value to the nation. The first day interaction was inclined towards creating that much needed bond with the media and their role to foster entrepreneurship.

The speakers for the day were Mr. Kuber Chalise (Editor, Karobar Daily), Mr. Prateek Pradhan (Editor in Chief, Baahrakhari) and Mr. Subhash Ghimire (Editor in Chief, Republica) along with Mr. Manish Jha (General Manager, FACTS Research and Analytics Pvt. Ltd) as the moderator.

Following are the key takeaways of the session:

●       Rule of law must be honoured by media in our country.

●       Media is an unexplored pathway for entrepreneurs to grow.

●       The standard of journalism must be improved in our country.

●       Media should restructure itself to the new scenario and look entrepreneurship in a more important manner.

DAY 2: Are just Ideas enough?

The second day, organized at King's College, New Baneshwor on 23rd November from 4-6 pm, was all about ideas. Everyone has ideas that could ultimately become a million-dollar enterprise. Yet, the main difference lies in making sure that the idea is viable, bringing about THE product or service along with the hard work that comes along with it. Along with it, the importance of capacity building programs like Startup Weekend, mentoring programs, etc. was discussed.

The speakers for the day were Sunita Nhemaphuki (Chairperson/CEO, R&D Innovative Solutions), Anish Shrestha (CEO, Fawesome Apps), Ben Britton (Innovation Advisor, FieldReady.org) and  Hempal Shrestha (Co-Founder, NEHUB). The session was moderated by Brijendra Rochan Joshi (Co-Founder/Director, NEHUB).

The key takeaways of Day 2 are:

●       Scaling up is the hardest part for an entrepreneur.

●       The rate at which an idea materializes is the key to success for entrepreneurs.

●       90% of startups fail because they fail to understand the customers.

●       Networking is an important factor for a startup to foster.

DAY 3: Growth is Key to Success

The session focusing on how an entrepreneur expands its company was organized at Islington College from 4-6 pm at 24th November. Once the service/product is introduced into the market, the real work begins there. Customer development, finding the right market, growing productions, are just few elements of running a startup. Saying this, no matter how good a product/service is, it would be a waste if the business doesn’t grow. A business must grow to sustain and thrive. The key elements talked about are accelerating the growth, realizing when a company needs more funds, how to use it efficiently, etc.

The speakers for the day were Dr. Bishal Dhakal (CEO, Health to Home Foundation), Ravi Phuyal (Executive Director, Innovative Nepal Group) and Tasneem Shahani (Proprietor, Tasneem's Kings Kitchen) along with Vidhan Rana (Managing Partner, Biruwa Advisors Pvt. Ltd) as the moderator.

Following are the key takeaways of the third session:

●       “Before you jump into fire, see how hot it is”, Calculated mistakes is essential for startups to succeed.

●       An entrepreneur needs to keep their eyes open for various avenues of growth.

●       Perseverance is key to managing growth.

DAY 4: Through the Investors’ Eyes

The session was held on 25th November from 4-6 pm at Rockstart, Jhamsikhel. If the business idea is good, all investors are attracted towards it. Yet, investors won’t spend their resources if they don’t see what they need. Either it be VC, an angel, a Private Equity company or any financial institution have their common criteria they look for before considering to invest in any of the idea/company. The talks also focused on the key steps in creating a killer pitch deck and ways to lure investors towards them.

The session was moderated by Tyler McMahon (Founder and International Advisor, SmartPaani) and the panelists were Bhushan Shah (Officiating CEO, NABIC), Merina Ranjit (Chief Operating Officer, Chaudhary Foundation) and Niraj Khanal (CEO, Antarprerna).

The key takeaways of Day 4 are as follows:

●       True entrepreneurship is practiced in rural areas contributing to the social issues.

●       Investors look for character, not for collateral.

●       Availability of fund is not a problem in the country, the spirit of entrepreneurship is.

●       Creating only jobs is not social enterprise.

Day V: Policy: Key to a Thriving Ecosystem

The final session, dedicated towards policy and capacity enhancing activities, will be held at Hotel Himalaya on 26th November 4 pm onwards. Policies are the catalyst that help an ecosystem thrive. Not all companies get funding they require, nor they get the required support. The discussion would dive into the policies that actually support or hinder an entrepreneur’s growth. Along with it, we consider alternative ways to seek funding and grow the company, such as crowd funding, ICO, etc. and the policies to regulate them. International transactions such as PayPal, or maybe remittance are all various avenues to growth.