‘NYEF Startup Awards 2.0’ Organized by NYEF Kathmandu Chapter Opens Application for Entities

The NYEF Startup Awards is a prestigious competition and bootcamp for passionate and motivated business owners who want to grow their startup into a profitable enterprise. Startups with less than five years of market experience are the target audience for the event. The event’s goal is to create a business ecosystem that will support youth entrepreneurship by giving these startups exposure, coaching, and funding. The occasion will feature a rigorous mentoring program where the participating companies will pitch their concepts to a jury.

The registration for participants for the NYEF Startup Awards opened on the 26^th of August 2022 and is currently ongoing. Interested entities can register through the www.nyefstartupawards.com website.

About NYEF

The Nepalese Young Entrepreneurs Forum (NYEF) is the national organization for young business people in Nepal. It is a non-profit membership organization founded with the goal of supporting optimistic business thinking. FNCCI formally launched the forum on September 26, 2003. Through idea sharing, fellowships, education, training, and advocacy among Nepali adolescents, it seeks to develop exceptional entrepreneurs.

Young businesspeople from across the nation are brought together by NYEF. It encourages young entrepreneurs to network effectively, which is crucial for fostering an entrepreneurial mindset as well as a common vision. In order to improve the entrepreneurial business ecosystem in Kathmandu, the NYEF Kathmandu Chapter actively organizes events like the Impact Talk series, Mentorship Week, Masterclasses, and various social gatherings. There are now more than 80 entrepreneurs working together.

Eligibility Criteria for the NYEF Startup Award

In order to take part in the event, the following criteria should be met.

• Startups looking to take part in the NYEF Startup Awards should be officially recognized and registered by the government of Nepal. They should submit the copy of Company Registration, PAN and VAT (if applicable).

Note: Any an entity is registered outside of Nepal or has a parent/sister concern outside of Nepal then they will not be eligible to take part in this event.

• Startups registering for the Award should have been in operation for at least 5 years (not more than) from the date of registration.

• The entity should have a product or service in place. 
• It is mandatory to submit the latest Audited Financial Statements of the entity.

Note: In case of unavailability of audited financial statements, a provisional financial statement can be submitted.

• An entity must be able to commit their time as required for the participation. 
• An entity owned by any member of the NYEF shall not be eligible to take part in the event. 

Prizes

• The 1^st place holders will be awarded Rs. 400,000.
• 2^nd place will be awarded Rs. 200,000.
• The 3^rd Place holders will be awarded Rs. 100,000.

Code of Conduct

• It is mandatory to fill the application form in English only.
• In case any false information is provided, NYEF has the sole right to immediately eliminate the entity.
• A non-disclosure agreement (NDA) has to be signed.
• Allowances shall not be paid for travel or stay.
• Participants are required to be in formals during the pitch.
• The founders of the participating startups should be able to commit their time as required for the participation.

Important Dates

Since the program is a huge event, various events will take place before the final show.

• Registration began on the 26^th of August, 2022 and will last upto the 24^th of September.
• An online orientation will day place on the 10^th of October, 2022. It will be an online session.
• 15^th of October, 2022 is set as the last day for submission of detailed form.
• On the 20^th of October, 2022 the final 15 will be shortlisted.
• An on-site Expert session will take place on the 2^nd and 3^rd of November, 2022.
• The on-site competition for the top 15 will be held on the 6^th of November, 2022.
• One-on-one mentorship session will happen on the 7^th and 8^th November, 2022.
• On the 9^th of November, 2022 rehearsals will take place.
• Demo day is set to be on the 11^th of November, 2022.

As per Chirag Goyal , President of NYEF Kathmandu Chapter, the “aim and focus is to uplift and enhance the presence of start-ups and entrepreneurship in Nepal.” Recent government initiatives to encourage entrepreneurship include the allocation of 1 billion rupees for start-ups and innovation as well as a payment of 25 lakhs as a project-based loan for uncollateralized start-up enterprises. As a result, more start-ups would be supported and encouraged in their endeavors, and youth entrepreneurship in Nepal would also increase. NYEF hopes that the support from the government can help the youths of the country create new inventions and business venture ideas and help expand Nepal’s entrepreneurial scene.

By mentoring, encouraging, and elevating young entrepreneurs and startups, NYEF Startup Awards hopes to contribute to the country’s expanding entrepreneurship and start-up scene and help Nepal’s entrepreneurial spirit flourish.

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