Nepal Ko Yuwa (NKY) has announced the top 5 winning entrepreneurs of the Palpa Business Innovation Challenge 2014.
Co-organized by Innovation Action Palpa (IAP) and part of the Naya Ghar Entrepreneurship Initiative, the competition received 112 applications from 35 VDCs of Palpa district. Naya Ghar aims to identify and support rural high-growth entrepreneurs in Palpa with focus on agriculture, tourism and IT sectors.
From a pool of 112 candidates, 20 semi-finalists were pre-screened by a selection committee, from which 10 were shortlisted (6 via SMS voting, 2 via Facebook voting and 2 via joint evaluation by NKY and IAP).
In the final round, a jury panel selected the top 5 winning entrepreneurs after field visits to 10 enterprises. The jury comprised leaders and experts like Krishna Gyawali, Secretary, Ministry of Industry; Dr. Pukar Malla, Senior Research Fellow, Harvard Kennedy School; Dr. Mahabir Pun, Founder Nepal Wireless; Rukmani Maharjan, Microfinance Head, NMB Bank; Anand Bagaria, Managing Director, Nimbus; and Binod Shrestha, Professor at KUSOM.
The winners were: Bimala Basyal, Durga Bahadur Khand and Min Prasad Neupane (animal husbandry, cow), Om Bahadur Saru (animal husbandry, wild boar) an Tanka Nath Ghimire (fishing resort).
In the first stage, each of the 5 winners will receive Rs. 50,000. After 4 months of thorough evaluation of their work, 3 of the 5 entrepreneurs will receive an additional Rs. 150,000 each.
In the final stage of selection, one top-performing entrepreneur will receive an additional Rs. 300,000. Top 20 entrepreneurs will receive some training support and all 5 winners will also receive training, mentorship and networking to further grow and sustain their enterprises.
The Naya Ghar initiative is supported by Nepal Investment Bank Limited and Walk for Nepal Youth Innovation Fund.
“Nepal Ko Yuwa is thankful to all participating entrepreneurs, voters, jury members IAP as well as supporters from Palpa, nationally and internationally,” said a statement released Wednesday, July 2.