Kathmandu, June 15, 2017: True North Associates, a Nepali Investment, Consulting, and Management firm has called for applications for the third batch of Enterprise, a special business-accelerator program for growth stage companies. This is the third edition of a twelve-week long program, where the businesses are trained and mentored to make their business stronger both internally and externally.
Enterprise is the first business accelerator of its kind operated by the private sector in Nepal. The program is perfect for Nepalese companies that have been in existence for at least 3 years and are looking to fine-tune their business models, raise funds from investors, and move to the next level of business growth.
The second batch of the program gathered huge interest from over 400 companies, out of which 6 carefully selected companies were given the opportunity to be a part of the Accelerator Program. Foodmandu Pvt. Ltd, Ingrails Pvt. Ltd, Aiden Engineering Pvt. Ltd, A.C.T. 360 Pvt. Ltd, Funkey Delights Pvt. Ltd, and Vim Vox Lab Pvt. Ltd were the companies that were selected for the 12-week mentorship program.
During the program last year, the participating entrepreneurs got an opportunity to work with some of the leading industry experts in the country to reassess their business models, re-align their vision and objectives, plan their finances, get legal consultation, and ultimately, develop internal resources to target a high level of growth. The companies also attended various investors networking sessions and pitched their businesses to a select group of banks, angel investors, venture capital funds, and private equity funds on the Demo-Day.
Out of the 6 participating companies, 3 companies have already received investment with investment size in these companies averaging 80 Lakh rupees. The other 3 have received term sheets from investors and are in the final stages of negotiation.
Ajay Shrestha, Program Director at Enterprise shares, “In Nepal, a lot of Small and Medium Size Enterprises (SMEs) do not have access to technical and financial resources to grow. A business accelerator can add a lot of value to these companies by providing them the necessary tools to analyse their overall growth strategy. By doing so, Enterprise helps them develop their internal capacity and makes them more attractive to investors.”
Enterprise aims to create an ecosystem for Venture Capital and Private Equity investment to thrive, through which companies, investors, and the entire economy can benefit from the growth of SMEs. It further aims to bridge the gap between the Nepalese entrepreneurs and the investors by making companies investment ready.
During the training phase, the participants are mentored by industry experts that guide them to improve their business model, products and services, create strategies and plans, refine internal finance, etc. All of this hard work leads up to the demo day where the businesses finally get to present their business ideas and plans to the investors and create networks.
The program was initiated by Nepalese Young Entrepreneurs’ Forum (NYEF) in partnership with Centre for Creation of Economic Wealth (CCEW) at the University of Oklahoma.
In order to be eligible to apply for this program, companies need to have been in operations for at least three years, be seeking investment, and have a dedicated team to take their companies to greater heights.
This third batch of Enterprise will incorporate 10 teams, and is scheduled to begin on 1st August 2017.