Idea Studio Nepal has always been aiming to turn promising ideas into business and scale-up already existing businesses to ultimately ignite social change. Idea Studio Season 5 has just been announced with the same motive. It is a nation-wide call for different innovative and sustainable business ideas and proposals.
The Idea Studio Season 5 will provide a platform for individuals seeking mentorship, training, and counseling for improving their already existing venture. The selected ideas will get an opportunity to learn through Idea Studio Nepal’s Business Incubation program. The four categories in which the participants can present their ideas are Greenovation, Made in Nepal, Highflying, and Social impact. The winners from each category will get an opportunity to receive seed investments of Rs. 5,00,000 for their ventures.
- Businesses at an early stage or at the growth stage will benefit from the month-long business incubation targeted at enhancing entrepreneurial skills and knowledge.
- Development of entrepreneurial skills such as innovation/creativity, critical thinking, self-knowledge/self-awareness, communication, collaboration/teamwork, and presentation
- Provides a National level business pitching platform through Idea Studio Season 5 television show which will be broadcasted on national television.
- Opportunity to win seed investment worth Rs. 500,000 for shortlisted business along with continuous mentorship throughout their entrepreneurial journey.
Process for Idea Studio Season 5
Phase 1: Idea Submission
In the first phase, the individuals and businesses apply their business ideas and proposals through the application form. A 2-minute long video pitch should be submitted along with the application form. Idea Studio Season5 is open to all Nepalese citizens irrespective of their gender, religion, culture, social status, marital status, sexuality, age, etc.
Phase 2: Shortlisting
The second phase includes 3 stages of shortlisting for the submitted business ideas and proposals. The proposals will be evaluated under different criteria including innovation, feasibility, impact, venture readiness, entrepreneur’s readiness. In this round 80 best ideas will be shortlisted for moving into the next round.
Phase 3: Live Audition
Then the shortlisted ideas will be invited for another round which is the live-audition and ideas will be presented in front of a panel of Business Gurus. Two to three minutes of presentation of the business idea will be followed by a question-answer round. From this round, 31 ideas will move further.
Phase 4: Incubation
The month-long incubation will facilitate the enhancement of the learning modules for accelerating entrepreneurial skills and knowledge.
Phase 5: Business Idea Pitching on a Reality TV Show
The final phase is a reality-based television program featuring the journey of aspiring entrepreneurs from being shortlisted to the final pitching. The winners for seed investment in different categories will also be announced here.
The deadline for submitting the idea is on February 15,2021.
For more information visit the link.