Kathmandu. KATHMANDU: A research report on start-up enterprises in Koshi Province published by Nepal Rastra Bank has shown that innovation enterprises are on the verge of expansion in Koshi State.
The financial year 2081 issued by the bank’s Biratnagar office. According to the report based on the study of 82 chapters, the number of start-up enterprises is increasing in various districts of the province in the agriculture, manufacturing, service, tourism and information technology sectors.
For the study, the NRB included 150 startups operating in 10 out of 14 districts of Koshi Province. According to the study, the highest number of start-ups are operating in the agriculture and forestry sectors. It was followed by manufacturing, services, tourism and information technology sectors.
Although the growth of startup enterprises is satisfactory, various problems persist in the operation of business. Lack of capital, lack of skilled manpower, limited access to technology, market competition and complex regulatory processes are some of the major challenges faced by start-ups. Most of the startups are running their business with their own capital. Government grants, concessional loans and consultancy services have been used to a limited extent.
According to the study, the start-ups have been making positive contribution to employment generation, utilization of local resources, promotion of innovation and economic activities of the province. It is pointed out the need of facilitating financial access for sustainable development and expansion, expanding incubation and mentoring services, strengthening policy-level coordination among the three-tier government and effectively running entrepreneurship development programmes.
According to the study report, if a conducive environment is created in Koshi Province, the startup enterprises can play an important role in economic growth, employment and innovation in the province.
