“The government should try to make policies for acquiring loan acquisition or private investment suitable to the needs of startups,” Amit Bista, Co-founder of 8Byte Creative Studio

Amit Bista is a business strategist and the co-founder of 8Byte Creative Studio. Before embarking on his own entrepreneurial journey, he was a Market Research Analyst at Kalpana Craft. He holds a Bachelor’s degree in Business Administration and Management from Islington College, Kathmandu.

About 8Byte Creative Studio 

As its name suggests 8Byte Creative Studio is a technology company that offers comprehensive creative solutions packages to businesses and individuals. The prevailing fast-paced digitalization has created a gap where some businesses, despite great ideas and products, are unable to tap into the unlimited prospects of digitalization due to a lack of technological skills. 8Byte allows businesses to bring their ideas to light with its services, which include mobile development, web development, graphic design, search engine optimization and social media management. 8Byte hopes to create an impact on society through the development of useful, scalable, and creative product solutions.

Amit Bista shares his thoughts on the entrepreneurial ecosystem in Nepal:

What do you think is one of the most required policy changes in Nepal from the perspective of promoting the entrepreneurial ecosystem in Nepal? What impact will such policy change yield for the entrepreneurial ecosystem in Nepal?

For startups, surviving in the early stage is very critical. Currently, the process of registering a company and yearly audit process is very expensive. If the Nepal government were to ease these processes, such as by introducing minimum taxation for the startup year*. This will enable the early-stage company to invest their fund in the most important aspect of the company, i.e growth.

Later with growth, startups have the possibility to acquire more funds. Nepal has just started a private investment culture but there are many hurdles. So the government should try to make policies for acquiring loan acquisition or private investment suitable to the needs of startups and for the growth of the entrepreneurial ecosystem in Nepal.

* The government of Nepal has not defined the startup year. In India, for example, a business will be considered a startup upto a period of ten years from the date of incorporation/ registration.

As a part of Global Entrepreneurship Week 2021, Samriddhi Foundation asked Nepali entrepreneurs what they think is the most pressing policy change to promote the entrepreneurial ecosystem in Nepal. In this series, Samriddhi Foundation will feature two entrepreneurs a day through the #GEW2021 week, starting from November 8 to November 14, 2021.