Innovative Enterprises

Entrepreneurship refers to a mix of ability and the determination to start and successfully run a business. All businesses aspire to grow financially, serve their investors and stakeholders, as well as contribute to a greater good. But only a handful of aspirants succeed in their mission.  Entrepreneurs are someone who start or own a business, whether manufacturing or service, and they find their success by taking risks. And in this process, sometimes, they revolutionise the entire industry. Humble beginning, and perseverance, guided by deep conviction that their idea will work eventually, among other features, are the hallmark of an entrepreneur. Today, Google, Facebook, Amazon, Apple, Microsoft and Tesla, among many companies, are the embodiment of spirit of entrepreneurship. 

They all have many things in common. Once start-ups, all were started by risk-taking and visionary entrepreneurs with an innovative idea to work on in a garage or a basement of their house, and ultimately went on to disrupt forever how the world communicates and functions in a day-to-day life, making the world a better place to live in. By doing so, they have also shown how things can be done in the most effective and efficient manner. And there is one powerful ingredient that has enabled them to achieve this transformative feat: innovation. Today, all these companies, known as Big-Tech collectively, have to innovate constantly and roll out new products and services even to stay in business. In this context, innovation is the elixir of a successful business, and to a greater extent, an economy. 

Recognising this importance, Prime Minister Pushpa Kamal Dahal Prachanda has said that the government will adopt a policy to foster a culture of innovation and entrepreneurship by simplifying the investment procedures. He made this remark during the inauguration of the Nepal-EU Business Forum on the occasion of the 50th anniversary of Nepal-European Union diplomatic relations the other day. Driven by the tradition of making discovery, the EU has been the centre of innovation – the reason why its currency is so powerful and its economy so productive.

To change things for the better, the government has reformed laws to ensure the ease of doing business and attract private investment. Encouraging participation of over 1,700 participants from 55 countries, many of which are European, and investment commitment amounting to billions of rupees are promising signs. Needless to say, renewable energy, tourism, and agriculture are our strengths, but the lack of innovation and investment has kept us from harnessing them. There are many sectors where we can take a leaf out of the Union's book. Among them are green economy and sustainable agricultural practices, which were also mentioned by the Prime Minister at the inaugural function. 

The countries in the EU, as well as the US and China, are making significant strides in green economy. Their share of renewable energy generation has continued to grow, agricultural yield are bountiful, and environment is getting increasingly cleaner due to less and less use of fossil fuel and combustion engine vehicles. These remarkable achievements, made possible by the culture of innovation-driven entrepreneurship are making them the envy of the world. Against this backdrop, we cannot afford to lag behind. For the culture of entrepreneurship to take hold in the country, we must first create an enabling environment for start-ups to thrive.