Nepal is grappling with the critical issue of brain drain. Young individuals, in search of better opportunities, often choose to explore foreign shores, leaving a void in the country's workforce. To address this challenge and unlock the nation's true potential, a transformative approach is required. Embracing entrepreneurship education can nurture a culture of innovation, creativity, and self-employment among the youth, empowering them to create their own opportunities and significantly contribute to Nepal's local economy.

The full realisation of entrepreneurship education's potential hinges on effective collaboration between academia and the private sector. Together, they can revamp the school-level curriculum to align it with industry needs and global trends. By introducing real-world case studies, practical training, and industry-relevant projects, students gain hands-on experience and acquire skills that resonate with employers and investors alike. In this synergy, the private can offer mentorship and internship opportunities, which not only enhance employability but also reduce the allure of seeking opportunities abroad.

A stellar example of academic-private partnerships lies in the ILO's South Asia Leadership in Entrepreneurship Project, in collaboration with the Association of Youth Organisation Nepal's Campaign to promote Entrepreneurship Education. This transformative initiative focuses on equipping young individuals with the skills, knowledge, and support to embark on entrepreneurial journeys. By synergistically leveraging academia's expertise and the private sector's resources, this partnership weaves a dynamic ecosystem that nurtures entrepreneurial talent and fosters innovation.

The United States' Silicon Valley Ecosystem stands as a beacon of innovation, offering access to venture capital, top-tier universities, research institutions, and a culture that thrives on risk-taking and innovation. In Germany, dedicated centres and banks actively promote startups, providing funding and financial backing to startups and SMEs. Singapore's Startup SG initiative extends various support schemes, including grants, equity financing, and mentorship, to catalyse entrepreneurship and attract international startups. Israel's Innovation Authority diligently provides funding, R&D grants, and unwavering support to startups and innovative companies.

In Nepal too, promising initiatives have emerged to support entrepreneurship. Incubation centres and co-working spaces serve as pivotal hubs, providing indispensable resources, mentorship, networking opportunities, and a conducive environment for startups to flourish. The establishment of venture capital funds, angel investor networks, and crowdfunding platforms has significantly improved access to vital capital for entrepreneurial ventures. Nepal strives to empower women entrepreneurs through skill development programmes and initiatives, bridging the gender gap and fostering a supportive environment for women.

The budge for the fiscal year 2023/24 has provisions of 1 per cent budget allocation from capital expenditure for Research and Development, the establishment of a one billion fund for innovation with a separate law and unit of MOEST (Ministry of Education, Science, and Technology), and operationalisation of an incubation centre at the federal level to foster entrepreneurial culture and nurture groundbreaking ideas. Additionally, Nepal encourages Foreign Direct Investment, venture capital, and private equity funds to spur startup growth and allocates 1.25 billion to promote startups. Furthermore, a flexible labour policy tailored to the IT sector and startups is set to be introduced.

The analysis of existing policies on youth entrepreneurship development reveals a commitment by the government to harness the potential of its youth through entrepreneurship education. By fostering academic-private partnerships, Nepal can pave the way for a generation of visionary leaders who will spearhead the nation's journey towards prosperity and success. Nepal can shape its future by empowering its young individuals to dream beyond borders and become catalysts for positive change within their homeland.

Published on: 28 August 2023 | The Rising Nepal