1.Why should I participate in Idea Studio?
- To implement innovative idea into a sustainable business
- Learn entrepreneurial and business skills
- For investment opportunities
- For an opportunity to pitch the business idea nationwide and to establish credibility through national television platform
2. Who can enter the programme?
Open to all Nepali citizens with a creative and innovative solution who are at ideation, start-up, and scale-up stages of their businesses. This programme is committed to equal opportunities to all, irrespective of gender, religion, culture, social status, marital status, sexuality, disability, age et cetera. Applicants below 18 years of age need to have parental consent to apply to Idea Studio Nepal Season 5.
3. How do I submit the idea?
You can submit the idea online through our website (www.ideastudio.org.np). You can also email your innovative ideas at email@example.com. You can also download the form, fill in your details, take a photograph and send it to firstname.lastname@example.org. np.
4. When is the last day for submission?
The last day of application submission is February 7, 2021 (25 Magh, 2077).
5. What types of ideas do I need to submit?
Any ideas that are innovative that address social, environmental, and economical issues sustainably in Nepal.
6.How many ideas will be shortlisted for finals?
7. What is the selection process?
The selection comprises of two stages:
First stage: Out of the total submitted ideas 75 will be shortlisted for 1st round pitching
Second stage: 75 shortlisted candidates will be called for an audition round to pitch their business
Third stage: After the audition 35 candidates will be selected by business gurus for the incubation program.
8.When will I be notified if my idea has been shortlisted or not?
Around the end of February.
9.What will I get as one of the final shortlisted candidates?
- Learning opportunity during the incubation programme
- Mentorship and networking opportunities from leading business personalities and experts
- Eligibility to receive Investment to start and scale the business
- Exposure in the national television show
10. Will Idea Studio provide guidance to shortlisted candidates as they relocate to Kathmandu?
11. When does the incubation start?
Selected candidates will be informed of the Incubation’s start.
12. Will Idea Studio take equity in my start-ups if I am one of the shortlisted candidates?
Idea Studio Nepal will take a Strategic Equity of 5-10% depending upon the nature and valuation of the shortlisted companies. Strategic Equity is to help the businesses perform and execute their plans and for Idea Studio to put their skin into the business they support.
13.Will the Idea Studio staff and judges sign a non-disclosure agreement?
14. I am not from Kathmandu. Can I still enter the competition?
15. Do I need to pay any amount to participate?
16. Who should I contact if I have a technical issue with my application?
You can send an email at email@example.com or call +977 9801178787, +977 015186277
17. Will I be able to edit application form once I submit it?
18. Does my start-up need to be relocated to Kathmandu if I am shortlisted?
19. Who are the judges and mentors?
Our judges (business gurus) and mentors/coaches are experts from the private and public, academia, and development sectors.
20. Is there special consideration for applicants from Kathmandu area?
21. Is there any limit to the budget for the ideas?
22. What are the criteria on which the ideas will be evaluated?
- Impact and creativity of the idea
- Venture readiness of the business
- Entrepreneur readiness
23. Should the idea be presented individually or in a group?
Either, it’s your call
24. What is the limit to the number of people in the group?
You can have as many people in the group but only one person will represent and participate in the incubation programme.
25. Do I have to be personally involved in the implementation of the business?
Yes. One member of the team will have to participate and represent full time.
26. What if I do not have the necessary expertise in executing the business?
You get an opportunity to learn in the incubation programme.
27. How will you ensure the confidentiality of the submitted idea?
A Non-disclosure agreement will be signed between the ideator and Idea Studio.
28. Would there be any chance that our idea will be used for other purposes without our knowledge whether they are selected or not?
29. What is the minimum education qualification required to be eligible for this programme?
30. Is there any cash reward for winning ideas besides getting it implemented?
31. I am a student. What if my idea is selected but I do not have time to participate later in the execution phase?
You will need to be completely involved in the incubation programme. No exception.
32. Are we allowed to submit multiple ideas?
33.Is it necessary to be a Nepali Citizen in order to be eligible for the programme?
Yes you can be a Nepali citizen or Non-resident Nepali
34. Will I get paid during the implementation of the programme?