Idea Studio’s Season 5 is a nation-wide call for innovative and sustainable business ideas and proposals. Idea Studio Nepal aims to turn promising ideas into businesses and scaleup already existing businesses to ultimately ignite social change. It provides a platform to individuals who seek mentorship, training and counselling to set up or improve their already existing venture.
Idea Studio is now in its fifth season and calls individuals and businesses to submit their innovative business ideas and proposals. Selected ideas get an opportunity to learn through Idea Studio Nepal’s Business Incubation programme while four shortlisted businesses under the categories Greenovation, Made in Nepal, Highflying and Social impact will also get an opportunity to receive seed investments of Rs 5,00,000 for their ventures.
Idea Studio Season 5 is a perfect opportunity to spruce up your business skills:
- Business at an early stage or at the growth stage both are eligible to participate and benefit from the program.
- Opportunity to participate and learn in the month-long business incubation program to develop and enhance entrepreneurial skills and knowledge.
- Enhance entrepreneurial skills such as innovation/creativity, critical thinking, self-knowledge/self-awareness, communication, collaboration/teamwork, and presentation
- Provides a National level business pitching platform through Idea Studio Season 5 television show which will be broadcasted on a national television
- If you are a student interested in Idea Studio Season 5, you do not need to leave college to take part in Idea Studio Season 5.
Top 4 selected businesses will have an opportunity to receive Seed Investment worth Rs. 5,00,000 and continuous mentorship throughout their entrepreneurial journey if their business ideas and proposal are shortlisted.
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.
IDEA STUDIO SEASON 5
PROCESS
PHASE 1: IDEA SUBMISSION
Individuals and businesses apply with their business ideas and proposals through the application form on our website which requires individuals to explain and give information about their business idea along with a 2-minute video pitch.
Application Form: http://ideastudio.org.np/submit-idea/
Deadline: February 15, 2021 (Falgun 3, 2077)
There is no application charge.
Eligibility: Idea Studio Season 5 is 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.
Submit a 2-minute video pitch with the application form.
Video guideline: The application requires you to submit a 2-minute video pitch as part of the application fulfillment. Please find the video requirements and the format for the video
- The video is a pitch of business ideas and should reveal the applicant’s face for the pitch. The video can use animation, photos, or slide in-between but cannot use these elements solely.
- Please make sure the video is no longer than 2-minute.
- The video can be either in English or Nepali as per your preference.
- Please rename the video before submission as ( e.g. Full Name_Business Idea Name for eg. Joseph Shrestha_RVM Nepal
- Please submit a Google Drive link of your video in the application. Please make sure to turn on the link-sharing option so that anyone with the link can view the video, else we will not be able to screen your application.
Answer the following questions in your video:
- Explain your business idea in detail
- What problem are you addressing and how?
- Who is your targeted customer?
- How does your business contribute to sustainability, society or local economy?
- If you win Idea Studio Season 5 how will you utilize the seed investment if you become eligible for it?
PHASE 2: SHORTLISTING
A rigorous 3 stage shortlisting of all the submitted business ideas and proposals will take place. The ideas and proposals will be selected through the evaluation of the business proposal using following criterias: innovation, feasibility, impact, venture readiness, entrepreneur’s readiness, etc. The 80 best ideas from all the submitted ideas will move to the next round. The shortlisted ideas will be informed through email so please make sure you provide a valid email address and check your email.
PHASE 3: LIVE AUDITION
The shortlisted ideas are invited for live-audition in front of a panel of Business Gurus (judges). The ideators will have to deliver a two-three minute presentation on their business idea/proposal. Followed by a question and answer round of five to seven minutes. 31 selected ideas will move onto the next phase of Idea Studio Season 5.
PHASE 4: INCUBATION
The selected business ideas/proposals will go through a month-long business incubation program. The month-long incubation bootcamp will focus on enhancing learning modules to accelerate entrepreneurial skills and knowledge. The learning will focus on launching, building and growing your businesses. The learning modules also include keynote addresses on varying topics from legal compliances, financial management, marketing, branding, operations, design thinking, stress management to first-hand entrepreneurial journey sharing sessions by business experts of the country. Various expert facilitators from various backgrounds conduct sessions on these various topics.
PHASE 5: BUSINESS IDEA PITCHING ON A REALITY TV SHOW
Idea Studio Season 5 is also a reality-based television program which features the journey of aspiring entrepreneurs from being shortlisted to the final pitching of their business ideas in order to secure potential investment from various business experts. The TV show will be aired on National Television and four shortlisted businesses under the categories Greenovation, Made in Nepal, Highflying and Social impact will also get an opportunity to receive Seed Investments of Rs 5,00,000 or more for their ventures.
*Events depend on the COVID-19 situation of Nepal. If a physical pitching event is not possible at the time the program will choose alternative options to fulfill the pitching.
EVALUATION CRITERIA
Business ideas and proposals submitted are evaluated based on the following:
Innovativeness: Innovative ideas will always be emphasized. It can be any ideas – ideas bringing innovation from kitchen work to the big corporate industries.
Ideas utilising local resources: Those ideas which utilise the local resources, local manpower, and lead to the investment are encouraged.
Sustainable and scalable ideas: The ideas which have a long-lasting impact following the principle of sustainable development without affecting the environment and promote social as well as economic growth.
Social impact: The ideas that address and solve social problems and have a positive social impact that leads to social justice.
Presentation: Public speaking is an essence a good ideator needs to have. Someone might have a great idea, but unless he expresses it out and can convince other investors, the idea will not be impactful. The ideas should be presented to the panel of judges after the selection round.
OBJECTIVES
Entrepreneurship Orientation: The main objective of Ideas Studio Season 5 is to open the world of business and opportunities to the individuals who have innovative ideas or running businesses so they can set up their ventures, scale-up and establish the markets.
Practical Know-how: Theory is essential but the knowledge to implement the theory is more important. Thus, the idea pitching and incubation program is a great opportunity for people to implement the theory in real life putting text-into-context.
Youth Empowerment: Today youths in Nepal are getting opportunities but it is lesser than the global scenario. If we are to produce human resources that can compete in the world, we need to give them opportunities in accordance with the global market.
WHY IDEA STUDIO SEASON 5?
Only having innovative business ideas is not enough, it is equally important to put it into action. To convert ideas into a successful business and then have a sustainable growth business goes through numerous challenges. Some common challenges are:
- I am good at what I do but I am not an expert on anything.
- I want to work on my idea but there is no incubator I know of in Nepal.
- My idea is not clear. I don’t have a great idea. I am not sure if I can start a business based on my idea.
- I don’t have enough money to start a business.
- I have ideas but could not act on them.
- I have a great idea and all I need is —an investor, a programmer, a developer, an app developer, a marketing person, a business partner etc.
PROGRAMME RULES, TERMS AND CONDITIONS
- There are no application fees to apply for the programme.
- All the participants must submit business ideas strictly by the deadline. Failure to submit on time will result in disqualification.
- Participants must submit their own innovative business ideas. Plagiarism (submitting copied business ideas or proposals) will result in disqualification.
- Profanity, swearing or any offensive gesture and harassment of any kind are not allowed during the course of the entire program and events.
- The final results published during the selection procedure and reality television show will be final and non-questionable.
- Idea Studio Nepal reserves the right to take necessary actions in case of breach of any of the explicitly mentioned rules or any other conduct that it deems as gross misconduct.
- Organisers have the right to share information acquired from this form to the press, partners, and sponsors.
- Idea Studio Nepal is not an investment company and doesn’t promise investment in your business ideas and proposal.
- Idea Studio is not a business plan generator, instead, it is your practical guide to develop your business ideas and proposal to a sustainable business.
- Idea Studio management team can expel any participant with or without a case during the course of the event.
IDEA STUDIO SEASON 4: Top 4 IDEATORS
Ang Dolma Sherpa, Greenovation for Biodegradable Khada
Deepak Bahadur Budha, Social Impact for Mission Marci
Kshitiz Thapa,, HighFlying, Ticketnshop
Kabin Maleku,, Made in Nepal for Medifoods