BIC Startups is the Business Incubation Center at Boston International College that nurtures ideas of young entrepreneurs with required input and support to explore commercial sustainability collaboratively. It envisions building an entrepreneurial ecosystem in Chitwan district to fuel startup growth and development.
If you have a business idea or proof of concept that solves an existing problem or fulfills a market need and also have intention to create sustainable change in the marketplace and society by converting that idea into a business venture, then you are welcome to apply for the incubation program उद्यमी विकास कार्यक्रम – 2021 at BIC Startups. Below are some frequently asked questions regarding BIC Startups.
Frequently asked questions
Business incubation is a process of providing the startup entrepreneurs with the much needed business development training, mentoring, guidance, technical and financial support to implement their startups ideas and turn them into business ventures.
Yes, you are absolutely welcome to apply for this program. We are taking a total of 30 applicants for this cohort. Among those seats, we have allocated 10 seats for the applicants outside of Boston International College.
BIC Startups is aimed to support the potential entrepreneurs by providing training, mentorship, and consulting. Therefore, if you have an entrepreneurial zeal, and willingness to initiate your own business, you are the right person to apply for this incubation program.
The opportunity to participate in the incubation program organised by BIC Startups is not limited to the students of Boston International College. Therefore, students of any field, and studying in any college can apply. In fact, if you are from a faculty other than management, you will help us have applicants from diverse backgrounds. This translates into new connections, collaborations and complementary knowledge and skill sets among our incubatees.
BIC Startups is a dedicated incubation wing of Boston International College, which envisions creating an entrepreneurial ecosystem in the Chitwan district. For this, we work in collaboration with ecosystem partners like Skill Lab, Chitwan Association of Industries, Nepalese Young Entrepreneurs Forum, as well as industries. We are one of its kind of institutions in Chitwan district and we are working on a long term goal.
BIC Startups aspires entrepreneurs to transform their ideas into concrete business ventures and facilitates all the support systems for the creation of profitable and sustainable ventures. We provide structured training programs on a weekly basis and assign coaches to provide one-to-one support to all teams. We provide a seedfund of NPR. 2,00,000 to the eligible teams of entrepreneurs selected from the pitching competition.
Seedfund or seed capital is known as that first capital that is used to refine a business idea through research, developing a prototype and testing in order to prepare a working business model. This is the most initial form of investment received by any startup.
We provide seedfund of NPR. 2,00,000 to the eligible teams of entrepreneurs selected from the pitching competition. We have a seed capital fund of 1 million rupees and seedfund 5 teams in a year.
The procedure to get seedfund is: firstly you apply to our incubation program and once selected you will go through ten weeks of training and one month of mentoring. During all this time we prepare you for a pitch presentation which will happen through the DEMO Day program. If you become the winner in the DEMO Day you will then qualify for receiving the seedfund. Afterwards, you will have to sign a ‘seedfund agreement’ contract and we will disburse the seedfund in 4 installments.
Seedfund is an interest free capital which has to be refunded to BIC Startups once the startup becomes successful in generating the revenue. The startups will pay back the seedfund on a monthly basis over the stipulated period agreed mutually in the ‘seedfund agreement’ contract.
Business ideas and capital are among the basic ingredients for starting a business. However, these ingredients alone are not sufficient to ensure the success of a business venture. The founding team and the execution strategy are much more important for startup entrepreneurs. The business ideas may become obsolete very quickly whereas lack of prioritization may result in poor use of capital. Execution knowledge, skills and a good team are highly important and we facilitate you in these areas if you come to our incubation program. Therefore, we strongly recommend you to apply.
Demo Day is a final presentation of a 6-month long Business Incubation Program to celebrate the entrepreneurial journey of five ventures. This is a great opportunity for our incubatees to present their idea to an audience that includes venture capitalists, potential investors, and industry leaders across different sectors.
Participating in the incubation program as well as any other programs organised by BIC Startups are free of cost. If we need to charge money for any of our programs, we will provide information in advance.
Mentoring is a process whereby we assign mentors to each startup team. The mentors will facilitate the startup by sharing their knowledge and experience as well as guiding the startups in various aspects of venture creation and growth including identifying and troubleshooting the problems faced by startups. We have a pool of 20+ mentors who are willing to extend their support to the incubatees of BIC Startups. Mentors help their mentees, not by doing it for them, or expecting them to do it the way they did it, but by understanding and respecting different ways of working. Mentors help mentees come up with their own answers and solutions.