A year later, he founded Biruwa Ventures, a first-of-its-kind privately-owned business incubator that encourages budding entrepreneurs by mentoring and providing them office space. [break]
Having lived abroad for seven years, Rana was in an ordeal between joining business school and coming back home. He chose to come back.
His work experience as a research manager for Whitakers Associates, Inc. helped him understand the feasibility of a business incubator in Nepal. With a total investment of Rs 5,00,000, he started the venture.
“It’s a new concept in Nepal but one that I believe can work. There are many youngsters who have business ideas, but their enthusiasm drains out once they decide to execute their plan,” says Rana, a graduate in Economics and Business Management from Hope College, US.
He outlines common problems like finding appropriate office spaces with 24-hour backup electricity, fast Internet connection, and the huge investment in office property as a major turnoff.
Biruwa Ventures, located in Baluwatar, offers seven rentable office spaces at Rs 7,000 per month.
“It’s more than renting a space: you get to interact with other entrepreneurs and get mentored on a regular basis,” he says. Internet, photocopying and scanning facilities are provided for free. The space can be rented on a daily basis as well.
Rana explains that Nepalis abroad are more interested in investing rather than donating, and if someone approaches Biruwa with an impressive business idea, s/he will be referred to such an “angel investor.”
Biruwa Ventures has already come in contact with a number of organizations who would like to rent its office spaces.
“I don’t mind if the office space is empty; it’s to be filled with people who have ideas that are worth nurturing, a perfect place for startups with a vision.”
The young entrepreneur himself hopes to see the Biruwa Project – biruwa means sapling in Nepali – grow into a full-fledged tree in the future.
“We aim to expand the business incubators in other locations in and around Kathmandu and then to other districts in Nepal,” says Vidhan.
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