On 20 September 2022, King’s College signed a Memorandum of Understanding(MOU) with Rastriya Banijya Bank (RBB) to collaborate on the ‘Otharo Incubation Program’. Otharo Incubation is a bi-yearly incubation program, managed and organized by King’s College where ideas are converted into viable businesses after undergoing a rigorous 6-month process of workshops, mentorship programs, expert sessions and provision of necessary support system.
This collaborative effort aims to support entrepreneurs, create entrepreneurial ventures, and generate more employment opportunities for Nepali youths. The program will commence with King’s College opening applications for innovative business plans from Nepali youth across the country who want to receive necessary training, mentorship, and support related to entrepreneurship in building their venture.
As per the collaboration, the overall program will be jointly funded by King’s College and Rastriya Banijya Bank, with RBB providing a subsidized loan to 3 ventures going forward from the Otharo Incubation Program. RBB has also agreed to provide finance related experts as coaches to support the selected incubatees of the program.
The CEO of RBB Kiran Kumar Shrestha said that the program is aimed for youths who seek support system in turning their ideas into a viable venture, and such effort will take the country towards the road of prosperity. Further Mr. Shrestha said, “Rastriya Banijya Bank has been committed in promoting entrepreneurship and enterprises by partnering with local municipalities and other authorities. Now, partnering with an education institution highly focused on entrepreneurship is something we are really looking forward to and also 100% committed to”.
Narottam Aryal, the president of King’s College, stressed on the need to create an entrepreneurial ecosystem to help nurture ventures. An ecosystem that is willing to take risks and contribute towards the development of young innovative startups from the very beginning, and continuously support them for the longer haul. He expressed his gratitude towards Rastriya Banijya Bank and the entire team for trusting our efforts in building ventures and for joining hands in developing entrepreneurial mindset among youths.
We hope such collaborations will promote and help develop the entrepreneurial spirit and entrepreneurial ecosystem of Nepal. Hope it also becomes an example of organisations coming together to enhance entrepreneurial ecosystem.