A tech startup is a business that develops and sells technological products or services. These businesses create new products or services or repurpose current technology products and services. Tech startups are businesses that provide both familiar and novel technical products and services to the market.
In Nepal, several IT businesses have emerged and established themselves. However, a select handful has achieved global recognition, such as Uber, a well-known company. Uber has been on the market for less than a decade and is already available in over 80 countries. Uber’s model was well-suited to both domestic and international needs. Consequently, they successfully introduced themselves to the global market for their service.
The Internet has obliterated geographic borders. For linking markets, technology has become a uniting factor. As a result, it has become simpler for tech entrepreneurs to reach international markets. Furthermore, by competing in the global market, technology has aided tech companies in gaining greater exposure as well as investors. However, in Nepal, the market is still too small to allow for the establishment of large-scale businesses.
Furthermore, certain concepts are better suited to the international market since such markets are more prepared. Customers are also less price averse and make judgments more quickly. They also want to be recognized globally and attract additional investors to expand their business and compete internationally.
But, in the previous seven-eight years, many new and young entrepreneurs have come up with fresh, inventive concepts every year, and the startup ecosystem in Nepal has transformed dramatically. And it is believed that roughly 60 per cent of successful companies in Nepal are women. It might also be claimed that they are profitable businesses. Due to the lack of venture capitalists in the ecosystem, a young Nepali startup ecosystem has been developing and giving it is throughout the years. The future of Nepal startups is bright, as many young and dynamic individuals have established numerous successful IT-related firms.
Many enterprises have established themselves in Nepal, providing national and global services. Cloud Factory and F1Soft are two of several firms that offer assistance to both. Grepsr, for example, is a firm that specializes in web crawling and serves multinational companies.
Innovative startups like Grepsr, 11Beep, and CashOnAd are leading the way in Nepal’s tech entrepreneurial boom. They have grand plans and will expand their services beyond Nepal’s boundaries. Apart from that, the government now recognizes the value of entrepreneurship in Nepal. As a result, they offer startup funding to every entrepreneur. Similarly, under the Department of Cottage and Small Industries, the government has implemented a BIP (Business Incubation Programme) (DOCSIS). The BIP, which has been in place for eight years, aims to assist new businesses.
Various tech startups have gone global, and they are:
- Grepsr
Grepsr is an online data extraction tool that combines professional coaching with an easy-to-use platform to assist business users in extracting value from the web without requiring IT assistance. Amit Chaudhary and Subrat Basnet founded the company in 2012. Grepsr has focused on the worldwide market since its start.
- Ludo Neo-Classic
Ludo Neo-Classic is the first Nepali variation of the Ludo game, created by Jeevan Shrestha in 2015. Among the many Ludo games available, this one stood out and quickly gained popularity. Ludo Neo-Classic has solved difficulties for those who play with multiple rules with the advent of rule modification. Ludo Neo-Classic was the first Nepali app to reach 10 million downloads in less than two years.
- UxCam
Oxfam is a technology that records and analyzes how users use an app to assist product managers and marketers in better understanding their customers. Kishan Gupta and Richard Groves created it with the help of other Nepalis. The exam provides a fantastic customer experience, allowing users to optimize product design and make confident judgments. They are now geographically dispersed as a team spanning four nations, united by a shared vision.
Therefore, many young businesses confront several hurdles when marketing their goods both nationally and globally. The most challenging burden for any new business is financing. But when the financing part is settled, it is straightforward for them to execute the tech startups and make them recognized globally. As a result, tech startups are gradually developing rapidly in Nepal also.
