The final winner of this global competition would get an investment of $1 million for their startup.
About Startup World Cup
Startup World Cup is the brainchild of Pegasus Tech Ventures, a leading multinational venture capital firm based in Silicon Valley with over $1.5 billion in assets under management. It has provided funding and intellectual assistance to start-ups all over the world. SpaceX, Brod, Sofi, AirBnB, and other Fortune 500 firms are among the startups.
It began the StartUp World Cup in 2016 with the primary goal of encouraging creativity and entrepreneurship by assisting startups and the startup ecosystem around the world. This competition is open to any tech-driven company with a tremendous potential to solve a problem in their economy or around the world. This competition gives participants access to startups, new deals from around the world, and the opportunity to create a network of investors and corporate leaders, as well as the chance to win a $1 million grand prize. On November 10-12, selected teams from each country will participate in Silicon Valley in front of 2500 investors.
Last year, this global competition attracted more than 50,000 participants from more than 35 nations. They hope to have country winners from more than 50 countries by 2021, with around 10,000 creative entrepreneurs from these countries.
Startup Worldcup Nepal 2021.
With the support of Startup Hub Nepal, the National Youth Council, and the World Trade Group, Nepal was able to participate in this competition for the first time. The event began with a round of panel discussions featuring a variety of dignitaries, including ministers, secretaries, educators, and administrators.
The moderators and panelists addressed the current state of startups in Nepal, their position in the global context, and the systemic and bureaucratic barriers that stand in their way. They also spoke about how to encourage the startup community and steer it toward a tech-driven commonplace.
After three panel discussions, it was determined that Nepalese startups have enormous global potential and could serve as a conduit for global companies to reach out to developing countries like Nepal. Government policies and institutional frameworks, on the other hand, should be supportive of creativity. They should also have liberal policies, financial assistance, and a favorable climate for startups to operate and expand globally.
The Competition’s Module
The Startup World Cup Nepal 2021 judging panel included six judges who are well-known in their respective fields. Bill Reichert, General Partner, Pegasus Tech Ventures; Julian Mixon, Finance and Investment specialist from Mergers and Acquisitions venture capital; Kamal Yousaf, IT professional from IBM Global Business Service; Adnan Siddiqui, IBM Retail Industry Leader, Middle East (Gulf and Levant); Dennis Kibirev, Founder and CEO of Frontier Funder Asgar Ali, IT Advisor to Nepal’s Prime Minister and Co-Founder of F1 Soft International, was also in attendance.
Every startup’s 10 participants were given four minutes to pitch their idea and three minutes to answer questions from the judges.
The competing teams were:
1. Hrisheek Innovations
It is an aerospace company in Nepal. It produces Space Cargos, rockets and other space-related accessories with the use of local products and skills.
It is a payment platform that would interlink all the digital payment methods in a single platform.
3. Eco-Good Engines Pvt. Ltd
The team under this company are focused to develop a new eco-friendly fuel out of acetylene. The fuel would lower carbon emissions from vehicles and engines.
It is a digital platform to provide job opportunities to job seekers and professionals.
5. Paperbook by Team Jagat
It is a concept that uses an E-ink display that is connected through the USB. It is aimed at reducing the cost of buying e-books from major ebook platforms.
6. Energy Chips
Energy chip is a food material that increases the energy of the body for 6 hours when 120 grams of it is taken. It is supposed to replace other hazardous junk and fast foods.
7. E-biz cards
The idea of this startup is to easily share business profiles and business cards via QR with higher security. The major motive is to replace the paper and plastic based cards.
8. jGo by Taximandu
It is a multiservice app that provides a platform for ride hailings, deliveries and other household requirements. Through the app, one can register their own services and the users can find those very easily. They have already started the operation in Nepal and Africa.
9. Microbio Systems Nepal
This company aims to produce quality assured bio medical materials, laboratory reagents and consumables.
Ansu is Nepal’s First AR Based Education module. It has been developed to introduce augmented reality in teaching learning pedagogy for the school students.
So….. who was the winner?
The team that has been given the opportunity to compete internationally in Silicon Valley for a luring investment of $1 million in this competition is the jGo app by Taximandu service. Arjun KC, the founder of Taximandu, gave the concept pitch. They’ve also begun operating as a ride-sharing network in the African continent. They are currently concentrating their efforts in LDCs, where finding a job and work-related solutions is challenging. In November 2021, the jGo team will participate on a global level in Silicon Valley.
Startup World Cup is a premium forum for all aspiring entrepreneurs to meet up with their global rivals, learn about global trends, get feedback, and win a large investment to help them transform their concept into reality. In Nepal, Startup Hub Nepal has taken this initiative by participating in the Startup World Cup as a country partner. It also hosted the first-ever competition that brought together Nepalese innovators with global mentors in the startup and technology industries. These types of competitions and events should be held on a regular basis to connect the theory and practice of what we think about doing business, as well as to promote technical innovation in all areas of production.
Since entrepreneurs are supposed to solve problems faster than corporations, they must be technologically oriented in order to keep up with the global trend of a tech-driven economy. Furthermore, considering the zeal and ideas that many young people have right now to start their own business and scale it up to the global level, the government, on the other hand, should create a favorable atmosphere for innovation in the country by providing appropriate funding mechanisms and administrative support. Techsathi wishes the winning team of the Startup World Cup Nepal 2021 all the best.