ABCSI President Calls for Extended Incubation Support
Karma (Name Changed) an innovative startup in sustainable agriculture solutions, finds itself at a decisive moment as it nears the two-year mark at a prestigious startup center. The approaching graduation raises a crucial question: “Will you continue your startup business after you graduate from the startup center after 2 years?”
Amidst uncertainties, Sonam Chophel, the President of the Association Bhutan of Cottage and Small Industries (ABCSI), urges the government to extend the incubation period to 5 years, supported by evidence of challenges startups face in establishing their businesses within the current timeframe.
Karma’s business-based startup center embarked on its entrepreneurial journey with a visionary goal to revolutionize the agricultural landscape. With vital support and mentorship from the startup center, Karma’s innovative ideas blossomed and connected with industry experts.
As the graduation milestone draws near, Karma’s team faces internal deliberations about the future trajectory. While some members are eager to venture into the market independently, others harbor concerns about navigating the complexities that lie ahead.
In response to challenges faced by startups across Bhutan, ABCSI President, Sonam Chophel emerges as an advocate for a more extended incubation period. Citing compelling evidence from an ABCSI survey study, Chophel highlights that many startups struggle to establish themselves within the 2-year support period.
He firmly believes that extending the incubation support to 5 years would equip startups with the necessary resources and mentorship to navigate initial hurdles and lay the groundwork for sustainable growth.
“Our startups are brimming with potential, and we must provide them with ample time to flourish,” he emphasizes. “By extending the support period, we can nurture their development and contribute to a more vibrant startup ecosystem in Bhutan.”
The proposal garners widespread support from fellow entrepreneurs and investors who recognize the value of a longer incubation period in fostering successful ventures. The startup community embraces this move as an opportunity to empower aspiring entrepreneurs like Karma to achieve their full potential.
Nevertheless, some experts raise concerns about the practical implementation of an extended support period. They advocate for complementary measures such as tailored training programs and industry-specific mentorship to ensure startups are adequately equipped to thrive in a competitive market.
In a recent meeting with various political parties, the proposal put forth by Sonam Chophel, has garnered widespread support. His suggestion, advocating for the establishment of startup centers in other Dzongkhags, has resonated with political leaders as a strategic move to foster regional economic development and empower startups beyond urban centers.
President Chophel, emphasized that if the government decides against extending the incubation period beyond the current 2 years, creating startup centers in other Dzongkhags could provide startups with equal opportunities for growth and success.
The proposed strategic decentralization aims to encourage startups to explore business opportunities beyond urban centers, where opportunities may be limited, and resources are concentrated. By establishing startup centers in various regions, the government seeks to unlock the untapped potential of local entrepreneurship and foster innovation-driven growth throughout the country.
Political leaders expressed their support for this approach, highlighting that regional economic development is crucial for a balanced and sustainable national economy. They believe that empowering startups in diverse regions will not only lead to more inclusive growth but also create a ripple effect, generating employment opportunities and catalyzing economic activity in local communities.
Furthermore, representatives from different political parties lauded President Chophel’s dedication to nurturing the startup ecosystem in Bhutan. They acknowledged that his proposal aligns with the broader national vision of promoting innovation, entrepreneurship, and economic diversification.
By Kinley Yonten
