Startup center to facilitate entrepreneurs inaugurated

A four-storey center with 28 business incubation units, built at the cost of about Nu 67.5M, the first of its kind of startup center for cottage and small industries (CSI) entrepreneurs was inaugurated on Monday at Changzamtok.

The center will provide an enabling space to aspiring entrepreneurs to shape and develop their business ideas. Aspiring entrepreneurs can use the facility for two years to set up and run their businesses from and after the incubation period, new startups will take over the spaces

Department of Cottage and Small Industries (DSCI) has selected about 16 entrepreneurs to facilitate their businesses and the center has space for 28 startups, two training halls, space for management office and cafeteria. The center will have a fabrication laboratory, which will help ease the development of ideas into products through prototyping.

The center was constructed with funding support from the Government of India under project-tied assistance.

The startup center would help the potential CSIs grow their business through shared space and other support programs such as but not limited to mentoring, training, marketing, product designing and development, linkages to financial institutions and other business development services among others. Moreover, the new center is aimed to facilitate entrepreneurs for sustainable economic growth, which is very critical to create a sound entrepreneurship ecosystem.

Yangchen, an aspiring entrepreneur said ideas are plenty but finding a space to set up at the start is challenging due to financial issues.

Another entrepreneur Jamtsho said there is a lot of advertisement for space given online but it requires a lot of money to buy which is risky and this opportunity is an advantage to start up for any aspiring entrepreneur.

DSCI Director General Tandin Tshering said the startup center is to help young entrepreneurs who do not have a place to start their business and give opportunities to unemployed youth and young women entrepreneurs will benefit in the long term.

“Every entrepreneur would be charged a minimal rental fee and their business ideas will be nurtured at the centre and developed through support programs,” he said.

Tshering from Thimphu