On the evening of Friday, July 5, a diverse group of women entrepreneurs and business leaders assembled at the Soaltee Kathmandu as the New Business Age celebrated the success and achievements of Nepali women entrepreneurs by honouring the country's most exceptional and emerging female entrepreneurs and their accomplishments.

The fourth edition of the 'NewBiz Business Women Summit & Awards' recognised the extraordinary achievements of Nepali women entrepreneurs across six categories. The event celebrated those who have shattered glass ceilings, pioneered innovation, fostered sustainable growth and made impactful contributions to their respective industries. New Business Age Pvt Ltd has been organising the awards since 2021 as one of its flagship events. The fourth edition featured a distinguished audience, including prominent government officials, policymakers, corporate leaders, economists and other notable guests.

Shyam Badan Shrestha, a trailblazing women entrepreneur, was honoured with the ‘Lifetime Achievement in Woman Entrepreneurship’ award. She founded the Nepal Knotcraft Center with a modest investment and transformed it into a company which now employs 300 women and logs annual turnover of up to Rs 10 million. Another successful woman, Moushumi Shrestha of Shree Kisan Innovation Hub, was declared the ‘Best Woman Entrepreneur’ for her significant contributions to establishing the Shreenagar Agro Group, which helps farmers produce crops using modern technology.

Likewise, Rita Pokharel, the Director of InDrive, a ridesharing company was honoured with the 'Professional Woman of Excellence' award. Pokharel has been instrumental in setting up InDrive operations in Nepal as well as lobbying with the government to grant legal status to ride-sharing services.

Similarly, Vedika Murarka, Co-founder of Educase, won the 'Pioneering Social Entrepreneur of the Year' award for spearheading the women-led social enterprise that brings one-of-a-kind solution to help students in marginalised communities of Nepal - a school bag that folds into a desk for children to have a comfortable study space at home and school. Sonika Manandhar, co-founder of Aloi, received the 'Woman in Tech' award. Aloi is a Kathmandu-based fintech company that supports informal micro-entrepreneurs in Nepal by helping them overcome difficulties in accessing formal financing for their businesses.

Similarly, one recipient each from the seven provinces was awarded the 'Emerging Enterprising Woman of the Year'. The recipients included Maya Gurung of Chandan Fibre Udyog from Koshi Province, Sunaina Thakur of Sunaina Arts in Dhanusha from Madhesh Province, Sapana Sapkota of Bella Casa in Kathmandu from Bagamati Province, Gita Nath of Karnali Garment Udyog in Kaski from Gandaki Province, Gita Kumari Koiri Maurya of Banke Poultry Farm in Banke of Lumbini Province, Bhumisara Tomata of Shramajivi Masala Udyog in Surkhet of Karnali Province, and Savitri Ojha of Green Mountain Krishi Bikas Firm in Dadeldhura of Sudurpaschim Province. The award carried a purse of Rs 51,000 each.

The winners were selected by an independent jury of experts. Radhesh Pant, a former CEO of the Office of Investment Board Nepal, chaired the judging panel, which included Dr. Ajay Ghimire, Basanti Pradhan and Urmila Shrestha. The panel selected the recipients based on factors like compliance with rules and laws, contributions to the economy and social impact, background and social reputation, innovation and use of technology, as well as recommendations from various organisations. In her welcome speech, Sabita Subedi, Director of Operations and Finance at New Business Age Pvt Ltd, emphasised the importance of encouraging and respecting the work of women entrepreneurs. Subedi mentioned that financial literacy and entrepreneurship training were provided to women entrepreneurs in all seven provinces as part of the event. According to Subedi, New Business Age offered specialised training on financial literacy and entrepreneurship to nearly 300 women entrepreneurs in Butwal and Nepalgunj in the run-up to the event.

PANEL DISCUSSION

Women Still Face Challenges

Women still face numerous challenges in their entrepreneurial journey. During the panel discussion at the 4th New Business Women's Summit and Awards 2024, stakeholders said women must navigate issues ranging from household responsibilities to policy barriers. Participants of the panel discussion moderated by Samanata Thapa, Co-founder and Program Head of Startup Discovery Asia, said that despite these obstacles, women can still achieve success as entrepreneurs.

Padmakshi Rana, Executive Director of Impact Hub Kathmandu, highlighted access to finance as a critical issue for women entrepreneurs. "The biggest problem is the lack of access to finance," she said, noting that creating a business plan is also a significant challenge. She called for state support in everything from financial aid to business planning to foster more women entrepreneurs.

She identified gender bias as another obstacle in promoting women's entrepreneurship. "It is difficult for women to start a business," she said. "It is not easy to explain or convince the family. Also, there is a tendency for people to doubt women’s ability to succeed. Women face challenges in gathering necessary documents, registering businesses and establishing communication and contacts."

Stating that women need curated networking opportunities, she mentioned that Impact Hub Kathmandu has been facilitating women through team-oriented events held quarterly with specific themes to ensure meaningful and impactful networking.

Swastika Shrestha, CEO of Teach for Nepal, said proper education is crucial for empowering women. "There is still a belief in our society that boy child should receive higher education. Due to poor economic conditions and societal biases, those who study in public schools often feel inferior which affects their personality and leadership development,” Shrestha said. “This, in turn, reduces their chances of becoming entrepreneurs or leaders.”

Shrestha also said that when a family's financial situation is weak, it hampers their progress, forcing many to work for their parents instead of pursuing entrepreneurial opportunities. "Behind every successful man is a woman, but a woman often needs the support of a whole village," she said, emphasising the critical role of mentorship in motivating women.

Mahesh Bhattarai, Head of the Economic Management Division at the National Planning Commission, stated that Nepal's constitution has laid a foundation for women's empowerment by ensuring equality and special rights for women. He added that the country’s periodic plans also support this goal. Bhattarai emphasised the need for all stakeholders to collaborate to advance women's development and empowerment.

He further noted that the new periodic plan should integrate women’s issues across all fields of development rather than treating them separately. "The state has guaranteed that women will not face discrimination in any field," he said. "The government has ensured mandatory maternity leave and provided tax incentives for women-run enterprises."

Shrestha Conferred with Lifetime Achievement Award

With a Master's degree in Nepali Language and Literature from Tribhuvan University and 13 years of teaching experience, Shyam Badan Shrestha felt that her success should benefit others. “I wanted many women and sisters like me to be financially empowered,” she said.

This vision led Shrestha to open Nepal Knotcraft Center 40 years ago. A prominent figure in the Nepali handicraft industry, Shrestha continues to serve Nepal Knotcraft as its president to this day. Her business, which now employs 300 women, logs an annual turnover of up to Rs 10 million.

In her early days, Shrestha produced different handicraft products from raw materials available in the Kathmandu Valley. She later travelled to 65 districts of the country looking for indigenous raw materials. She identified 45 types of fibrous plants, including allo, cardamom, corn husk, bamboo, straw, cane, and nigalo (Himalayan bamboo) for handicraft production.

In 2018, Shrestha received the World Craft Council Award of Excellence for Handicraft for her work with fibrous plants and won the first prize in the SAARC Women Entrepreneurship Competition. Her industry, based in the Patan Industrial Area, exports goods to Europe, the US and Japan as well as many other countries. The company also distributes its products in the domestic market. Shrestha emphasises the use of Nepali raw materials to preserve and promote endangered Nepali handicrafts.

Reflecting on her journey, Shrestha said her motto in life is to help other women achieve financial independence. “I wanted many women and sisters like me to be financially empowered,” she said, explaining her decision to establish the Nepal Knotcraft Center.

Recognizing her invaluable contributions, Shrestha was awarded with the ‘Lifetime Achievement in Women Entrepreneurship’ at the 4th NewBiz Business Women Summit and Awards 2024.

(The report was originally published on the August, 2024 issue of the   New Business Age magazine  .)