There are billions of innovative ideas that comes to a human mind and they believe that can change the world. Innovative ideas are just a carcass of the actual things; it gets existence only with competent people behind the idea. While pitching business ideas, potential investors not only focus on innovation but also examines the capability and consistency of the person presenting the ideas.

Innovation may not always be out of the box idea or anything that has never been done before. Innovation can also be from modifying the available resources and manpower and getting maximum benefits from it. Innovation can be something that could solve the existing socio-economic problem or make work more convenient and effective. For example, innovation of drone is the combination of already available resources like camera but it had multiple uses. Similarly, the owner of Amazon did not do any rocket science invention, he shifted his book selling business to online retail store. So the determination of entrepreneur to deal with the socio-economic challenges can bring a change in business.

Nepal has high potential for innovation as there still exist various problems which can be taken as an opportunity by the entrepreneurs. There are various entrepreneurs in Nepal as well who have managed to utilize the available resources within the nation and take the existing problem of the nation as a challenge and convert it to opportunity for their entrepreneurial ventures.

UG Bazzar[i] was established in 2012 by Nikita Acharya and Kiran Timsina with a vision to create a one-stop solution for all online shopping requirements. UG Bazzar is an online shopping portal that supply branded fashion wears, accessories, cosmetics and cakes. The company was awarded as ‘Best Start-up Company Award’ in the 4th Newbiz Business Conclave & Awards 2017.

In Nepal, women are generally deprived of economic and employment opportunities, UG Bazzar has focused on empowering women, earthquake victims, differently abled people and the marginalized groups of people. 90% of the the company’s workers are female.

Sasto Deal was established in 2011 by Amun Thapa at a time when internet connectivity and usage was very low. But today it is one of the leading ecommerce company with millions of customers and hundreds of vendors connecting through a digital platform all over the Nepal. The goal of the company is make products available to customers at affordable prices and get products delivered safely to their customers.

Sasto Deal provides the platform to the vendors to connect with the customer and provides marketing and logistics support. Flipkart and Myntra, the e-commerce giants from India have collaborated with Sasto Deal to initiate cross-border trade opportunities. This is a great opportunity for Nepalese consumers and market to grow the e-commerce and technology industry in Nepal.

Tootle[ii], established by Sixit Bhatta, is an app that connects passengers with the bike-riders as a taxi service. It is Nepal’s first ride-sharing app based on motorcycles which provides services within the Kathmandu Valley. Tootle is able to change the human behavior by providing freedom of mobility. Tootle has developed a technology which can be used by visually impaired people and has feature for females to choose female bikers.

Daily commute in Kathmandu is very hectic due to crowded public transport and long traffic jams. Tootle ensures safe, secure, cost effective and seamless ride. Tootle is a completely new business platform stating that Nepal’s socio-economic problems are its opportunity and has the possibility of being a company that can disrupt the industry.

e-Sewa[iii] was established in 2009 by Biswas Dhakal through his tech company F1Soft. e-Sewa is Nepal’s first mobile wallet, an online payment gateway that revolutionized digital payment in Nepal. e-Sewa is envisioning cashless economy and claims to reach every corner of the country.

People nowadays prefer cashless payment option for rather than standing on long queue. This venture has become one of the most effective solution for customers for their daily purchasing and payment requirement. e-Sewa is an internationally recognized app which is beneficial to customer as it saves time, money and is convenient to use with availability of various services.

Min Bahadur Gurung, CMD of Bhat Bhateni[iv], started an ordinary cold store and later transformed it into the leading retail chain store of Nepal with 14 departmental stores. Bhat Bhateni is Nepal’s retail giant that provides full shopping experience in a single store.

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Bhat Bhateni can be regarded as Walmart in the context of Nepal as its slogan is ‘Save Time, Save Money’, as it provides all the basic item in a single store which is a convenient shopping option for working people. As the people’s living standards have risen, they search for easy, fast, and accessible shopping centers. Bhat Bhateni being the largest retail chain in Nepal can grab people’s priority and attention and has developed its store brand products called BBSM. Bhat Bhateni also promotes local products from all over Nepal.

All the above businesses are able to bring change through their entrepreneurial ventures by starting new service to the market, changing consumer’s behavior, developing a local brand and benefitting the consumers by saving their time and money. These businesses were not out of the box ideas, but they were able to contribute and bring small change in the lives of individuals which has a compounded effect has a whole. These innovative businesses have created awareness amongst their customers and people are more aware of new technology. They have equally contributed to Nepal’s economy as well and created a great future for consumers and for aspiring entrepreneurs.