Federation of Nepalese Startups and SMEs
The ultimate goal of FONSAS is to create a collaborative space for entrepreneurs and SMEs and aid them in running their businesses effectively and efficiently.
Federation of Nepalese Startups and SMEs (FONSAS) is a recently established organization dedicated to promoting as well as boosting the entrepreneurship opportunities in Nepal. FONSAS aims to support startups and Small and Medium Enterprises (SMEs) by listening to their entrepreneurial voices and making an effort to take it to the right authorities. We are primarily focused on imparting the core idea of sustainability among rising startups/SMEs and hence, helping them sustain their businesses. We aim to work with Startups and SMEs of various industries and niches, coming from different walks of life, understand their needs and work to address them.
The struggles of growing startups and SMEs is constant and tedious. Having been worked as an integral part of the core Nepalese market, the initiators of FONSAS well understood the needs as well as issues of growing entrepreneurs. They also realized how startups and SMEs lacked a support system, an institution that could stand up for them and their voices. Rigorous discussions regarding these issues encouraged the founding team to initiate something that could help strengthen rising startups and SMEs by becoming an advocate and a support system for them. This is how the seed of FONSAS was planted. This seed was then nurtured by extensive planning, discussions and empirical research.
And today, after a bumpy yet satisfying ride, our team stands strong and ready to facilitate startups and SMEs by becoming a voice for them.
- To bridge the gap between businesses and government authorities in order to create a clear and two-way communication space for them
- To identify the key challenges faced by SMEs and make efforts to address them accordingly
- To create a strong startup ecosystem within the Nepalese economy
- To support new entrepreneurs and assist them in creating a market for themselves
Area of Work
Our primary stakeholders are SMEs and startups. We aim to help SMEs and startups in the following aspects:
- Legal Issues: We understand that knowing as well as fulfilling the legalities and government procedures can be tedious and confusing for startups and SMEs. We believe that the right guidance on these legal issues can be a great boost for startups and SMEs to identify their prospects and grow bigger. Hence, FONSAS plans on conducting various workshops and interaction programs relating to legal matters for entrepreneurs to help them better understand the legal procedures that they require to fulfil as businessmen.
- Statutory and Regulatory Frameworks: FONSAS aims to introduce interventions and programs that enhance the entrepreneurs’ capacity to understand VAT regulations and how they impact SMEs in the long run. Since VAT regulations influence the smooth running of businesses, it becomes extremely crucial for entrepreneurs to have a detailed understanding of VAT regulations and FONSAS aims to address it. Similarly, there is a very specific and (a little) confusing procedure that needs to be followed by SMEs that include compulsory registration in various departments and boards and so on which might be discouraging for entrepreneurs. Similarly, no clear policies regarding new business practices is another factor that might be a key issue for SMEs. Hence, FONSAS tries to identify the crucial needs of SMEs, in terms of understanding legalities and procedures and tries to provide them with the correct guidance and mentorship to ultimately push them to enhanced business prospects as well as practices.
- Networking: The importance of building connections for successful businesses is not unknown to anyone. To sell any product or service in this era of competitive markets, entrepreneurs need to build a strong chain of network with the consumers as well as fellow entrepreneurs. To promote this networking between startups, FONSAS plans to organize various interaction and discussion sessions amidst the entrepreneurs. Similarly, to strengthen the connection of startups with consumers, FONSAS plans to organize product exhibitions and facilitate meetups between consumers and producers. We also plan on guiding and training startups and SMEs on how they can build a strong network and mobilize that network to grow their business in the most efficient way.