The Druk Holding and Investments Limited (DHI) will formally open the training under the DHI Business Acceleration Program (DHI BizAP) at the Start-Up Center in Changzamtog, Thimphu, beginning today.
As mandated by its Royal Charter to promote and encourage entrepreneurship and business development through venture capital and other required institutional support, DHI has hired IC2 Institute under the University of Texas, USA to conduct the 33-day training, spread over three months with a balanced mixture of face-to face, virtual classes and assignments, for selected entrepreneurs.
According to the press release issued by DHI, one important component of DHI BizAP program is training and that the training will target those entrepreneurs that already have businesses or entrepreneurs that are in the advanced stage of launching their businesses.
While many basic start-up entrepreneurship training courses are being provided in the country, DHI describes the training under DHI BizAP program as a higher level structured training with the focus on commercializing business ideas and launching businesses in the market.
“In addition, the training will also incorporate a learning/networking tour. Trainees performing well during the training will be identified for regional tour to aid entrepreneurs in developing the necessary skills, knowledge, network, market, etc. that will enhance and grow their business,” states the press release.
And with access to financing considered a major constraint in entrepreneurship promotion, DHI, to address this, will reportedly support entrepreneurs in sourcing their equity contribution to the project.
DHI, according to the press release, will provide a maximum amount of Nu 500,000 with an administrative fee of 5% per annum. DHI will not expect any interest or collateral from the entrepreneur and it will not hold any ownership in their businesses.
“Entrepreneurs will be required to repay the principal amount only. All entrepreneurs undergoing the DHI Business Accelerator training program will be given an opportunity to pitch their business to the Business Accelerator Fund panel,” states the press release.
Once entrepreneurs finish training and avail funding, DHI will also support the entrepreneurs in establishing mentoring relationships to aid the entrepreneurs in setting up and running their business successfully.
DHI reasoned that the aim of mentoring is to provide necessary advisory services to entrepreneurs to support them in starting or expanding their business venture and that mentoring will pair the entrepreneurs, who have undergone the training program, with local or international entrepreneurs, who can offer strategic advice with respect to the launch of a new venture.
DHI will also make available its experts to provide subject specific mentoring such as HR, legal, accounts, etc, according to the DHI press release.
Meanwhile, the training will be delivered by global experts in innovation and entrepreneurship using the proven and patented IC2 entrepreneurship training methodology and only 15 best businesses will be competitively selected based on the selection criteria used by IC2 Institute of or for this training cohort.
Yenten Thinley from Thimphu