A total of 117 second-year business program students from Royal Thimphue College (RTC) will be competing for the Entrepreneurship Development (SEED) Loan for two days, from August 23-24.
They will compete in the Loden Student Empowerment through Entrepreneurship Development (SEED) Program, to be held at RTC. The two-day event also includes teaching the fundamentals of startup business, including marketing, book keeping and idea pitch competition.
The top three ideas will be selected and the contestants will then develop their business ideas and submit a formal proposal to Loden Foundation. The winner will be awarded a total SEED Loan of Nu 100,000 to kick start their on-campus business, according to the press release from RTC.
It further states that the winning team will be further connected to an established local entrepreneur, who will act as a business mentor and the team will get a timeframe of six months to operate the business.
“They will then compete with teams from other institutions for the Bhutan Student Entrepreneur Award (BSEA). The winner will receive Nu 50,000 cash prize as well as a direct entry to represent Bhutan at the Global Student Entrepreneur Awards (GSEA) in a fully funded trip abroad,” states the press release.
Loden Foundation’s Seed Program is an extension of the Loden Entrepreneurship Program to colleges and schools in order to bring both theoretical learning and practical experience of social entrepreneurship to the young minds.
It is an educational project to take fundamental concepts and skills of social entrepreneurship to tertiary educational institutions to give young people an early exposure to self-employment, starting viable social enterprises, job creation and career development in the private sector.
The program is also designed to provide guidance, knowledge and funds to students, which leads to teamwork, creating new startups with innovative concepts on campus.
Tshering from Thimphu