Best Entrepreneurs Award

FOR WHO AWARD IS OPEN?

Micro-Enterprise of the Year
1. Micro-enterprises and productive families Nepal have significant positive impact on their own families’ income, their wider communities and the country through their economic activities and social contributions.
2. This award category is open to micro-enterprises and productive families.

Start-Up of the Year
1. Embarking on business ventures with vision and ambition is a key element of entrepreneurship, be it by starting companies, transferring successful business models to Nepal or spinning-off new ideas from existing businesses.
2. The award is open for companies operating for 36 months, or less, as of 16th July 2016.

SME of the Year
1. Small and Medium-size Enterprises (SMEs) contribute significantly to Nepal’s economic growth and job creation. The award recognizes their business success, innovative drive and contributions to Nepal’s economy.
2. Companies operating for at least 36 months as of 16th July 2016 can apply for this award.

Sustainable Business Award cum Social Entrepreneurs Award
1. Sustainability has become an important aspect of business operations. This includes incorporating sustainability principles into corporate culture, products and services as well as focusing on positive environmental and social impact of business activities.
2. All types of companies can apply to compete in this award category, including social enterprises focusing on specific social or environmental needs.

Female Entrepreneur of the Year
1. Celebrating outstanding achievements of Nepali businesswomen aims to encourage more women to pursue entrepreneurial ambitions and activities.
2. Women in leading positions within their companies are as part of the founding team of a start- up, business owner or C-level executive in established companies can apply for this award in addition to the award their companies apply for.

Lifetime Achievement Award
1. This award honors the achievements of accomplished Nepali entrepreneurs and business persons, who have made significant contributions to Nepal’s economy and community.
2. This award is not by application.

Young Entrepreneurs
1. Less than 25 years age
2. Embarking on business ventures with vision and ambition is a key element of entrepreneurship, be it by starting companies, transferring successful business models to Nepal or spinning-off new ideas from existing businesses.

Unique Business Idea of the Year
1. Business with new innovations in any terms

Best Entrepreneurs Award Main Category
1. Business with proven track record, performance, tax base, turnover, brand name, more employment opportunity, international competitiveness, production oriented and with best use of resources

 

EVALUATION CRITERIA

THE BEST ENTREPRENEURS AWARD 2016 nominees are judged based on the following five (5) Core
Criteria:

A.BUSINESS AND COMPANY
 History
 Marketing
 Brand positioning
 Strength
 Core business
 Milestones and achievements
 Patents / trademark
 Honesty track record

B.MANAGEMENT PHILOSOPHIES
 Culture vision and mission
 New initiatives

 Strategies for growth and evolution
 CO-OPERATIONS AND TECHNOLOGIES
 Awards and Accreditation e.g. ISO
 Research and development
 Adoption of information Technology
 Systematic Documentation
 Innovation
 Process work efficiency

C. OPERATIONS AND TECHNOLOGIES
 Awards and Accreditation e.g. ISO
 Research and development
 Adoption of information Technology
 Systematic Documentation
 Innovation
 Process work efficiency

D.FINANCIAL PERFORMANCE
 Operating profit before and after tax
 Profit and sales growth

E.CORPORATE SOCIAL RESPONSIBILITY
 Measurement and monitoring
 Policies in place
 Awareness and promotion campaign

 

ADDITIONAL NOTES ON NOMINATIONS

1. Nominees may select their preferred award category. Please state the priority if more than one award category is selected. However, it is the prerogative of the judging panel to decide the number of awards given and to place the nominee in the category that allows the nominee the best probability of receiving an award.
2. All sections should be completed thoroughly as information provided will form the basis for judging. Please denote N/A where appropriate.
3. All information provided in the nomination form will be treated with full confidentiality.
4. The Organizer will not return any documents or supplementary material submitted with an entry.
5. Names of applicants, commentary and scoring information recorded during the review of applicants are regarded the sole proprietary of the Organizing Committee and will be kept strictly confidential. Such information is available only to individuals directly involved in the assessment and administrative process of the awards.

6. Withdrawal from the award in your own accord after submission of nomination is in breach of the terms of nomination and all fees paid will not be refunded.
7. Once the entrepreneur is announced as a winner, he/she cannot withdraw from the nomination.
8. The decision of the Organizers is final and no appeal will be entertained.
9. The Organizers reserve the right to revoke an award in the event that any one of the conditions of this nomination is breached, even after the award presentation.
10. The Organizing Committee reserves the right to amend any of the above mentioned Rules and
Regulations as and when deemed necessary.

 

FAQs

Q. What is the Best Entrepreneurship Award ?
Best Entrepreneurship Award celebrates the achievements of Nepal’s entrepreneurs and their
socio-economic role in spurring a private sector driven economy.

Q. What are The Award categories?
The categories are:
1. Micro-Enterprise of the Year (micro enterprises, productive families),
2. Startup of the Year,
3. SME of the Year,
4. Sustainable Business Award cum Social Entrepreneurs Award
5. Female Entrepreneur of the Year,
6. Lifetime Achievement Award.

More detailed descriptions of each award category can be found in Award Categories.

Q. What is the mechanism for entry?
Nomination Form and Application Forms are available on The Awards website and can be filled out online. Shortlisted applicants may be required to submit additional information.

Q. Can I nominate somebody for The Award?
Nominations can be made on behalf of a third-party provide the eligibility criteria are met.

Q. What about data protection? Will my application information remain confidential?
All information provided by the applicants shall remain strictly confidential and will not be shared with
any third-parties outside of the Award Technical Committee, Award Organizing Committee and the
Judging panel (for semi-finalists).

Q. How do I apply for the Lifetime Achievement Award?
This award is not by application. It is intended to honor long-standing Nepali entrepreneurs, business women and men who have been pioneers in their industry and have made significant contributions to
Nepal’s economy and community.

Q. What is the deadline for application?
Applications must be made before 30/11/.

Q. When will I know if I am selected as a semi-finalist?
Short-listed applicants will be contacted in December to meet with the Technical Committee and
to provide additional information.

Q. What is the evaluation criteria?
Applicants will be evaluated on qualitative criteria: (1) Entrepreneurial spirit, (2) Strategy, (3) Innovation
leadership, (4) Business responsibility and on quantitative criteria: (A) Financials,(B) impact, (C) innovation and (D) talent. And also the form which is filled along with application and Documents Uploaded vs Site Visit Audit.

Q. The evaluation criteria seem quite ambitious. Should I still apply?
Applicants should note that the evaluation criteria are intended to set a high inspirational benchmark.
Therefore, potential applicants should not be discouraged if they do not excel in every area and are encouraged to apply.

Q. Who is organizing The Award?
Best Entrepreneurship Award is being organized by the award partners NFED India. The Award
Knowledge Advisors are Ministry of Industry, Commerce and Tourism and RSTCA .

Q. Who are the Judges?
Applicants will be filtered and short-listed by a Technical Committee comprising of Award Partners::
Ministry of Industry, Commerce and Tourism, RSTCA and NFED. Semi-finalists will be evaluated by an international judging panel comprising high-profile business personalities, entrepreneurs, and those working within the regional and global entrepreneurship eco-system. More information on the judges and their bios will be updated soon on the website.

Q. What Are the Prizes?
The main award is the prestigious trophy handed to winners at the Award Ceremony. In addition,
winners will receive a customized support package and partners to support their development plans as presented during the awards as well as further category specific prizes.

Q. When will the winners be announced?
Award winners will be announced at The Award Ceremony, due to take place on December 6th .

Q. Is the Entrepreneurs’ award annual?
Yes.

Q. Who is funding The Award?
RSTCA and other Sponsors we are searching.

Q. What is the definition of SME, Large Enterprises, Micro-enterprises and
Franchisees?

Applicable for Best Entrepreneurs Award will be as per Department of Industry classification

1. As per Department of Industry Nepal (Old Act)
a. Small Enterprises/Micro Enterprises/ Family Run Business
i. All Sectors: Less than 3cr turnover. b. Medium Enterprises
i. All sectors: Annual Turnover between 3cr-10 cr. c. Large Enterprises
i. All sectors: More than NPR 10 CR annual turnovers.

1) As per Inland Revenue Department
a. Small Enterprises/Micro Enterprises/ Family Run Business
i. All Sectors: Less than 5cr turnover. b. Medium Enterprises
i. Annual Turnover between 5cr-25 cr (Service sector) between 5cr-40cr (Trading sector)
c. Large Enterprises
i. More than NPR 25cr annual turnovers for Service Sector and more tan NPR 40 cr for trading sector

Franchisee
A franchisee has been granted a license to access the proprietary knowledge, processes and trademarks of another business, the franchisor, allowing the franchisee to sell a product or provide a service under the franchisor’s name.

Q. DEFINITION

Franchisee
 A business that has been granted a license to access another business’s (the franchisor) proprietary knowledge, processes & trademarks to allow the franchisee to sell a product or provide a service under the business’s name.

Sales
 Sales revenues (sometimes referred to as turnover) as stated in the audited financial statements for the full year.

Net Income
 Net Income (sometimes referred to as Net profit) as stated in the audited financial statements for the full year.

Number of Employees
 Total number of employees at year-end for the company including all subsidiary companies.

Spending on Training Expenditure
 Total expenditures spent towards the training of employees and personnel for the full year.
 Spending on Research & Development
Total expenditures spent towards research & development e.g., for products, innovation, patents, etc. for the full year.

TERMS AND CONDITIONS

1. By submitting their application, nominee confirms the nominated enterprise meets the eligibility criteria for the relevant category.
2. Entrants may apply for only one award category, except In the case of Female Entrepreneur of the Year.
3. Applicants declare that the information submitted in this application, including facts, figures &
supporting documents are true & correct
4. By submitting their nomination, nominee agree to provide additional information should the organizers need to verify the data provided in the nomination form, or require additional supporting documents if selected as a semi-finalist.
5. If selected as a semi-finalist, at least one Nepali enterprise owner must be present for any in- person evaluations, including the award ceremony itself. Other cofounders and/or owners— regardless of nationality— are also encouraged to attend.
6. By submitting their nomination, nominee agree to abide by the decisions of the judges.

Organizers may revoke an Award in the events that applicants are in breach of any of the above conditions:

  1.  Do not have a Commercial Registration (except micro-enterprise category).
  2. Possess audited financial records for each year of operation (excl. Micro-enterprise, Start-Ups).

Nominated business MUST NOT:

  1. Be a franchisee (however franchisors are eligible)
  2. Be a listed company – with the exception of the Sustainable Business Award cum Social
  3. Entrepreneurs Award category.
  4. Be owned by the government in part or whole.
  5. Have a criminal offense record or currently be under investigation.
  6. Be a supplier or a sponsor of The Award.

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