A not-for-profit sharing company by the name of “Rashtriya Awishkar Kendra” (National Innovation Center) has been registered according to sub-section (1) section 5 of Company Act 2006 Nepal. The innovation center will provide young researchers, innovators and inventors full financial support and mentoring in four steps as given below:
- Step 1 - Provide full financial support and mentoring for accelerating prototype design,
- Step 2 - Provide full financial support and mentoring for product development,
- Step 3 - Provide full support for getting patent right, trade mark, intellectual property right, etc.
- Step 4 - Provide support for connecting them to investors so that they can launch innovative products and services aimed at impacting the economic and social development.
In this sense, NIC is a nurturing center, and it will nurture the talents of the creative and innovative people of Nepal just like we nurture our children. In other words, NIC aims to create a model to retain, nurture and promote Nepal’s top human capital and leverage their considerable intellect, creativity, and talent in fostering the country’s social and economic growth. This model can be replicable in all least developed countries that are going to through a similar process.