Jab-Chor—a platform for young Bhutanese entrepreneurs to nurture and grow their business ideas through access to financing was first launched on 14th December 2018, in Thimphu. The success led to the launch of Jab-Chor 2 during the second Bhutan Economic Forum for Innovative Transformation (BEFIT) held this month.
Bhutan has seen a lot of start-ups over the past few years but many of them still face huge challenges transforming their ideas into profits. With banks still reluctant to lend 100 percent loan for some projects, some start-ups turn their heads to angel investors, localized as Jab-Chor here. Angel Investors are wealthy individuals who provide entrepreneurs and startups with capital during the early stages of business, in return of ownership equity. And Jabchor does the same. Jabchor is a platform to bring together young entrepreneurs and startups who need early-stage financing with individuals and companies who have the capital and are willing to invest in them.
Sadone Design and Himalayan Food are the first two businesses who get their investors after the launch of Jabchor series 2. They share their survival efforts and they say challenges exist mostly around money. Jab-Chor as a platform where they are provided with early-stage financing through investors will now help them address these issues and scale up their businesses.
“Jab-Chor season two has helped us so much. This is because we will now have money to buy machines and can also penetrate in the market easily,” said Sangay Nedup, the founder of Sadone Design.
“Being in a food manufacturing business, we see so much of opportunities where we can scale up the production, diversify our products, and marketing. So in that way, we are in need of financial and technical support. That’s when Jab-Chor came in and we got a very potential investor,” added Bikash Gurung, the promoter for Himalayan Food.
Through this platform, these two businesses met with their angel investors, Kunzang Dechen. He has invested 2 million and 2.5 million each in Sadone Design and Himalayan Food. He said a small economy like Bhutan can only grow if there are self-employment and startups that employ other people.
“I would tell other business people like myself to come on board. We are not only doing something good for your country and fellow people but you will make some money or at least you have a reasonable chance to make some money,” said Kunzang Dechen, a businessman/Investor.
A seasoned businessman himself, he added that he will also provide valuable advice and support based on his own experiences and knowledge. The partnership between the entrepreneurs and investors are governed by strong legal terms, making it safe for both the parties.
RMA plans to initiate Jab-Chor series every six months from now on considering its success to help entrepreneurs.
