𝐒𝐭𝐚𝐫𝐭𝐮𝐩 𝐄𝐜𝐨𝐬𝐲𝐬𝐭𝐞𝐦 𝐃𝐫𝐢𝐯𝐞𝐧 𝐛𝐲 𝐘𝐨𝐮𝐧𝐠 𝐄𝐧𝐭𝐫𝐞𝐩𝐫𝐞𝐧𝐞𝐮𝐫𝐬 𝐂𝐫𝐞𝐚𝐭𝐢𝐧𝐠 𝐂𝐡𝐚𝐧𝐠𝐞

…𝒂 𝒏𝒆𝒘 𝒈𝒆𝒏𝒆𝒓𝒂𝒕𝒊𝒐𝒏 𝒐𝒇 𝒔𝒕𝒂𝒓𝒕𝒖𝒑𝒔 𝒊𝒔 𝒄𝒓𝒆𝒂𝒕𝒊𝒏𝒈 𝒇𝒓𝒆𝒔𝒉 𝒐𝒑𝒑𝒐𝒓𝒕𝒖𝒏𝒊𝒕𝒊𝒆𝒔 𝒂𝒏𝒅 𝒂𝒅𝒅𝒓𝒆𝒔𝒔𝒊𝒏𝒈 𝒓𝒆𝒂𝒍-𝒘𝒐𝒓𝒍𝒅 𝒊𝒔𝒔𝒖𝒆𝒔 𝒕𝒉𝒓𝒐𝒖𝒈𝒉 𝒊𝒏𝒏𝒐𝒗𝒂𝒕𝒊𝒐𝒏

By Zhenphen Chokden

Bhutan’s startup ecosystem is undergoing a transformation, driven by a new generation of ambitious entrepreneurs determined to redefine the nation’s economic landscape. Pioneering ventures like NoMindBhutan, NoPay, Money Talks, and Jaggle AI are leading the charge, demonstrating how innovation and technology are creating new opportunities in the country.

The surge in Bhutanese startups reflects a noticeable shift in mindset among the younger generation. More and more, young Bhutanese are embracing entrepreneurship, moving away from traditional career paths to build their own businesses. This change is fueled by a desire to solve real-world problems, leverage technology for social good, and create lasting impact.

A few years ago, the idea of entrepreneurship as a primary career path was not widely embraced in Bhutan. The predominant career trajectories often centered around sectors like government service, teaching, or working for non-governmental organizations (NGOs). However, with the rise of technology and access to new opportunities, there has been a dramatic shift. Today, young Bhutanese are setting their sights on new ventures that can positively impact both local and global communities.

Thukten Yoezer, a college student, observes that young people are increasingly interested in shaping their own futures. “Many of us are focused on building careers and businesses rather than just seeking traditional employment. Innovation, especially with tech-based solutions, is becoming more attractive to us, whether it’s in sustainable agriculture, eco-friendly products, or tech startups,” he says. “The drive to make a difference and push boundaries is palpable.”

Among the startups making waves, NoMindBhutan, an AI-driven company, stands out. It aims to make artificial intelligence accessible to Bhutanese businesses. “We wanted to bring AI-powered solutions to businesses to improve customer service and efficiency, making AI more than just a distant concept in Bhutan,” shares the founder of NoMindBhutan. The company is working to dispel myths about AI being a foreign or complicated technology, making it an accessible tool for Bhutanese enterprises.

Similarly, NoPay offers a solution to the financial challenges faced by Bhutanese living abroad, providing a secure, low-cost way to send money home. The financial remittance market has always been vital for Bhutanese families, and NoPay’s service not only eases transactions but also contributes to the larger goal of financial inclusion in Bhutan.

Money Talks, a financial literacy platform, is another key player in the growing ecosystem. It is dedicated to educating Bhutanese youth about personal finance, savings, and investments. By simplifying complex financial concepts, it is equipping Bhutanese youth with the tools they need to make informed financial decisions and manage their money wisely. This platform has resonated deeply with young people eager to achieve financial independence and security.

Then there’s Jaggle AI, a company focused on AI-driven analytics that helps businesses optimize their operations. By offering predictive insights, Jaggle AI empowers companies to make smarter, data-backed decisions, driving growth and efficiency. The startup focuses on bringing the power of artificial intelligence to smaller enterprises that traditionally wouldn’t have access to such technologies.

The growing ambition among Bhutanese youth is not going unnoticed. As Karma Tenzin Nyenda, a recent graduate, notes, “While there are efforts to promote entrepreneurship, there’s still a lot of room for improvement. The education system tends to be more theoretical, and there’s a need for more practical experiences and mentorship programs to help turn ideas into action.”

Indeed, while there has been a growing focus on entrepreneurship, there’s still a significant gap in terms of hands-on training and real-world exposure. A large part of this gap stems from the traditional nature of the Bhutanese education system, which tends to favor academic learning over the practical, experiential learning necessary to succeed in the startup world.

Recognizing this need, the Bhutanese government has ramped up efforts to foster youth entrepreneurship. Various initiatives, including training programs, mentorship opportunities, and startup incubators, have been put in place to offer aspiring entrepreneurs the tools they need to succeed. The National Entrepreneurship Program (NEP), for instance, is designed to provide young people with the necessary skills and resources to build their businesses from the ground up.

As Dorji Lhendup, another recent graduate, highlights, “There’s definitely a growing sense of ambition among youth, but practical training, mentorship, and exposure to real-world entrepreneurial challenges are still lacking.” He adds that it’s not enough to simply provide theoretical knowledge; students need a more hands-on, practical approach to develop the skills needed to launch successful businesses.

Educational institutions like Gedu College of Business Studies (GCBS) and College of Science and Technology (CST) have been instrumental in addressing this gap. These universities have introduced specialized programs and courses that cater to the needs of young entrepreneurs. Initiatives such as incubation programs, business competitions, and networking events help students connect with industry professionals and potential investors. The emphasis is on not only providing students with knowledge but also offering them practical experience and exposure to the realities of running a business.

However, Jigme Yoezer, another college student, shares his thoughts on the role of education, “In college, entrepreneurship is encouraged, and there’s a lot of interest from students. But there’s a real need for more resources and hands-on support to help turn entrepreneurial dreams into reality.” He adds that practical workshops and mentorship programs would make a significant difference in the startup landscape.

Another key driver in Bhutan’s growing startup ecosystem is the role of peer-to-peer learning and collaboration. The startup journey can be challenging, but many young entrepreneurs in Bhutan are finding strength and encouragement in their peer groups. Entrepreneurs are connecting with each other, sharing knowledge, ideas, and resources to help their businesses grow.

Jigme Yoezer emphasizes the importance of collaboration: “Peer-to-peer learning and networking are crucial for young entrepreneurs. We share knowledge, resources, and emotional support, which makes all the difference when tackling challenges and growing our businesses.” This network of support enables entrepreneurs to learn from each other’s successes and failures, accelerating business growth.

Startups like NoMindBhutan and Jaggle AI have benefited from such collaborations, forming partnerships with other startups to tackle challenges and expand their reach. This sense of community helps foster a spirit of innovation and mutual support, creating a collaborative ecosystem that benefits all involved.

What motivates Bhutanese youth to take risks and innovate? The desire to solve problems, create something meaningful, and seize opportunities, especially in technology and digital spaces, is driving many to think beyond traditional career paths. The opportunity to impact society and be at the forefront of technological change is a powerful motivator for many young Bhutanese.

As Thukten Yoezer puts it, “We are motivated by a sense of purpose- wanting to make a difference, solve problems, and push the limits of what’s possible. The rise of social media and global markets also gives us the platform and visibility to showcase our ideas, which further encourages risk-taking and innovation.” Platforms like LinkedIn and YouTube allow young Bhutanese entrepreneurs to connect with international audiences, gaining visibility and credibility in ways that were previously impossible.

The rapid pace of technological advancement also plays a role in encouraging risk-taking. Young people today are exposed to a vast array of new technologies, from artificial intelligence to blockchain, presenting exciting opportunities for innovation. This fast-paced environment, combined with a growing entrepreneurial culture, has created a fertile ground for startups to thrive.

Looking ahead, youth-led startups are poised to play a significant role in reshaping Bhutan’s economy. These startups are not only creating new business models but also addressing critical issues like sustainable development, rural-urban disparities, and access to technology. As Bhutan seeks to diversify its economy and reduce dependence on traditional sectors like hydropower and tourism, startups offer a promising path forward.

Dorji Lhendup believes that young entrepreneurs will be key to diversifying Bhutan’s economy, “Youth-led startups will contribute fresh ideas and drive innovation across sectors like tech, agriculture, and sustainability. As these businesses thrive, they will create jobs and reduce the country’s reliance on traditional industries.” He emphasizes that the startup movement in Bhutan is not just about creating businesses but also solving real-world problems. For instance, agricultural startups could help bridge the rural-urban divide by introducing new technologies and improving farming practices, leading to greater food security and economic stability.

Jigme Yoezer adds, “With the right support, youth-led startups will help Bhutan position itself as a hub for innovative, sustainable businesses. There’s huge potential in sectors like tech, agribusiness, and green energy, which can drive economic growth and resilience.” He believes that as Bhutan continues to focus on sustainability and renewable energy, youth-led startups will be crucial in leading the charge toward a more sustainable and self-reliant future.

The government’s continued support, along with the youth’s determination, will be crucial in overcoming challenges like access to funding, mentorship, and global market opportunities. But the growing spirit of innovation and entrepreneurship in Bhutan is already paving the way for a brighter, more diversified future.