Participating teams in the session said that the mentorship has helped them learn about different aspects such as incorporating advertisement into apps and keeping options to make users pay for the apps, among others, for monetization and running a sustainable business.During the session, experts from various fields talked to the finalists about building business model, improving user interface and pitching ideas to potential investors, according to a statement issued by Ncell. "They provided one-to-one mentorship to each of the participating team and provided valuable insights into their apps," the statement added.
Six app ideas each from four categories -- Games and Entertainment, Health, Tourism and Utilities -- were selected as finalists on December 12 based on pre-announced judgment criteria -- importance of problem the app aimed to solve, the app's business potential and global scalability. According to experts, all 24 ideas selected are novel in some way, and participants now should focus on creating a sustainable business around their app, the statement added.
"We saw that most of the participants need to focus more on their business model, and give due consideration to legal aspects of their app," Niraj Sharma, head of e-banking at Nabil Bank, who is also the mentor, sad at the session, according to the statement. Similarly, another mentor Shailendra Raj Giri said all the apps hold immense potential and participant should think more on building a business around their apps.
The 24 finalists will pitch their ideas to an independent jury on December 21.
On December 22, one best team in each category will win a cash prize of Rs 250,000 and a grand winner from among them will win an additional cash prize of Rs 500,000, and an opportunity to participate in an international event in 2016, according to the statement.
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