𝐉𝐚𝐛𝐜𝐡𝐨𝐫 𝟐.𝟎 𝐋𝐚𝐮𝐧𝐜𝐡𝐞𝐬, 𝐚 𝐍𝐞𝐰 𝐂𝐡𝐚𝐩𝐭𝐞𝐫 𝐟𝐨𝐫 𝐒𝐭𝐚𝐫𝐭𝐮𝐩 𝐈𝐧𝐯𝐞𝐬𝐭𝐦𝐞𝐧𝐭

…𝒂 𝒏𝒂𝒕𝒊𝒐𝒏𝒂𝒍 𝒆𝒒𝒖𝒊𝒕𝒚 𝒇𝒊𝒏𝒂𝒏𝒄𝒊𝒏𝒈 𝒑𝒍𝒂𝒕𝒇𝒐𝒓𝒎 𝒂𝒊𝒎𝒔 𝒕𝒐 𝒄𝒐𝒏𝒏𝒆𝒄𝒕 𝒆𝒏𝒕𝒓𝒆𝒑𝒓𝒆𝒏𝒆𝒖𝒓𝒔 𝒘𝒊𝒕𝒉 𝒊𝒏𝒗𝒆𝒔𝒕𝒐𝒓𝒔 𝒘𝒉𝒊𝒍𝒆 𝒔𝒖𝒑𝒑𝒐𝒓𝒕𝒊𝒏𝒈 𝒆𝒙𝒑𝒐𝒓𝒕-𝒅𝒓𝒊𝒗𝒆𝒏 𝒈𝒓𝒐𝒘𝒕𝒉 𝒂𝒏𝒅 𝒆𝒎𝒑𝒍𝒐𝒚𝒎𝒆𝒏𝒕

By Sonam Choden

The Department of Employment & Entrepreneurship (DoEE) under the Ministry of Industry, Commerce and Employment has launched Jabchor 2.0, an enhanced equity financing platform aimed at strengthening Bhutan’s entrepreneurial ecosystem. This platform builds on the earlier Jabchor program initiated by the Royal Monetary Authority (RMA) in 2018, which supported 19 entrepreneurs across sectors such as green businesses, technology, trading, and manufacturing, raising Nu. 36 million in funding.

Jabchor 2.0 was developed in response to directives from the Honorable Prime Minister during the National Startup Weekend in March 2025. The program is implemented by Innovest Private Limited with financial support from India’s Economic Stimulus Programme. Key stakeholders advising the initiative include the RMA, Royal Securities Exchange of Bhutan (RSEBL), Bhutan Chamber of Commerce and Industry (BCCI), Corporate Regulatory Authority (CRA), and the Department of Industry.

“This iteration of Jabchor is designed to address the financing challenges faced by startups and growth-stage export-oriented enterprises that often lack collateral for traditional loans,” said the DoEE. The platform enables investors to acquire ownership stakes in exchange for capital, offering entrepreneurs not only funding but also mentorship, business networking, regulatory compliance assistance, and access to markets needed for sustainable growth. This approach supports the development of a diversified and resilient private sector.

Jabchor 2.0 expands its eligibility criteria to include idea-stage ventures, startups, and growth-stage businesses, especially those with export potential and funding needs exceeding Nu. 10 million. A significant update is the requirement that participating businesses must be legally incorporated under the CRA, ensuring protections for both investors and entrepreneurs. An official from Innovest explained, “Foreign Direct Investment (FDI) is now formally integrated, with the Department of Industry endorsing foreign investor participation. This inclusion promotes cross-border partnerships within Bhutan’s regulatory framework.”

Investors benefit from a clearly defined exit mechanism through the RSEBL’s Alternative Investment Market (AIM) Board, which provides liquidity options and potential pathways for initial public offerings (IPOs). Innovest offers six to twelve months of post-investment support to help businesses with compliance, operational growth, and readiness for export markets.

Applicants go through a selection process that starts with a mandatory three-day bootcamp covering valuation, legal compliance, and financial verification. This is followed by a grooming phase to refine business pitches and growth strategies. Selection criteria vary by stage: idea-stage ventures are assessed based on pilot sales demonstrating export potential, while startups and growth-stage companies are evaluated on operational history, financial health, market position, and innovation capacity. Up to 10 top applicants move on to Pitch Day, where they present to potential investors. The official platform (www.jabchor.bt) ensures transparency by providing detailed information and a document upload system.

Aligned with Bhutan’s goals for employment generation, economic diversification, and export growth, Jabchor 2.0 focuses on sectors such as manufacturing, green businesses, and export-oriented ventures. Importantly, it excludes businesses solely involved in import-and-resell models to encourage genuine value addition and sustainable development.

While Jabchor 2.0 primarily targets economic development, inclusivity is a core feature. The platform welcomes entrepreneurs at all stages, including rural and early-stage innovators. Capacity-building initiatives equip participants with essential skills regardless of prior experience. Ecosystem partners and sector mentors support outreach to underrepresented groups, and the legal incorporation requirement helps improve the legitimacy and visibility of marginalized entrepreneurs.

The DoEE clarified that Jabchor 2.0 operates as a national program without dzongkhag-specific branches. To maximize participation, it uses targeted communication strategies and works with ecosystem partners to reach entrepreneurs across Bhutan, ensuring wide accessibility while maintaining program coherence.

The department also plans a comprehensive monitoring and evaluation framework beyond financial metrics. Besides tracking capital investments and company incorporations, the evaluation will include indicators such as job creation, innovation, business sustainability, and export performance. Innovest and partner organizations will conduct ongoing post-investment monitoring to provide data-driven insights for future policy and program adjustments.

Jabchor 2.0 is positioned as a strategic initiative to overcome traditional funding barriers by linking investors and entrepreneurs, building capacity, and offering regulatory support. The platform aims to support innovation, employment, and economic diversification in line with Bhutan’s development philosophy and priorities.