A local business model competition called the Pakistan Startup Cup seeks to increase the quantity and caliber of entrepreneurs in the area.
The Pakistan Startup Cup 2022 Grand Finale has held at a nearby hotel thanks to a collaboration between The Indus Entrepreneurs (TiE) Islamabad and the US Embassy in Islamabad.
The ceremony was attended by representatives from the US Embassy in Islamabad, the Ministry of Finance, and the Ministry of Information Technology.
The successful teams from across Pakistan received cash and cheques from the chief guests.
Murtaza Zaidi, the president of TiE Islamabad, spoke on the occasion and remarked, “Over the last decade, the Pakistan Startup Cup has mentored more than 2,000 startups. The competition engages leading industry experts to mentor startups and helps them refine their business models. We have proudly partnered with the U.S. Embassy to provide our entrepreneurs with an enabling environment.”
Aaron Tarver, the acting public affairs officer for the US Embassy, added, “The US Embassy sponsorship of the Pakistan Startup Cup has and will continue to increase entrepreneurial and startup activity across the country through sustained coaching and mentorship. This can only help generate a robust entrepreneurship culture in local communities in every region.”
Through the competition, more than 900 entrepreneurs this year got coaching, company planning, and mentorship.
The top 21 business ideas were chosen, and teams presented their concepts in the competition’s conclusion for a chance to win a cash prize of 1,000,000 rupees to use for business purposes.
The runner-up and third-place finishers each received money to develop their business ideas.
The Pakistan Startup Cup aims to unite, scale, and motivate entrepreneurs and innovators from across the country.
This year, the eighth cycle of the Pakistan Startup Cup was launched in Quetta, Gilgit, Mirpur, Lahore, Islamabad, Peshawar, and Karachi.
The top 21 Pakistani businesses participated in more than 170 hours of training and more than 50 hours of industry mentorship.
The competition received innovative ideas in commercial applications for the ed-tech, health-tech, financial-tech, agri-tech, e-commerce, and food industries.
To read our blog on “In Pakistan, the US Embassy supports women-led businesses,” click here.