Speakers stress need to encourage entrepreneurial potential

Speakers at a conference stressed the need to encourage entrepreneurial potential in the country to get better business opportunities in the world, saying that entrepreneurship is about devising and implementing new ideas and improving old ones.
They said that entrepreneurship is the transformation of an innovation into a sustainable enterprise that generates value, besides entrepreneurs innovating new ways of assembling and co-ordinating people.
This was discussed in a program entitled 'Invent - The Entrepreneurial Challenge- 2011 Finals and Conference', organised under the aegis of IBA Entrepreneurship Society at IBA main campus here on Sunday.
The conference focused on inculcating a culture of creativity, innovation and entrepreneurship in medium to large corporations and fostering innovation in Pakistan's entrepreneurial ecosystem.
Dr Ishrat Hussain, Dean and Director of the Institute of Business Administration, said that macroeconomic factors, the regulatory environment and the educational infrastructure are the fundamentals for flourishing of entrepreneurship industry in Pakistan.
He said that entrepreneurs need to start inventing their own concepts.
"We need to teach our budding entrepreneurs to be risk-taking and promote small adventures. We need to make sure that we employ the latest cutting edge marketing strategies to look out for potential markets thus ensuring that young Pakistani entrepreneurs get chance to prove themselves in the international market," he said.
Dr Ishrat highlighted that Pakistan is currently facing a large number of problems of epic proportions, and added that the IBA goes all-out to promote entrepreneurship and innovation in the country.
In his keynote address Dr Sarfraz Mian, of State University of New York, said that for Pakistan to scale the ladder of development and be counted among the developed nations, it is essential that the country should have an entrepreneurial eco-system.
"There is no paucity of talent and resources in the country, but streamlining the youth towards right direction is ultimate solution to get the country out of crises," he said.
He said it was high time that universities, the government, the business community and other stakeholders should entertain the youth with opportunities so that new generation could play pivotal role in the development of the country.
He underscored that Pakistani products and services are facing tremendous competitive challenges from all over the world, and added that young leaders would be better prepared to face the ever-growing and increasingly competitive global economic challenges.
During panel discussions, the panellists shared their experiences of challenges and opportunities, the role of entrepreneurship and incubation centres and the entrepreneurship education in promoting entrepreneurship and innovation.
The panellists among others included Dr Iqbal Chaudhary, Director, HEJ, General (r) Muhammad Asghar Khan, Rector, NUST, Dr Arif Rana, Associate Professor, LUMS, Dr Arshad Ali Principal SEECS, NUST, Professor Rafi Javaid Qureshi, UET Taxila, Nadeem Ahmed, and Director Business Incubation Centre, UAF.
On the conclusion of the conference and panel discussions five finalist teams from countrywide universities briefed their innovative ideas to the audience and jury. Laal Fertiliser, Trackit, Umeed-e- Jigar, H20 Kit for Cars and Umeed- the Solgation were among final five teams.
The team of Lal fertiliser sai that their product is up to 40 percent cheaper than ordinary urea-based fertilisers, yet nearly as effective. They said that their fertiliser is made from animal blood, which is wasted in huge quantities all over. The blood is processed and converted into a nitrogen-rich fertiliser, which is enough to fully meet the nitrogen requirements of the soil. They said that it has huge export potential as well, since it is sold at very high price abroad.
The team presenting ideas of new car tracking system namely Trackit, described that CTS provides its users personalised user control, with a user-friendly graphic interface software for PC and/or mobile phone which enables the user to monitor, control and geo-fencing locations of vehicle, unlimited times in a very low one time investment.
Third team having an idea Umeed-e-Jiggar said that interferon has been used as an anti-viral tumor drug from last few decades. They said traditional cure of Hepatitis C is using the "Interferon Alpha" which is very costly and has adverse side effects.
The team proposed solution to use "Interferon Lamda" which is more effective, has fewer side effects, and is less costly. Introducing H20 Kit for Cars, fourth team described that increase the efficiency of car by injecting brown gas produced by electrolysing a mixture of water and caustic soda with the help of car. They noted that this mixture helps in increased efficiency of engine as hydrogen burns with the petrol and increased oxygen helps in burning, thus resulting increase gives better mileage and also reduces pollution.
Last and final team came up with an idea namely Umeed- the Solgation and said that agriculture sector is using tube wells extensively to irrigate their farms. These tube wells are currently being run either using electricity supplied by utility companies or using diesel generators. They underscored that Umeed generators, run with solar energy, would prove cost-effective for farmers.
At conclusion of all above five ideas by five different teams, jury bestowed Laala Zar with first prize, Umeer Jigar with second and Trackit with third prize. All three winner teams got prize money of Rs 0.5 million, Rs 0.3 million and Rs 0.25 million respectively.
In continuation of last year's' competition, which achieved great success, IBA has launched "Invent -2011" on larger scale, with competition between over 1500 students from 26 nation-wide universities. with over 150 ideas proposed by over 1500 students registered from 26 participating universities. The prize money for the teams was around Rs 2.4 million. A large number of corporations and individuals had contributed millions of rupees. These include Engro Corporation, Pak Elektron Ltd, Arif Habib Corporation, Pak Arab Fertiliser, Meskey and Femtee Trading Co and others. Business Recorder was the media partner of the event.