Pakistan StartUp Cup2013: Indus Entrepreneurs, US Embassy hold awards ceremony

The Indus Entrepreneurs (TIE) Islamabad Chapter and the US Embassy in Islamabad organised the awards ceremony of the 2013 Pakistan StartUp Cup, an intensive four-month business competition for aspiring entrepreneurs at a local hotel. Speaking on the occasion, Federal Minister for Information Broadcasting and National Heritage, Senator Pervaiz Rashid said.
"To be innovative and entrepreneurial is to be willing to devote yourself fully and unreservedly to making your business ideas a reality. More than ever our country needs its young citizens to stand up and showcase their inherent creativity. This is indeed a great effort by TIE Islamabad and US Embassy and more such initiatives are required to achieve the economic prosperity."
The Pakistan StartUp Cup is a competitive process that brings to light new business ideas. In this programme, aspiring entrepreneurs learn to design viable business models, develop customers, and launch their startup business concepts into the marketplace. Over a period of four months, selected participants received coaching through 'Build-a-Business' workshops and mentoring to help turn their ideas into a commercial reality. The competition that kick-started in July, 2013, has seen more than 400 startups participating and getting coaching from seasoned mentors. The objective of the closing ceremony of the competition was to reward the winners, celebrate the true spirit of entrepreneurship and glorify the entrepreneurs. The prize money of Rs 1,000,000; 750,000 and 500,000 was distributed among the winner, first and second runners-up, respectively.
In his keynote address, US Ambassador Olson said, "We believe Pakistan's future prosperity will be determined by the success of innovative and fast-growing companies. When entrepreneurs in Pakistan succeed, they create economic opportunity not only for Pakistanis, but for people all over the world, including the United States."
Ambassador Olson also stated that the US Embassy through its Khushali ka Safar (Journey to Prosperity) programme is providing financial support to encourage innovative, dynamic young Pakistani entrepreneurs who were ready to take on challenges and surmount obstacles in converting their ideas into reality.
State Minister for Education Muhammad Baligh-ur-Rehman said Pakistan Muslim League-N was working hard for improving the quality of education and dropout rates of school going children in Pakistan. While addressing the audience, Sarah Hashwani, President TIE Islamabad, said: "We believe that with this Pakistan StartUp Cup has already brought a big positive change in entrepreneurial eco-system of Pakistan and will continue to do so. About 96 percent of the participants have been able to identify viable business models through StartUp Cup".
First launched in 2007 in Oklahoma, 56 StartUp Cup Business Model Competitions currently take place in 37 countries. To date, various new businesses have competed in StartUp Cups world-wide, and 92 percent of first place winners remain in operation - an unprecedented success rate in this field.
The competition was organised by TIE Islamabad, the Islamabad Chapter of TIE, in collaboration with US Embassy. Founded in 1992 in Silicon Valley by a group of successful entrepreneurs, corporate executives, and senior professionals with roots in the Indus region, TIE's mission is to foster entrepreneurship globally through mentoring, networking, and education. There are currently more than 13,000 members and over 2,500 charter members in 61 chapters across 17 countries. TIE Islamabad Chapter was founded in 2008. At the concluding, cash prizes were distributed among the contestants. Go-Fig Solutions won the first prize of rupees one million, second prize went to Idea Centricity and third prize was won by Bio-Tech.