The Indus Entrepreneurs and U.S. Embassy Launch StartUp Cup 2016
Business Mentoring Program
Al-Bab Report
Islamabad, April 17, 2016 – The U.S. Embassy in Islamabad and The Indus Entrepreneurs (TiE) Islamabad Chapter launched the 2016 Pakistan StartUp Cup, a nationwide business model competition on April 16. Nearly 300 prospective business owners from across the capital region were selected through a competitive process to take part in the April 16-17 “Build-a-Business Workshop” and 2016 StartUp Cup launch in Islamabad. This was the first of several workshops to be held in Lahore, Karachi, and Faisalabad in the coming weeks.
At the closing ceremony announcing the workshop’s top 25 Islamabad and Rawalpindi-based teams, U.S. Embassy Islamabad’s Minister Counselor for Public Affairs Jeff Sexton said, “Competitions like StartUp Cup help ensure that you, the entrepreneurs, are pushed and supported to create the best solutions possible to some of the world’s toughest problems. You are the cornerstone of Pakistan’s growing economy. By launching your own businesses, you are expanding the job market and creating new opportunities for job seekers.”
Over the course of the six-month program, over 500 startups from across Pakistan will receive coaching through multi-day “Build-a-Business” workshops and regular mentoring to help turn their ideas into viable business plans. Prize money of 1 million, 750,000, and 500,000 rupees will be awarded to the top three teams with the best startup plan in September 2016.
The 2016 StartUp Cup in Pakistan builds on the success of the 2014 and 2015 competitions and continues to strengthen partnerships with entrepreneurship centers across Pakistan, including the Women’s Entrepreneurial Center of Resources, Education, Access, and Training for Economic Empowerment (WECREATE) in Islamabad, the Lahore University for Management Science (LUMS) Center for Entrepreneurship, Lahore-based government-supported incubator Plan 9, and Karachi-based technology incubator “The Nest I/O.”
The partnerships between StartUp Cup and these centers will ensure that newly established businesses receive sustained support, mentoring, and essential tools for long-term success. Various U.S. Embassy programs assist Pakistani entrepreneurs by increasing their access to financial resources, supporting opportunities for entrepreneurship education, and nurturing an entrepreneurial culture.
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