Daily Times

ISLAMABAD: The US 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.

Announcing the workshop’s top 25 Islamabad and Rawalpindi-based teams at the closing ceremony, US Embassy Islamabad’s Minister Counsellor 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 programme, more than 500 start-ups from across Pakistan will receive coaching through “Build-a-Business” workshops and regular mentoring to help turn their ideas into viable business plans. Prize money of Rs 1 million, Rs 750,000 and Rs 500,000 will be awarded to the top three teams with the best start-up 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 centres across Pakistan, including the Women’s Entrepreneurial Centre of Resources, Education, Access, and Training for Economic Empowerment (WECREATE) in Islamabad, the Lahore University for Management Science (LUMS) Centre for Entrepreneurship, Lahore-based government-supported incubator Plan 9 and Karachi-based technology incubator The Nest I/O.