Shafqat Mahmood. PHOTO: EXPRESS/ FILE
“Incubation centres in the universities can play a key role for developing business,” he said speaking at the closing ceremony of StartUp Cup organised by The IndUS Entrepreneurs (TiE).
Federal minister further said that people should be made aware of facilities available for them in the market which can make their life easy and better.
He further said that Pakistan has many opportunities of entrepreneurship and youth going towards it is a positive sign. New research will help Pakistan to face the challenges. He also sought the views of entrepreneurs that make an app to increase the literacy rate in Pakistan.
He said that Pakistan came into being 71 years ago and our literacy rate is still 58%. Due to new ideas in the world, education is not like it is used to be in the past as education and technology go together now. The difference between standard of education in rural and urban area is of modern technology.
The professional training of teachers is necessary. He congratulated the winners of the startup cup.
Speaking at the closing ceremony, Ambassador Paul Jones, Chargé d’Affaires at the US Embassy, congratulated all the winners: “Your startups have the opportunity to change the future and drive innovation, improving the lives of people in Pakistan and across the world. The United States will continue to partner with you, Pakistan’s aspiring entrepreneurs, to help achieve your dreams because we understand the importance of your vital work.”
US Ambassador Paul Jones said entrepreneurship is developing throughout in world, Americans without doubt are the pioneers of it and also Pakistan have many opportunities of entrepreneurship.
Entrepreneurs change an idea to a permanent business. He further said that he received 163 applications in 2013 under this program, and you can imagine the success of this programme by the fact that this year the number of applications rose to 2,000. At least 90% are doing successful business.
Entrepreneurial ventures create wealth and also jobs, as well as the conditions for a prosperous society, it said.
This is the reason the US embassy partnered with the youth of Pakistan in StartUp Cup, a competition in which Pakistani entrepreneurs compete for support for their business ideas.
During the finals of the fifth annual StartUp Cup business model competition, a team from Peshawar prevailed over 17 other teams to take the top prize – one million Pakistani rupees.
Nano IT developed a startup plan to develop an educational immersive virtual reality product and will use the prize money as seed funding for their company.
DeafTawk from Islamabad took home second prize for its product providing sign language services for the deaf community through online video platforms and won 750,000 rupees.
Third-place was shared between ReceiptBox from Karachi and Aprus from Peshawar.
In the ceremony president of TOPS Islamabad also spoke and said that we should urge parents too that instead of jobs encourage their children for business, this is very important, we should develop business. The new ideas amidst entrepreneurship are coming and this model is going forward successfully in the world.
TIE is providing the expert opinions to entrepreneurs in this regard which includes services. offices, legal help and the initial cost.
The IndUS Entrepreneurs (TiE) Islamabad Chapter President Sarah Hashwani stated: “It has been a remarkable journey. The young people we get to meet inspire us. I want to thank all of those who have come forward over the years, taken the leap of faith, and have had the courage to take use this chance to launch a new business venture.”
For this year’s competition, TiE Islamabad Chapter reviewed more than 1,500 business ideas from across the country and selected 680 teams to participate in six months of StartUp Cup training and activities.
Published in The Express Tribune, June 15th, 2019.
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