US vows support for startups, entrepreneurs

The United States has pledged to continue supporting startups and entrepreneurship in Pakistan following the acceleration in fund raising drive.

Speaking at the Grand Finale of the 2022 Pakistan Startup Cup, US Embassy’s acting Public Affairs Officer Aaron Tarver said startups in Pakistan were performing well and were generating funds.

He said the US embassy’s sponsorship of Pakistan Startup Cup had and would continue to expand entrepreneurial and startup activity across the country through sustained coaching and mentorship.

“This can help generate a robust entrepreneurship culture in local communities in every region,” Tarver said.

He pointed out that there had been five times increase in fund raising by the startups, adding “we will continue support for the startups and entrepreneurship to contribute to Pakistan’s economy”.

The event was attended by officials of the Ministry of Information Technology, Ministry of Finance and US embassy in Islamabad.

Speaking on the occasion, TiE Islamabad President Murtaza Zaidi stressed that over the last decade, more than 2,000 startups had received mentorship under the Pakistan Startup Cup.

The competition engages leading industry experts for mentorship and to help startups refine their business models. “We have partnered with the US embassy to provide our entrepreneurs with an enabling environment,” he said.

More than 900 startups benefited from coaching, business preparation activities and mentorship through the competition this year.

They were narrowed down to top 21 business ideas, with teams presenting ideas at the finale with an eye on the first-place cash prize of Rs1 million to invest in their business.

Published in The Express Tribune, July 22^nd, 2022.

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