U.S. Ambassador to Pakistan Richard G. Olson underscored the U.S. authorities’s dedication to extend alternatives for entrepreneurs in Pakistan on the 2013 Pakistan StartUp Cup awards ceremony which came about on the Islamabad Marriott Lodge as we speak.
The StartUp Cup, collectively organized by the U.S. Embassy and The Indus Entrepreneurs (TiE) Islamabad Chapter, is a enterprise mannequin competitors that came about over 19 weeks, with greater than 400 Pakistani start-up companies taking part.
Prize cash of PKR 1,000,000 for the winner and 750,000 and 500,000 for the runners up was awarded to the highest three companies. The winner of the Pakistan StartUp Cup will compete within the First Annual World StartUp Cup in Yerevan, Armenia, in January 2014.
In his key-note deal with, Ambassador Olson stated, “We consider Pakistan’s future prosperity shall be decided by the success of progressive and fast-growing firms. When entrepreneurs right here in Pakistan succeed, they create financial alternative not just for Pakistanis, however for individuals all around the world, together with the US.”
Ambassador Olson additionally said that the U.S. Embassy by its Khushali ka Safar (“Journey to Prosperity”) program is offering monetary help to encourage progressive, dynamic younger Pakistani entrepreneurs who’re able to tackle challenges and surmount obstacles in changing their concepts into actuality.
“The StartUp Cup is considered one of many initiatives the U.S. helps to strengthen entrepreneurship training in Pakistan. We’re speaking to Pakistani-American diaspora traders who’re concerned with Pakistan’s large potential and the way they’ll help Pakistan’s subsequent era of entrepreneurs. We’re additionally sponsoring, by the U.S. Company for Worldwide Growth, the Pakistan Personal Funding Initiative. That is an funding fund which can quickly be an avenue for small and medium-sized Pakistani firms to entry the fairness capital they should broaden and prosper,” stated Ambassador Olson.
Sarah Hashwani, President of TiE Islamabad, stated that 96 p.c of the Pakistan StartUp Cup individuals have been in a position to create a viable enterprise mannequin on account of the competitors