The grand finale event for “Rising Stars of Pakistan” – a startup competition for women and minority entrepreneurs- was held here Thursday under the auspices of the United States Embassy and the National University of Science and Technology (NUST) to award seed financing for the top business ideas.
Deputy Chief of Mission, U.S. Embassy, Andrew Schofer was the chief guest of the ceremony.
In his opening remarks, Andrew Schofer said, “The U.S. Mission to Pakistan is proud to be part of cultivating a vibrant ecosystem of entrepreneurship in Pakistan and empowering young people to dream big, take risks, and become the job creators and change-makers that Pakistan needs.”
He said Pakistan is a country with tremendous potential in various sectors including textile and agriculture offering diverse economic opportunities, however, the country needs innovation and technology to become truly competitive.
Since 2012, the U.S. Embassy has funded over 181 entrepreneurship-related projects valued at $14.7 million dollars.
Andrew Schofer was joined by Pro-Rector NUST, Dr. Rizwan Riaz who acknowledged the efforts of the U.S. government in supporting entrepreneurial activities in Pakistan.
Dr. Riaz expressed appreciation for the ongoing collaboration between the U.S. Embassy and NUST to foster diversity and inclusion, and to increase the presence of diverse leaders in the entrepreneurial sector in Pakistan that contribute to Pakistan’s long-term economic growth.
He said, more than 800 emerging startups competed through the various competitions, resulting in an opportunity for the top-26 emerging entrepreneurs to travel to Islamabad to present their ideas at the grand finale event. The top three business ideas were awarded seed financing in the amounts of Rs. one million, Rs. 700,000 and Rs. 500,000 respectively.
