The grand finale of “Rising Stars of Pakistan,” a startup competition for women and minority entrepreneurs, was organised by the US Embassy in Islamabad in collaboration with the National University of Science and Technology (NUST), the event’s hosts.
In making the announcement about the event, Deputy Chief of Mission Andrew Schofer said, “The US 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.”
Over 181 entrepreneurship-related projects worth $14.7 million have received funding from the US Embassy since 2012. Pro-Rector NUST Dr. Rizwan Riaz joined Schofer and expressed appreciation for the U.S. government’s backing of Pakistani business ventures.
Dr. Riaz expressed his gratitude for the continuous partnership between the US Embassy and NUST in promoting diversity and inclusion as well as increasing the number of varied leaders in Pakistan’s entrepreneurial sector who contribute to the country’s long-term economic success.
Following the competition’s multiple phases, where more than 800 developing firms competed, the top 26 had the opportunity to fly to Islamabad to present their concepts. Twenty-three of the finalists are female, two are male, and one is transgender.
The competition’s dedication to encouraging inclusion and developing a varied entrepreneurial ecosystem was demonstrated by the finalists, who came from a variety of religious and racial backgrounds.The top three business ideas each received seed capital in the amounts of PKR 1 million, PKR 700,000, and PKR 500,000.
NUST and California’s Draper University collaborated on the “Rising Stars of Pakistan” programme, which was supported by the US Embassy in Islamabad. The program’s aspiring Pakistani innovators were mentored by Pakistani American experts working in Silicon Valley.
