A startup is a young company which is just beginning to develop, offer an innovative product or service which is not currently being offered anywhere in the market or that is being offered in a mediocre manner. Startup trend in Pakistan is rising day by day. Many startups have been introduced and few of them have even caught attention of international investors. Some startups who prove their worth in Pakistani market are Travly, WiFi-Gen, SoloInsight, Zameen, BeautyHooked, Trequant, Emperor’s Bazaar and Maro Tandoor. A number of competitions are now being held to enable young entrepreneurs to showcase their creative mind and win exciting prizes. TiE StartUp Cup 2016 is also one of them. Here, we cover all the details regarding this upcoming competition.
What is TiE?
TIE stands for The Indus Entrepreneur. It is a nonprofit, global community founded in 1992 by a group of successful entrepreneur. It is world’s largest entrepreneurial organization around the world. TiE believe that with the power of idea you can change the face of entrepreneurship and growing industry.
What is StartUp Cup 2016?
TiE Young Entrepreneurs (TYE) is an amazing and challenging program to reach the young generation of entrepreneurs. To find out the young talented and business crazy youngster in Pakistan, TiE Islamabad Chapter has now brought StartUp Cup competition to Pakistan in collaboration with U.S Embassy and StartUp Cup LLC, Tulsa, Oklahoma, USA.
Initially, this completion started in three cities Islamabad, Lahore and Karachi with the overall prize money of 22.5 million PKR. Now, this program will be extended to other cities including Faisalabad & Peshawar with the purpose to allow aspiring entrepreneurs from all over Pakistan to participate in the competition.
Details of StartUp Cup 2016:
In this competition, participant bring up their ideas from every category of business either it is product or service. Mentors belonging to different fields give coaching to participants related to their ideas and guide them how to pitch their business model & make it marketable, what are the flaws in the business model related to their product and service & how you can solve them. This competition consist of different stages; first is recruitment stage in which you will be selected on the basis of this written proposal which you submit online then come the stage of selection of Top 25 ideas in which you have to present orally your business model to different mentors, during this process mentor come to your place and listen your idea guide you about your plan. After this stage, there come the selection of Top 12 teams. Selected 25 teams will be informed through mail about the time and date of competition these team will have to present themselves. After which, 12 team will qualify for the next round. Then come the stage of Top 3. Out of 12 qualified teams, only 3 will be selected. This process is performed in all the selected sites and in last stage, top 3 team from each selected city will be called at Islamabad for final selection. The top 3 teams will then be declared as 1st, 2nd and 3rd position.
Prize money of the competition for this year is as follows:
- 1st position: 1,000,000 PKR
- 2nd position: 750,000 PKR
- 3rd position: 500,000 PKR
How to apply for StartUp Cup 2016:
There is no fee for participation in the competition. Submission of ideas has been started. The last date for submission of ideas is 6th April, 2016.
For details and submissions, click HERE. If you are having any queries, simply drop an email on ‘[email protected]’.