The US Embassy in Islamabad, in collaboration with the National University of Science and Technology (NUST), hosted the grand finale of “Rising Stars of Pakistan,” a startup competition designed to empower women and minority entrepreneurs.
Andrew Schofer, the Deputy Chief of Mission, emphasized during his initial speech at the event, “Our mission in Pakistan takes immense pride in fostering a thriving entrepreneurship culture in the country and motivating the younger generation to dream big, take chances, and become the change-makers and job creators that Pakistan necessitates.”
Since 2012, the US Embassy has financially supported more than 181 entrepreneurial initiatives with an estimated value of $14.7 million. Schofer’s sentiment was echoed by Pro-Rector NUST, Dr. Rizwan Riaz, who acknowledged the U.S. government’s continuous support for entrepreneurship in Pakistan.
Dr. Riaz lauded the enduring partnership between NUST and the US Embassy, aimed at endorsing diversity and inclusivity, and augmenting the number of diverse leaders contributing to Pakistan’s long-term economic progress in the entrepreneurial realm.
Over 800 burgeoning startups vied for the top spot throughout the competition, leading to an opportunity for 26 outstanding entrepreneurs to showcase their innovative ideas at the grand finale in Islamabad. The finalist pool was impressively diverse, with 23 women, two men, and one transgender individual.
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With representatives from an array of religious and ethnic backgrounds, the competition affirmed its commitment to inclusivity and nurturing a diverse entrepreneurial ecosystem. The best three business ideas were rewarded with seed funding amounting to PKR 1 million, PKR 700,000, and PKR 500,000, in respective order.
The “Rising Stars of Pakistan” competition, backed by the US Embassy in Islamabad, is a joint venture between NUST and the California-based Draper University. Additionally, it involved Pakistani-American experts from Silicon Valley, providing mentorship for the rising entrepreneurial talents in Pakistan.
