In the fourth edition of the American Embassy-funded event, a team from Karachi, Retailistan, beat 17 other teams to take the top prize of 1 million rupees in the 2017-18 StartUp Competition finals.
The StartUp Cup is a localized business model competition to increase the quality and quantity of entrepreneurs and grow their entrepreneurial ecosystem. Entrepreneurs who participate in the StartUp Cup develop a solid business model taking into consideration their specific needs, including accelerated go-to-market strategies and bootstrapping techniques.
A United States’ embassy statement said:
“The US and Pakistan both benefit when Pakistan’s economy is strong and job prospects are high. Our investment in the StartUp Cup is just one part of the United States’ robust program to support economic development and spur economic growth in Pakistan.”
Retailistan is a startup developed to facilitate small-sized stores by changing the consumer goods distribution model through mobile applications. The team is now eligible to participate in the Global StartUp Cup 2018, which will be held in the United States.
The American Embassy’s Deputy Chief of Mission, John Hoover, congratulated the finalists. He said:
“We know your businesses can thrive. Nearly 90 percent of last year’s finalists reported that their businesses grew thanks to the mentorship and training they received through StartUp Cup.”
The 2017-18 StartUp Cup competition was organized by the Indus Entrepreneurs Islamabad Chapter (TiE), started last fall. To get selected, applicants submitted more than 2,200 business ideas, and TiE selected 665 teams to participate in StartUp Cup training and activities, including workshops, mentoring opportunities, and judging sessions in Islamabad, Lahore, Karachi, Faisalabad, Peshawar, and Gilgit.
Meanwhile, in regional competitions held over the last six months, mentors chose the 18 teams that made it to the Islamabad finals. Sarah Hashwani, president of TiE Islamabad, said she appreciated the embassy’s efforts to support economic growth initiatives for start-ups and was impressed by the teams that made it through the rigorous, six-month competition.
