Startups

A startup of Karachi won 1M rupees in 2017-18 Startup Cup Finals

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.

Sponsored
Aqsa Khunshan

I have done Mphil in Biotechnology from Punjab University, Lahore. I love to write about topics that fascinate me; business, startups, health, technology and, women empowerment. I am a foodie, ambivert, and angry anarchist. I have an instinct to learn new things and explore innovative ideas. You can reach out to me at aqsa.khunshan@techjuice.pk

Leave a Comment
Share
Published by
Aqsa Khunshan

Recent Posts

Pakistani Passport Continues to Rank Among the Worst in the World

According to the most recent Henley Passport Index, Pakistan's passport is still one of the…

18 hours ago

November 9 Approaches: Will Iqbal Day Be a Public Holiday This Year?

As Iqbal Day approaches on November 9, Pakistan prepares to honor Allama Iqbal, the celebrated…

19 hours ago

Most Wanted Human Trafficker Taken Into Custody

GUJRAT: According to the Gujrat circle of the Federal Investigation Agency (FIA), they have arrested…

20 hours ago

Air Sial Starts Weekly Flights from Islamabad to Riyadh

Air Sial, one of Pakistan's leading private airlines, has officially launched its weekly flights from…

20 hours ago

Important Update on Profit Rates for Savings Schemes 

On Friday, the government stated that from November 4th, 2024, profit rates on National Savings…

22 hours ago

Pakistan to Legalize Bitcoin and Cryptocurrency Through SBP Act Amendments?

The federal government has proposed amendments to the State Bank of Pakistan (SBP) Act aimed…

22 hours ago