The US Embassy has provided $14.7 million in funding for over 181 entrepreneurship-related projects since 2012.
The grand finale of “Rising Stars of Pakistan,” a startup competition for women and minority entrepreneurs, was organised by the US Embassy in Islamabad with the National University of Science and Technology (NUST) serving as hosts.
“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,” Deputy Chief of Mission Andrew Schofer said in his opening remarks at the event of startup competition.
The US Embassy has provided $14.7 million in funding for over 181 entrepreneurship-related projects since 2012. Pro-Rector NUST Dr. Rizwan Riaz joined Schofer and expressed gratitude for the U.S. government’s support of the Pakistani business ventures.
Dr. Riaz expressed his gratitude for the ongoing partnership between the US Embassy and NUST to promote inclusion and diversity as well as to increase the number of the diverse leaders in Pakistan’s entrepreneurial sector who can help the country’s long-term economic growth.
The top 26 emerging entrepreneurs had the chance to travel to Islamabad to present their ideas at the competition’s grand finale after more than 800 emerging startups competed throughout the competition’s various stages. There are 23 women, 2 men, and 1 transgender person among the finalists.
The diversity of the finalists’ religious and racial backgrounds demonstrated the competition’s dedication to fostering inclusion and a diverse entrepreneurial ecosystem. The top three business concepts each received a seed investment of PKR 1 million, PKR 700,000, and PKR 500,000.
The “Rising Stars of Pakistan” program, sponsored by the US Embassy in Islamabad, was a joint effort of National University of Science and Technology (NUST) and Draper University in California. Silicon Valley-based Pakistani American experts served as mentors for the program’s budding Pakistani founders.