Officials informed in a press conference that after assisting Pakistani entrepreneurs efficaciously extend their businesses to the United States (US) the world’s leading market for technology-based businesses, the MIT Enterprise Forum (MITEF)’s Pakistan chapter has also extended its mentor-ship programme to empower women entrepreneurs.
“Operating in Pakistan since 2007, the MITEF’s business acceleration programme (BAP) has mentored between 150 and 200 companies that have received valuations of $50 to $70 million after having gone through this programme.”
Said the forum’s vice chairman Syed Azhar Rizvi, ahead of the programme’s 2015 competition, starting on Saturday.
MITEF Pakistan Organizes Programme to Include ‘Women-led Technology Start-ups’
The MITEF Pakistan has extended the programme this year to include ‘Women Led Technology Start-ups.’
The introduction of MIT Technology Review (Pakistan chapter) in Urdu and English would make a new tech generation, aware of everything going around the world in technology and innovation. The recent edition of the magazine includes success stories of Pakistan’s entrepreneurship network.
Business Acceleration Programme (BAP)’s goal is to aid IT, telecom sector of Pakistan and also help new media companies speed up their businesses to the next level. Every year, almost 15 companies go through a four month training and mentoring period to take part in BAP’s three tracks; existing businesses, women start-ups and researchers’ tracks.
The winners will get an opportunity to attend a fully-funded entrepreneurship development programme (EDP) at MIT in Cambridge US, followed by road shows as Pakistani entrepreneurs meet Venture Capitalists, Angel investors and serial capitalists to improve their business on universal level.
An Official said:
“A $100,000 company mentored by this programme closed their last financial year with $45 million in revenue.” “Securetech, one of the past winners, was able to take itself from $2 million to $10 million in just a couple years.”
“The best source of funding for start-ups is customers.”
Said MIT Entrepreneurship Center Founding MD Ken Morse.
Access to capital remains one of the major hurdle for local entrepreneurs to progress. Though, Punjab Information Technology Board (PITB) Chairman Umar Saif briefed the media that the Punjab government had already put aside Rs 300 million to be spent on local start-ups over the next three years.