Okay so this morning when I logged on to Facebook, I found an article waiting for me in my inbox. It was about a Pakistani entrepreneur who has been recognized for developing the world’s fastest face and retina scanner.
When I read the article, of course I was filled with a sense of pride and I immediately decided to write a post about it. However, when I searched for more links to the story online, I couldn’t find anything about it on any other source except for the aforementioned article itself. I was obviously confused because if MIT, one of the leading technology institutes in the world, were to recognize someone as a ‘brilliant mind’ (as the story stated), then surely other sources must’ve written about it as well. After several minutes of searching, this is what I found, and yet again I’m happy to see and share that such opportunities exist for entrepreneurial ventures in Pakistan. So today, instead of focusing on the winner of Business Acceleration Program (BAP-2012), I’ll concentrate on the platform itself.
MITEF is an enterprise forum whose purpose is to promote technological entrepreneurship in Pakistan, with the ultimate objective of making a positive contribution to the country’s economic growth. It is a chapter of the global MIT Enterprise Forum and has been conducted since 2007. Every year MITEF organizes a Business Acceleration Program in which promising companies (IT, Telecom, Media, etc) create strategies on how to accelerate their businesses. Upon submission of these strategies, they are provided coaching by foreign mentors in order to improve upon and finalize their plans. The final plans are then presented to and judged by a panel who finally select the most promising plan as the winner. The program provides part-sponsorship to members of the winning team to attend the Entrepreneurship Development Program at MIT (however, this is subject to availability of funds).
The program is primarily funded by National ICT, R&D Fund and PSEB. The forum offers multiple advantages to young tech businesses by providing them mentoring under the best coaches, a chance to showcase their businesses and products internationally and prospective increase in company earnings.
The winners of BAP 2012 are as follows:
- SoloTech Corporation – Winner
- PutitOut, First Runner-up
- SeucreTech, Second Runner-up
It’s good to know that such events are being conducted regularly to empower and support new businesses in Pakistan. They are certainly an opportunity worth making the most of for young entrepreneurs.