INVENT FINAL RESULTS
The IBA Entrepreneurship Society, in collaboration with the IBA Centre for Entrepreneurial Development (CED), held the grand finale of its one-of-a-kind, nationwide business plan competition “INVENT – The Entrepreneurial Challenge” on Saturday.
Officially sponsored by the Securities and Exchange Commission of Pakistan (SECP), the event was attended by Muhammad Asif Arif, Commissioner SECP, as the chief guest. Of the 350 teams that initially registered six months ago, 16 finalists managed to progress through to the final stage and presented their business plans to a panel of esteemed judges at the finale.
According to an IBA spokesperson, INVENT is one of the largest business plan competitions in Pakistan, the aim of which is to encourage ethical and sustainable entrepreneurial ventures among students across the country. Comprising over six months of rigorous trainings and workshops across Pakistan, students honed their entrepreneurial skills and developed feasible business plans for their business ideas.
During this time, teams progressed through the various stages of the competition based on a strict grading scheme, and those with the most sustainable ideas – and those who met the defined criteria – then had the opportunity of presenting their plans to a panel of judges at the finale. Themed “Ideas Today: Businesses Tomorrow”, this year 1,600 students from 140 of HEC recognized universities spanning across seven cities participated in the competition.
The categories included: Techno-entrepreneurship, Agri-entrepreneurship, Socio-entrepreneurship and Classic-entrepreneurship.
At the event, Dr Shahid Qureshi, Associate Director CED, IBA, praised all 16 finalists for their hard work and held in high esteem their innovative ideas. Dr Ishrat Husain, Dean and Director, IBA, expressed great pride towards the participants for their effort and dedication over the past few months. He also thanked the partners and sponsors for their continuous support in making the event and the competition a great and continuous success.
Arif elaborated the importance of and the need for entrepreneurial mindsets in Pakistan, while also detailing the role of the SECP in promoting and providing support for unique business ventures across Pakistan. He also appreciated IBA and the CED for taking the initiative to launch INVENT and to organise it on an annual basis.
The teams then presented their business plans and ideas to the panel of judges, who after much deliberation, awarded first prize of Rs175,000 (including Rs100,000 of seed money) to Techno-entrepreneurship Project Smart SurgiSol from the National University of Sciences and Technology (NUST) and the International Islamic University; to Agri-entrepreneurship Project Green Pump from the University of Engineering & Technology Karachi and IBA Karachi; to Socio-entrepreneurship Project “Straw bale hybrid homes” from the Centre for Advanced Studies and Engineering (CASE); and to Classic-entrepreneurship Project Easy Electric EE from the Centre for Advanced Studies in Engineering (CASE).
The runners-up in each category received Rs100,000, including Rs50,000 in seed money.
“Prizes are awarded to the most feasible ideas and driven teams to help them develop their plans into actual business ventures,” the IBA spokesman said.
Presentation by SECP
A presentation titled "Incorporation and Registration of Companies" to the students who are studying Entrepreneurship or learning about Entrepreneurship through the IBA Invent Business Plan Competition of which SECP is the main sponsor will be held at the Graduation Ceremony of IBA CED's Entrepreneurial Development Program. Some details of the event are as follows:
Date: 22nd June 2013
Time: 11:30 am to 12:00 pm
Venue: IBA Main Campus, University Road.
Ceremony: Graduation ceremony of IBA CED's first Batch of Entrepreneurial Development Program and presentation of Top 5 Business Plans.
Presentation Speaker :Ms. Khalida Habib, Director Strategy, Development and External Relations, SECP.
Phase 2 of IBA Survey on Youth Entrepreneurship
Please fill/complete the Phase 2 of the survey along with submission of Business Plans. The deadline is July 6, 2013.
Please goto/type: 220.127.116.11/ibasurvey
Click on: INVENT-Phase II