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World’s richest Business Plan Competition launched at Higher Education Commission

Islamabad, November 28, 2012 (PPI-OT): The launching ceremony TiE International Business Plan Competition, world‘s richest business competition, was held here at the auditorium of Higher Education Commission HEC Islamabad. The Chairperson HEC, Dr. Javaid R. Laghari presided over the ceremony. Speaking on the occasion he said that HEC has undertaken a number of steps for promotion of innovation and entrepreneurship. So far 22 Office of Research, Innovation and Commercialization (ORICS) and 6 business and technology incubation centres are working at leading higher education institutions throughout the country while two more are being established this year.

While describing the state of higher education of Islamic counties, he said that accessibility to higher education in Pakistan is 8% which is less than other OIC counties i.e. Lebanon 54%, Turkey 45%, Malaysia 40% and Jordan 38% and the OIC countries only contribute 1.5% of high tech exports of World. He also emphasized that attention towards knowledge based economy would be greatly helpful in improving the economic state of the Islamic countries.

Mr. Faisal Mushtaq, Patron of TiE International Business Plan Competition and Executive Director, Roots School System said that the time has never been better to enter a business plan competition. Despite a number of competitions being launched in Pakistan, somehow the rewards have never seemed juicy enough to tempt entrepreneurs to submit their entry.

‘TiE International Business Plan Competition’ is definitely not one of those. With a ‘cash prize’ of 1.5 million (USD), it is the ‘Richest Business Plan Competition’ of the world. The financial inducement is undoubtedly attractive to cash-pressed entrepreneurs, but then there are other benefits for the participants of the competition.

Prof. Dr. Sohail Naqvi, Executive Director HEC said that TIBPC would play an important role in the development and success of the entrepreneurial ventures of all the competing. He further elaborated that the competition is all about new opportunities, sharing the passion for entrepreneurship and learning from the insights, wisdom and entrepreneurial experience of the mentors and competition judges.

Such initiatives allow participants to not only showcase their business plans, but also to extend their network and visibility through various cross-functional activities and mentoring sessions. He also mentioned that HEC is working closely so that the Pakistani universities may be able to produce job creators rather than job seekers, he added.

Mr.Ahmad Masud ,Managing Director Channel 7, informed that TiE International Business Plan Competition (TIBPC) has been designed in conjunction with the Rice University Business Plan Competition to give graduate-level university students in Asia and Europe a real-world experience to fine tune their business plans and elevator pitches to be able to generate funding to successfully commercialize their product and launch their start-ups.

TiE Islamabad will host a level 1 competition after scouting local universities for perspective participants. TiE Brussels will host the Finals (level 2) and the winner will be guaranteed place at the Rice University Business Plan Competition , the largest and richest intercollegiate business plan competition in the world, hosted at Rice University in Houston, Texas (level 3).

The local leg of the competition is being conducted in collaboration with Higher Education Commission of Pakistan and sponsored by National ICT R and D Fund

Mr. Murtaza Zaidi, Hon. Executive Director TiE Islamabad Chapter and CEO, Cyber Vision International, presented the details of the competition to audience. In his presentation he mentioned that “‘TiE International Business Plan Competition’ allows you to tap onto the increased support entrepreneurs are getting internationally and nationally, and obtain a critical independent analysis of your business plan, ensuring that your plan remains grounded in reality. Also the mentoring and networking opportunities provided by this platform are phenomenal.

Competitions where participants not only compete nationally but internationally also provide the participants with an opportunity to practice the much neglected skill of public speaking. Most importantly such competitions give to the participants what every entrepreneur wants, ‘an insight into what investors really want’.

While the financial inducement for any competition is undoubtedly an attractive element for cash-pressed entrepreneurs, it is of secondary importance when one considers the other real benefits resulting from participating in the competition”.

University Heads, students and Professionals attended the event and event was virtually attended by faculty and students across HEC video network.

More information about the competition can be found on www.islamabad.tie.org

TiE was founded in 1992 in Silicon Valley by a group of successful entrepreneurs, corporate executives, and senior professionals with roots in the Indus region. There are currently more than 13,000 members and over 2,500 charter members in 61 chapters across 17countries. TiE’s mission is to foster entrepreneurship globally through mentoring, networking, and education.

For more information, contact:
Ayesha Ikram
Director (Media)
Higher Education Commission
Sector H-9, Islamabad
Tel: 90402404, 90402412
Email: aikram@hec.gov.pk
Website: www.hec.gov.pk

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