Lahore University of Management Sciences Center For Entrepreneurship combined annualised revenues of the start-ups based on latest figures is approaching over $1 million. These start-ups have also risen over $1 million in investment from local and foreign investors. Moreover, the combined valuation of the businesses at which these start-ups have raised money at, or have had investor term sheets offered, is over $7 Million.
Briefing the audience, Khurram Zafar, Executive Director, LUMS Center for Entrepreneurship (LCE) at The Foundation Investors Summit, held recently at the Rausing Executive Development Center in LUMS organised by the LUMS Center for Entrepreneurship. The event included a mix of both local and international investors who came to show support to these businesses including Salman Amin of Johnson and Sons, Ali Mukhtar of Fatima Group, Aizaz Hussain of Systems Limited, Farooq Nasim of Green Pak and Syed Babar Ali amongst others.
Zafar explained that since it began its program, LCE has mentored and groomed over 80 entrepreneurs and the start-up businesses have created a total of over 120 direct and 360+ indirect jobs. The event was held to mark the graduation of their third cohort of start-ups graduating from the incubator. These start-ups went through an intense, 4-months-long, startup development boot camp at LUMS and have been mentored by some of the best in the industry. The start-ups were selected by an elite, independent panel of business leaders 4 months ago after a nation-wide search.
Startup pitched their businesses models at the summit which includes the models of Jewellery Design Pro, providing a virtual global jewellery marketplace for trading any digitally downloadable design, Repair Desk, a cloud based ERP for mobile phone repair, Health Wire, an e-commerce startup that is increasing the accessibility of doctors and patients, Beauty Hooked, an online platform to connect women to beauty services, Wedding Graphers, a branded, economical wedding graphing facility in Lahore.
Other start-ups model included, Chinyot.com, the first of its kind online furniture and home décor retail brand in Pakistan, AliffIqra, Pakistan's first online Quran assistance program, King Kashmiri Tea, a revolution in the traditional Kashmiri tea in the form of teabags, Teachus.pk, an online portal to provide home tuition services by connecting students and tutors and Technician.pk, platform to provide repair and maintenance of electric appliances. The LUMS Investors Summit opened with an introduction of LUMS Center for Entrepreneurship (LCE) and the impact that it has created in the past one year. It was followed by a keynote by Dr Sohail. H. Naqvi, Vice Chancellor LUMS and then a presentation on investment opportunities in Pakistan by Raza Saeed, CEO Pakwheels. Zaeem Shahid LCE alumni start up explained the success story of its model MARO Tan doors.
He shared his journey from an idea to a successful business. Later, Barrister Ahmed Uzair of Ahmed Uzair & Co briefly elaborated on the term sheets of the start-ups. The pitches presented by the ten passionate start-ups graduating from LCE were the highlight of the event. Speaking about the summit, Yusuf Hussain, CEO Daul Matrix Corporation said, "The LCE Summit was undoubtedly the best formatted and organised pitch event I have attended in the country, with its high energy and impact content. The pitches were substantive yet brief, and the attendance and networking opportunity were an added bonus".
Sharing his thoughts on the positive response from the investor community, Khurram Zafar, Executive Director LCE said "The overwhelming interest of investors in start-ups working on innovative, knowledge economy business models at LUMS Center for Entrepreneurship is a testament to the efforts of our budding entrepreneurs. Over 50 investors showed intent to bring upwards of $4M to the table and now it's up to the entrepreneurs to capitalise on this interest and continue to build and grow their businesses." LUMS Center for Entrepreneurship is welcoming its fourth batch of start-ups in the second week of October.
Comments
Comments are closed.