The Third New Venture Contest (NVC) 2024, organized by Industrial Partnership Projects (IPP) in collaboration with Engineers for Community Welfare (ECW) of Pakistan, Al-Khawarizmi Institute of Computer Sciences (KICS) at the University of Engineering & Technology Lahore, and Akhuwat Foundation Pakistan, reached its pinnacle today with a grand finale and award ceremony held at the the University of Engineering & Technology Lahore.

The NVC 2024, which commenced on November 5, 2023, concluded on April 17, 2024, fostering innovation and entrepreneurial spirit amongst the youth of Pakistan. This business ideas competition attracted a diverse pool of participants, including both graduate and undergraduate students for the opportunity to transform their entrepreneurial dreams into reality and secure interest-free loans of up to $30,000 to kick-start their ventures.

The competition comprised three intense rounds of evaluation and scrutiny. In the initial phase, participants submitted concise 2-page summaries of their business concepts online. In the semi-final round, aspiring entrepreneurs presented comprehensive business plans, cap tables, legal entity establishment verification, and tax forms. Semi-finalists further showcased their ingenuity through video pitch presentations to a panel of esteemed judges. From this pool of talent, 10 outstanding teams emerged as finalists, advancing to the ultimate round of competition.

Following the competition finals and award ceremony where the finalists’ teams presented their ideas to a panel of expert judges comprised of more than 30 industry leaders, the multiple-round competitions came to an end at UET, Lahore.

The award ceremony was held at the University of Engineering & Technology Lahore’s main campus on 17th April 2024. The event was graced by the esteemed presence of Dr. Amjad Saqib, Founder and Executive Director of Akhuwat Foundation, who served as the Chief Guest. Joining him were luminaries such as Prof. Dr. Nasir Hayat, Vice-Chancellor UET; Prof. Dr. Waqar Mahmood, Director KICS; Dr. Ali Sajid, Director, Lahore School of Management; Mr. Naveed Fazil, CEO Interloop; and Ms. Rabia Agha Armaghan, among others.

Dr. Waqar Mahmood, Director KICS, extended a warm welcome to the guests, judges, and participants, praising the organizers for organizing a highly successful competition. Dr. Nomaan Mufti from IPP-US provided insights into the New Venture Contest and expressed gratitude to the sponsors and supporting organizations for their invaluable contributions. Dr. Amjad Saqib commended the organizers, particularly Dr. Nomaan Mufti, for their dedication to fostering creativity and innovation. He said, "An entrepreneur is someone who looks beyond themselves to benefit others. It's everyone's responsibility to foster entrepreneurship because the more entrepreneurs a country has, the more its economy will thrive”.

Following inspiring speeches by the distinguished guests, Rabia Agha Armaghan announced the results of the competition. Prof. Dr. Nasir Hayat, alongwith the esteemed guests, presented cash prizes to the winners, acknowledging their exemplary ideas and entrepreneurial devotion. The awards ceremony concluded with the distribution of shields to the esteemed guests, judges, and organizers, marking the successful conclusion of the Third New Venture Contest 2024.