The Khyber-Pakhtunkhwa (KP) Impact Challenge is a first of its kind government-led initiative for a province-wide economic and social impact competition to promote youth entrepreneurship, innovation, and to provide economic opportunities for talented youth in KP. The KP Impact Challenge (KPIC) is centred towards the rural youth of KP, who do not necessarily have a background in or exposure on how to run a business.
KPIC was held on April 27, 2018 at Nishtar Hall, Peshawar to celebrate the successful completion of the training of its first cohort of entrepreneurs. The trained participants received their first instalment in the form of cheques and certificates for launching their businesses.
The initiative has been a success and has proved to be a huge step forward towards creating economic avenues and entrepreneurship opportunities for the youth of KP and is a landmark collaboration between LUMS and the KP government. The project was launched in January 2018 and since then the Lahore University of Management Sciences has effectively completed the selection and training of the first cohort of entrepreneurs. These young individuals have been groomed, coached and developed to turn their ideas into viable, sustainable businesses.
The guest of honour at the event, Mr. Imran Khan, praised the project stating that the KPIC was a step in the right direction and adding such schemes was imperative to promote entrepreneurship. He said that the youth should start their own small business instead of running after government jobs.
The Provincial Minister of Youth Affairs, Mr. Mehmood Khan said the KP Impact Challenge initiative was aimed at providing financial and technical support to youth with innovative business ideas. He said the KP government has allocated Rs. 500 million for this purpose and LUMS is providing technical support to the selected youth whose ideas were approved through a rigorous selection process.
A total of 43 entrepreneurs were given Rs. 200,000 to Rs. 500,000 cheques on the occasion. One beneficiary, Mr Amir Hussain from Malka village in Buner district, appreciated the initiative. He stressed the need for similar programmes for the youth to enable them to establish their own businesses.