Young entrepreneurs were given the opportunity to present their business ideas in front of CEOs of renowned firms for possible investment at Shark Tank held on April 10 at LUMS.
The ABC Television Network’s critically acclaimed, multi award-winning entrepreneurial-themed reality show, Shark Tank, which aims to invigorate entrepreneurship, recently amassed an amazing $100 million in deals offered in the Tank.
YPO Indus Chapter was instrumental in bringing Shark Tank to Pakistan. In Pakistan, YPO has been active for over 27 years, and Chapter comprises some of the most influential CEOs in the country. YPO is a global leadership organisation for more than 27,000 chief executives in over 130 countries, and the global platform allows young entrepreneurs to engage, learn and grow.
Ten innovative ideas were presented at Shark Tank — Find My Adventure, HahahaStudio, mimAr, Home Innovation, Closet, Bera, Hamara Paisa, EPAS, Osteokem and Carvertise. The panel of judges at the popular pitching platform included Imran Ali Khan (CEO, EMPG), Dr. Farrah Arif (CEO, EdTech Worx and LUMS faculty), Monis Rahman (CEO, Naseeb Networks), Naz Khan (Managing Director, X-Petroleum), Nadeem Hussain (Founder, Telenor Microfinance Bank) and Sadia Khan (CEO, Selar Enterprises). The judges collectively agreed that the technology and ideas presented were impressive.
The ‘Home Innovation’ team highlighted water scarcity as a global issue, and how Pakistan lacks the infrastructure to preserve water at the national level. They pitched a water saving device which fits into taps; the device had three different modes which would change the stream of water according to need, saving ample amounts of water. The startup was looking for investment to create a manufacturing unit for their device, to reduce cost and expand their business.
Team mimAr pitched an app idea by using augmented reality to show its customers how a building would look according to its blueprint. The team was looking to raise capital to further expand their venture and enhance their app.
Mr. Hussain, who is among Asia’s leading entrepreneurs, technology investors and financial inclusion pioneers, was of the opinion that the event was a great idea. “However, what is most important for me is the audience and how people here are focused on the old industry; this event is opening their minds for the new industry,” he said.
Sahar Raza, YPO Indus Chapter Administrator said, “The purpose of this event was to engage YPO members with promising startups and thought leaders in the entrepreneurial world to facilitate potential collaboration, investment and ideas generation.”
Abid Butt, part of the organising team, was thrilled with the success of the event.
The event was also attended by Vice Chancellor LUMS, Dr. Arshad Ahmad who agreed that such events present a lot of possibilities and provides opportunities to not only the presenting members but to all the attendees who may wish to become entrepreneurs in the future.