National Science and Technology Park, Pakistan
"Rising Stars Startup Competition”
A competition promoting diversity in the innovation ecosystem by supporting marginalised and underrepresented entrepreneurs, including women and minority groups. The program provides training, mentorship, networking, and seed funding, significantly increasing representation and fostering an inclusive entrepreneurial environment.
Purpose of the solution
Entrepreneurs from minority groups and women encounter barriers stemming from economic disparities, lack of representation, and cultural biases. Hence, many are hesitant to embark on entrepreneurship due to a lack of business expertise, limited business know-how, inadequate infrastructure, and a shortage of entrepreneurial training. These barriers persistently impede their ability to thrive in the startup ecosystem.
The Rising Stars Startup Competition (RSSC) is designed to solve the above-mentioned problems by increasing the quality and quantity of entrepreneurs from marginalised and underprivileged communities. By offering a dedicated platform for these marginalised groups to exhibit their innovative ideas and entrepreneurial acumen, RSSC dismantles systemic hurdles and forges pathways to success within the startup realm. This helps enhance the presence of diverse leaders within Pakistan's entrepreneurial sector, thereby fostering the nation's long-term economic development. RSSC helps enrich the talent pool with NSTP by bringing in diverse perspectives and innovative ideas. Specifically, the mentorship and networking opportunities enable the participants to better leverage the resources provided by the science park and contribute to the ecosystem's growth.
RSSC distinguishes itself through holistic support for underrepresented entrepreneurs with training, mentorship and connectivity, fostering inclusivity and collaboration to drive positive change and economic growth in Pakistan's entrepreneurial ecosystem.
Impact
RSSC is helping promote an inclusive and equitable entrepreneurial ecosystem by increasing the representation of marginalised and underprivileged communities. The first cohort attracted 800+ applications from 52+ cities across 5 regions of Pakistan with participation from all ethnic minorities and transgender community. Over the course of the program duration of 9 months, 189+ hours of trainings and workshops were delivered to the participants by 36 high-profile trainers, out of which approximately 40% trainers were based out of Silicon Valley. Moreover, inspirational talks, mentoring and coaching sessions were held with both local and international experts.
Starting off with 46% women representation at the application stage, the competition had an impressive 89% women representation in the final round furthering highlighting the impact made by program. Winners of the competition were awarded generous prize pool exceeding PKR 6 million comprising cash prizes and laptops to grow and scale their business. Beyond quantitative metrics, RSSC's holistic approach has contributed to the cultivation of a more vibrant, inclusive, and innovative entrepreneurial ecosystem in Pakistan. This is helping create a ripple effect for local communities empowered by their own homegrown business culture. The second batch of RSSC is all set to launch in mid-2024.
What is innovative about it?
There are several programs focused on increasing the representation of minorities and women in the mainstream entrepreneurial ecosystem. While these programs do provide support to startups in the form of training and seed funding, they are not able to meet the diverse needs of different startups. RSSC's innovation lies in its comprehensive approach to addressing systemic barriers faced by underrepresented entrepreneurs in Pakistan. By offering not just financial support but also extensive training, mentorship, and networking opportunities, RSSC ensures that participants receive holistic assistance tailored to their needs. Moreover, its focus on inclusivity extends beyond gender to encompass marginalised ethnic and religious minorities, including the transgender community, fostering a truly diverse entrepreneurial ecosystem.
Additionally, the program's emphasis on leveraging international expertise, injects global perspectives into local entrepreneurship. The competition's success metrics, including a remarkable increase in women representation from application to the final round, underscore the effectiveness of its approach. Overall, RSSC pioneers a new model for nurturing underrepresented talent, driving positive change in Pakistan's startup landscape, and laying the groundwork for long-term economic development through inclusivity and innovation.
Who are the main users?
The Rising Stars Startup Competition is specifically designed aspiring and emerging entrepreneurs from marginalised, underrepresented, and underprivileged communities including religious and ethnic minorities alongside women. This group tends to be in the age bracket of 18 to 50 years of age with a minimum of secondary level educational qualifications.