INVENT-22 (Sustainable Entrepreneurship Challange)
Center for Entrepreneurial Development (CED) has been organizing an Entrepreneurship Challenge program known as INVENT. This year CED shall collaborate with the Center of Excellence in Islamic Finance (CEIF), IBA Karachi for launching the INVENT 2022.
INVENT 2022 shall give the opportunity to entrepreneurs to not only showcase their projects in front of potential investors but also provide them with a unique learning opportunity to polish their entrepreneurship skills. INVENT 2022 will also provide a unique opportunity of learning Shariah aspects of business which would enable them to ensure that their ventures are both socially and ethically sustainable.
Overall Target of the Program
INVENT 2022 is designed to train and empower entrepreneurs to create innovative answers to global and/or community challenges and to engage in a more peaceful and sustainable world.
Phase – 1 (Call for Ideas and Preliminary Selection)
INVENT-22 is aimed to attract and train startups and business ideas that have prototypes that are:
- Focused on Sustainable Development Goals (at least 01 SDG),
- All business functions, products/services must be Shariah-compliant,
- Environmentally, Socially, and Culturally sustainable,
- There should be a proof of concept of the business idea i.e. Minimum Viable Product (MVP) or Prototype.
- That Project must be less than 3 years old.
In Phase 1, approx. 40-50 teams will be selected from the registration data. Two persons from each team will be required to attend a two-day training program that will be conducted at IBA Karachi.
Phase – 2 (Training and Follow up)
Training
The selected business ideas / existing businesses will be provided 2-days Training (online). The Training will comprise of the following modules:
- Entrepreneurial Mindset
- Effectual Entrepreneurship Framework
- Sustainable Entrepreneurship Framework
- Sharia Compliance for Business Practices in all Business Functions e.g. Marketing and Sales, Accounting and Finance, Production/Operations, H.R Management, etc.
- Effectual Aspirations (Roadmap for starting/growing the business and preparations for Final Pitch at INVENT 2022
Follow up after Training
After the completion of 2-days Training, all the participants will be added to a WhatsApp Group for future follow-up. All of the participants will be given a time of 30 days to implement the learning received in Training and take practical steps towards starting/growing their own businesses, implementing the Sustainable Entrepreneurship Framework, and Sharia Compliance of their business models. The participants must submit their revised proposals as per the given deadline with a detailed Business plan with a focus on addressing SDGs and Shariah principles.
Phase – 3 (Pitches of INVENT-22)
CED and CEIF will jointly conduct the Mega Event of Final Pitching of the INVENT 2022. CED and CEIF will be inviting renowned business personalities as a Panel of Judges for the event.
The Mega Event for INVENT 2022 will be conducted at the IBA City Campus. Along with an exhibition in the adjacent hall/ corridors. It is expected that the Top 30 teams will be selected for presentation based on their submissions in Phase II. The teams shall be invited to IBA Karachi to present their business ideas.
A panel of judges from CED and CEIF will jointly select the successful business ideas / existing businesses
Seed Money Prizes
CED and CEIF will announce the Cash Prizes of Seed Money for the Top Three (03) Teams. The prizes will be decided by the Independent Panel of Judges. The prizes will be based on the overall performance of the business ideas / existing businesses in the final event.
- 1st Prize: PKR 300,000
- 2nd Prize: PKR 200,000
- 3rd Prize: PKR 100,000
Interest-free/Equity-financing options:
Additionally, interest-free/ equity investment of up to Rs 1,000,000 will be available from the platform of Ihsan Trust for the Top 3 teams.
Alignment with potential investors
INVENT 2022 Team will also arrange for meetings with potential investors for the Top Three teams.
Phase – 4 (Mentorship and Incubation Support)
The Three winners from the INVENT 2022 will be provided Mentorship and Incubation Support Services from CED and CEIF.
IBA CED will provide Incubation Support for all the winners of INVENT-22 at the IBA Business Incubation Center, IBA City Campus.