On the 14th of November, MITEF (MIT Enterprise Forum) for Pakistan held the final rounds of its Business Acceleration program to award the winners of the competition.
MITEF, directly affiliated with Massachusetts Institute of Technology (MIT) through MIT Technology Review, is a global organization which invest its efforts in empowering budding entrepreneurs to help them create world-class technology companies. MITEF Pakistan’s mission is to “improve the economic well being of the people of Pakistan through development of an Entrepreneurship Promotion Program for Pakistan.”
Every year, they conduct Business Acceleration Program in which companies and startups from Pakistan go through four months of training and mentoring to compete in the program’s three different categories,
A total of 26 finalists made it to the final round and on Saturday, November 14th, the winners along with the runner ups were revealed at a conference at Monevpick Hotel, Karachi. The winners of this program get to attend a fully-funded entrepreneurship development programme (EDP) at MIT in Cambridge, US
The Business Acceleration Program has been incredibly successful in improving the revenue of most of the companies participating in this program, even 10 to 15 times for a few. Sofizar, a digital marketing agency and a former participant in this program, experienced a 30 times increase in its revenue in less than two and a half years, up from $1 Million to a whopping $30 Million.
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