Head over to The Founder Institute Website and you will find a ‘Beta Location’ tag with Karachi. That’s right, the world’s largest entrepreneur training and startup launch program, which is in league with other big institutions like the YCombinator, is testing a possible Karachi chapter!
Founder Institute has helped launch over 1,200 companies till date include renowned ones like Udemy.com. The four month program is tailored for aspiring entrepreneurs and focuses on ‘learning by doing’.
“The Founder Institute was started a year ago and already we’ve had many early successes. Publicly, my company Udemy raised $1M in a round that was as successful and competitive as the rounds of the Y Combinator class of this year. There are many other financing rounds that have not yet been mentioned; 1/3 of Founder Institute companies have been funded at an average of $200K.” –Gagan Biyani, Co-Founder of udemy.com
The Founder and CEO of the company, Adeo Ressi feels that Karachi, with a population of more than 20 Million People, is a viable location for a step-by-step launch of the company’s program. He believes the institution can significantly help the local entrepreneurs start a great company.
“You should not apply to the Institute if you are looking for a quick way to raise money. If you are looking to build a great company that can make a difference in the world, then the Founder Institute is a good place to start.” –Adeo Ressi, Founder
Incubation at The Founder Institute will Come at a Hefty Price
The startups that will be selected for the four month program will have to pay roughly $450 USD (Approx. 46,000 PKR) in fees as well as other costs like their international counterparts. It is worth noting that the current incubation programs operational in Pakistan are currently free of admissions fees. Will Pakistani entrepreneurs be willing to pay a large amount to gain entry in The Founder Institute? Hassan Qureshi, who is leading the Karachi Chapter, is positive that many will appreciate the exposure to Silicon Valley that comes with The Founder Institute as well as the fact that it is training for professionals that can help them take their business to success.
“Founder Institute’s program is focused on professionals and businesses who seek international attention and funding from global investors.” – Hassan Qureshi, The Founder Institute, Karachi Chapter
Whether Founder Institute will launch a Karachi Chapter or not is still uncertain. According to sources, Founder Institute Karachi Chapter led by local entrepreneurs Sumaan Azmi and Hassan Qureshi, is in beta launch mode right now so that they can evaluate the demand in Pakistani market. If the prerequisites are met, the program will officially launch in December 2014 and the first cycle graduate in March 2015. Current mentors on board with the program include Badar Khushnood, Farzal Dojki, Reza Samad and Afaque Riaz. During the Beta Launch, the Founder Institute will offer three free training sessions to attract aspiring entrepreneurs to its program.
“Founder Institute is looking to generate interest. If enough people fill out the Interest Form by Sunday, Novermber 2nd 2014, the Founder Institute will formally launch a program in Karachi.”
Sign Up for Free Training Sessions from Founder Institute
- Bringing Silicon Valley to Karachi (2014-09-10, 06:30 PM) – http://fi.co/e/24871
- Making the Leap from Employee to Entrepreneur (2014-09-17, 06:30 PM) –http://fi.co/e/24861
- Founder Institute Information Session (2014-09-24, 06:30 PM) –http://fi.co/e/24851
The Founder Institute, backed by global success and experience in the Silicon Valley could be a good addition to Pakistani incubators. Here is wishing the Karachi Chapter very best of luck!