PROPAKISTANI: LCE Incubates $5 Million Worth of Startups in One year
LUMS Center for Entrepreneurship, one of Pakistan’s leading university’s flagship experiential development platform, has turned one year old.
An exclusive ceremony was held at LUMS Center for Entrepreneurship (LCE) where the center alumni and current startups, leading entrepreneurs, successful businessmen, LUMS management and faculty joined the LCE management team to honor the achievements of the center and to appreciate the astounding efforts made by its startups, who are working tirelessly to uplift the entrepreneurial ecosystem of the country.
Here’s a rundown of all the Center has achieved in the last one year.
- 80 entrepreneurs have been mentored and groomed
- The startup businesses have created a total of over 120 direct and 350+ indirect jobs
- Combined annualized revenues of the startups based on last month’s figures is approaching $250,000
- Startups have raised nearly $600,000 in investment from local and foreign investors
- Combined valuation of the businesses at which these startups have raised money at, or have had investor termsheets offered, is over $5 Million
Talking about the past 12 months since inception, Khurram Zafar, Executive Director LCE said:
It has been an amazing ride! The incredible success our startups have enjoyed is a testament to the amazing talent and entrepreneurial passion of our country’s youth. By August, the center would have contributed over 28 high-growth potential businesses to the Pakistani economy.
Hopefully many will keep growing and create additional jobs and wealth creation opportunities for its founders, employees and investors while solving real, local problems.
During the ceremony, Maaz Kamal, Founder and CEO Interacta, an LCE alumni from the first batch announced that Interacta has secured $220K seed funding from a local investor. This news was welcomed with a jubilant applause. Interacta is the third startup from LCE to have secured funding.
Addressing the guests, Vice Chancellor of LUMS, Dr. Sohail Naqvi said:
About a year ago, we jumped into the unknown and launched LUMS Center for Entrepreneurship. It was a true entrepreneurial venture. We were passionate but a little scared of how it will roll out.
Today, it’s suffice to say that LCE is a phenomenal success. My heartiest congratulations to the management of the center and all our well-wishers for their support and encouragement.
The third and current cohort of startups at LUMS Center for Entrepreneurshipconsists of 16 startups, more than double the size of the previous cohorts and is scheduled to graduate in August.