Lahore, The University of Engineering and Technology (UET) Lahore celebrated the culmination of the Third New Venture Contest (NVC) 2024 with an awards ceremony on April 17, emphasizing the critical role of entrepreneurship in economic development. The event, organized by the university’s Industrial Partnership Projects and other collaborators, highlighted innovative business proposals from Pakistan’s youth.
According to University of Engineering and Technology, the contest began on November 5, 2023, and attracted both graduate and undergraduate students across the country. Participants competed for interest-free loans up to $30,000 to initiate their business ventures. Over several months, the competition involved multiple rounds, including online submissions, in-person presentations, and video pitches, culminating in a final round where ten teams presented their business ideas to a panel of over 30 industry experts.
Dr. Amjad Saqib, Founder of Akhuwat Foundation and the chief guest at the event, underscored the importance of entrepreneurship for economic prosperity. “An entrepreneur is someone who looks beyond themselves to benefit others. It’s everyone’s responsibility to foster entrepreneurship because the more entrepreneurs a country has, the more its economy will thrive,” he remarked.
The event saw participation from notable figures such as Prof. Dr. Nasir Hayat, Vice-Chancellor of UET; Prof. Dr. Waqar Mahmood, Director of KICS; and other distinguished guests from academia and industry. The competition not only showcased emerging business talents but also fostered a spirit of innovation and creativity among the participants.
The ceremony concluded with the announcement of the competition winners by Rabia Agha Armaghan, followed by the distribution of cash prizes and the presentation of shields to participants, guests, and judges, marking a successful end to this year’s contest.