All Answers: [pakgrid] MITEF of Pakistan Business Plan Competition ( BAP - 2011) : Invitation to Pakistani IT/ITES/Telecom/New Media Companies

Friday, 26 August 2011

[pakgrid] MITEF of Pakistan Business Plan Competition ( BAP - 2011) : Invitation to Pakistani IT/ITES/Telecom/New Media Companies

Invitation to Take Part in MITEFP-OPEN Business Acceleration Program (BAP-2011)

We have great pleasure in announcing the start of the MIT Enterprise Forum of Pakistan -OPEN Business Acceleration Program (BAP-2011). BAP-2007, BAP-2008, BAP-2009 and BAP-2010 were huge successes and the participating teams reported that they benefited tremendously from participating in BAP-2007, BAP-2008 and BAP-2009 and BAP-2010.

MITEFP-OPEN BAP now in its fifth year, has become one of the best programs of its kind in the world (as declared by Mr. Ken Morse, Founding MD MIT Entrepreneurship Center). This history making initiative has the potential of having significant impact on the growth of IT Industry in particular and economic growth of Pakistan in general. The participating teams reported that they benefited tremendously from participating in BAP-2007, BAP-2008,BAP-2009 and BAP-2010. The main benefits highlighted by the teams are as follows:

Tremendous increase in revenues and valuation of the companies. Some of the firms that have participated in this program have seen revenue growth of 5-10 times and valuation increase by 15x. The best example of this is Sofizar, whose revenue has grown from less than US $ 1 M to US $ 30 M in 2 1/2 years. The revenue in now projected to grow to US $ 150 millions in around 3-5 years

Strategy improvement, Clarity of thought and focus by streamlining of their business plans and acceleration strategies.

They got free of cost mentoring of the highest quality which they could only get from high priced consultants. As commented by Mr. Jawwad Farid of Alchemy Technologies (BAP-2007 runner-up); "We got advice of the highest quality and the only thing that was asked in return was that we should dream dreams which were beyond our dreams."

Great networking experience and opening of doors from Pakistan to USA. Which helped Sofizar (the winners of BAP 2007) to get top notch advisors and an incredible CEO on the board.

Nexsource, Ovextech, Vopium, Aerocar, iKonami, Sofcom, CyberSoft, Voizar and Sofizar's teams attended the MIT EDP (Entrepreneurship Development Program-2008, 2009 and 2010 as the prize for being the top companies of BAP-2007, BAP-2008 and BAP-2009. BAP-2010.The teams benefited tremendously. This can be gathered from comments of Mr. Aamar Qureshi of Cybersoft (runner-up of BAP-2008): "The MIT EDP experience was very enriching and it will continue to shape our enterprises as we re-think and re-align our strategies. It was like a compressed MBA squeezed into a week's duration. An excellent networking opportunity that has broadened our horizons beyond our myopic view of our own businesses."

Introductions to OPEN members at road shows in Boston, Chicago, Silicon Valley, Washington DC and Houston. This opened up new business avenues, established relationships with high profile mentors and resulted in offers of funding from leading Pakistani and US investors. The winner of BAP-2010 Aerocar, which produces ATM,s and Kiosks has signed up two joint ventures in the US, while winner of BAP 2008, Softcom, a software vendor of Laboratory Information Management System, which was operating in Pakistan only before taking part in BAP, closed two deals with Pharmaceutical manufacturing firms in USA.

BAP aims to help accelerate the participating IT companies to the next level by putting these companies through a mentoring/coaching program to help them prepare their Business Acceleration Plan. Some members of the top firms would be partly sponsored ( subject to availability of funds) to attend the MIT EDP (Entrepreneurship Development Program) at MIT in USA. OPEN USA would arrange events in USA where these companies would be honored and presented to OPEN members/Investors.

We urge all the eligible (ref http://mitef-pakistan.org/ for criteria) IT/ITES/Telecom/New Media Companies to take part in BAP-2011 to avail this Opportunity of a Life Time. Please register for one of the introductory sessions in: Karachi, September 5th; Lahore, September 6th, September 7th. To register send email any one of the following email addresses info@mitef-pakistan.org, zahirsyed@mitef-pakistan.org , zahirsyed@gmail.com, "Syed Azhar A Rizvi" <azharrizvi@mitef-pakistan.org>, azharrizvi@gmail.com, indicating name of the company, names of participants, who will attend these sessions, with their designations, email addresses and mobile numbers and the session the team would attend. If you have any queries please contact Dr. Zahir or Azhar Rizvi.