2nd Takhleeq Innovation and Entrepreneurship Challenge (TiEC’24) and 3rd UCP Entrepreneurs Day (UED) 2024
Entrepreneurship is more than just starting a business; it is a journey of innovation, risk-taking, and resilience. It is about identifying a problem or a gap in the market and developing a solution that adds value – the spirit of creativity and the determination to turn ideas into reality.
It has become increasingly popular among young people due to the sense of independence it provides, revolutionizing the business world with its innovative impact. As institutions work to instil an entrepreneurial mindset to navigate the evolving business landscape, the University of Central Punjab demonstrates promising potential, thriving and expanding on its foundations.
Takhleeq Business Incubator and the Innovation and Entrepreneurship Club’s (IEC)—the 3rd UCP Entrepreneurs Day (UED) and the 2nd Takhleeq Innovation and Entrepreneurship Challenge (TiEC’24)—are a clear demonstration of this growing potential.
Since its inception in 2018, Takhleeq Business Incubation Centre has harboured 80+ startups, providing them with a state-of-the-art working space, an extensive curriculum, mentorship and networking opportunities for investment.
Amidst projects like Cohort, Takhleeq launched its brainchild – a student-led club, the Innovation and Entrepreneurship Club (IEC) in 2023. It has been a successful project – permeating to students and catching the fresh ideas of the young blood by conducting multiple seminars, workshops, and competitions featuring key industry professionals and experts, providing students with excellent opportunities for networking and mentorship.
Takhleeq Business Incubator and Innovation and Entrepreneurship Club organized the 2nd Takhleeq Innovation and Entrepreneurship Challenge 2024 (TiEC’24) and 3rd UCP Entrepreneurship Day in June 2024. TiEC is a challenge for all students and faculty members of UCP to push their startups through a rigorous process and emerge stronger.
TiEC is an intra-university business idea competition designed to inspire and encourage students to develop innovative business concepts. It is aligned with the UN’s 17 sustainable development goals (SDGs). Through this challenge, participants have the opportunity to pitch their business ideas, receive valuable feedback, and compete for recognition and support to bring their entrepreneurial visions to life.
TiEC’24 was divided into three stages. The first stage began with the registrations. It went live on June 9, 2024, receiving 100+ registrations over 10 days. The registration process required participants to submit their ideas with a 100-word pitch and visuals of their products. These business ideas aligned with Sustainable Development Goals (SDGs) were submitted from various faculties, with the majority coming from the Faculty of Science and Technology. Out of these 100+ business plans, 60 were shortlisted for stage two.
In the second stage, participants gave 4-minute brief presentations explaining the different facets of their business ideas, including their product, target market, market potential and budgeting. The panel of judges consisted of renowned industry experts like Dr. Tayyab Qazi (Founder and CEO of Karobar Klinik), Muhammad Faraz (Brand Manager of Daraz-Alibaba Group), Muhammad Kamran (Deputy General Manager of Innovation and Financial Inclusion at HBL), Mohad Ghani (CEO of ThinkDigital Agency), and Durre Shahwar (PITB Incubation Wing at Bahaddin Zakariya University), among others. The panel of judges was divided into two zones: Zone A on the ground floor and Zone B in the basement to ensure a smooth event. Out of these 60 participants, 41 startups qualified for the third stage.
In the final stage, each team presented their refined business ideas. It showcased a variety of innovative solutions from cutting-edge technology to sustainable business models. The final stage judges panel included Agha Hasnain Khan (Assistant Professor, PIFD Lahore), Ammara Abbas (CEO, BARZ), Mahrukh Qadeer (CEO Co-Wired), Nida Nadeem (Chief of Business Growth at Oddsock Concepts), Barrister Daraab Wali Furqan (Partner at Crown 1207 LLP Advocates and Corporate Consultants), among many others. The judges were actively participating, asking insightful questions and offering valuable feedback.
One key highlight was a presentation on a tech-driven solution aimed at revolutionizing the local transportation industry. The team’s in-depth market analysis, coupled with a clear implementation strategy, made a strong impression. Another highlight was a sustainable business model focused on eco-friendly packaging, reflecting a deep understanding of environmental challenges and consumer trends. Throughout the day, there was a palpable sense of collaboration and networking – the essence of entrepreneurship.
The day concluded with the closing ceremony announcing the winners of the 3rd UED and TiEC’24. In TiEC’24, Arthera Gel secured the first position and received a cash prize worth PKR 100,000. The 1st runner-up, Tinopia and 2nd runner-up, Herbal Tea won cash prizes worth PKR 50,000 and PKR 25,000 for their exceptional contributions. A cash prize worth PKR 10,000 for the Best Display was awarded to Lavandol for their visually striking presentation. Five cash prizes worth PKR 10,000 each were given to CubeSat, EcoNano Wrap (whey) protein. NanoHeal, Zico Filter and Nano Shampoo for aligning with Sustainable Development Goals (SDGs).
The UCP Entrepreneurship Day is the Innovation and Entrepreneurship Club’s (IEC’s) flagship event organized to celebrate and promote entrepreneurship. It typically involves activities, such as workshops, panel discussions, pitch competitions, and networking sessions aimed at fostering innovation, creativity, and business development among students and participants. It serves as a platform for aspiring entrepreneurs to showcase their ideas, learn from industry experts, and connect with potential investors and mentors. You get to see students coming up with new business ideas. These ideas focus on solving contemporary global issues like how to protect the environment or improve the health sector.
UCP Entrepreneurship Day (UED) brings together students to share ideas and learn from each other. It isn’t just a one-day event; it shows how UCP encourages entrepreneurship among its students. The day is full of workshops and seminars where people discuss everything from starting a business to finding money and making plans. It’s a chance for the students to connect with seasoned experts and get tips for starting their ventures. The stalls are free of cost and students get to take all the profit home.
In the UCP Entrepreneurship Day 2024, The Vog Store bagged PKR 10,000. ResinEase stood as runner-up winning PKR 5,000, Totesbagpk won the best sales award worth PKR 5,000, Baubles Bar won the best display award worth PKR 5,000 and Craftsovert won the most innovative award worth PKR 5,000. The key highlight of this event was the SOPs in place: proper ventilation of the venue during the scorching heatwave with pedestal fans and distribution of free water bottles to the participants.
UCP Entrepreneurship Day is more than just a day of talking about business—it’s about inspiring students to think big and start something new. Mr. Faizan Khalid and his team’s seamless management and dedication shows UCP’s commitment to helping students become business leaders and create positive changes in the world.
The journey of entrepreneurship is both challenging and rewarding. It requires a blend of creativity, strategic planning, and an unwavering belief in your vision. By embracing the entrepreneurial mindset and navigating the journey with resilience and adaptability, the UCP community can transform their ideas into impactful ventures that not only achieve personal success but also contribute to the greater good. Whether you’re just starting or looking to scale, remember that every great business started with a single idea and the determination to make it happen.