The 2023 New Venture Contest (NVC)
The Competition
The 2023 New Venture Contest ran from October 15, 2022 to April 22, 2023. A total of 71 submissions were received and rated by a panel of over 50 judges from across the world. The final round was held on May 2, 2023 at the University of Engineering and Technology, Lahore, where the top three proposals competed for the following awards: Prizes in the form of no-interest loans were awarded to the top three teams as follows:
1st Place – $15,000
2nd Place – $10,000
3rd Place – $5,000
Dr. Mansoor Sarwar (VC UET), Dr. Amjad Saqib (Akhuwat), and Dr. Arfa Zahra (educationalist) graced the presentation ceremony. All prize monies were in the form of returnable interest-free loans to be paid in installments. The recipients would also receive free mentorship from business leaders and subject-matter experts from around the world.
Schedule of the 2023 Competition
- Oct 15, 2022 - Competition Launch and registration
- Nov. 30, 2022 – Executive summary submission for the qualifying round
- Dec. 1 to Jan. 7, 2023 – Executive summaries assessment
- Jan. 8, 2023 - Announcement of semi-finalists
- Feb. 17, 2023 – Submission of detailed business plan for the final round
- Mar. 4 to Mar. 19, 2023 – Interviews
- May 2 - Final round and ceremony