Islamabad, December 01 2024: In a landmark achievement for Pakistan’s startup ecosystem, LMKT, in collaboration with researchers from the globally renowned INSEAD Business School, proudly celebrated the Graduation Day of the XSEED Incubation Program, an innovative initiative designed to empower entrepreneurs. Over the past year, 336 startups from across the country participated in the program, with 160 startups successfully graduating after achieving significant milestones.
Celebrating Innovation and Entrepreneurial Success
The Graduation Day brought together industry leaders, mentors, and entrepreneurs to honor the resilience and innovation of the graduating startups. The event underscored the critical role of entrepreneurship in driving Pakistan’s economic and technological growth. Many of these startups were incubated at NIC Karachi and NIC Hyderabad, emphasizing the contribution of government-enabled centers like the Ministry of IT and Telecommunication (MOITT) in fostering entrepreneurship.
A Transformative Journey with INSEAD’s Expertise
The XSEED Incubation Program, developed by INSEAD’s esteemed faculty, offered a rigorous curriculum focusing on advanced strategies, innovation, and evidence-based decision-making. This approach equipped startups with the tools to navigate challenges and create sustainable, impactful businesses. Notably, 25% of the graduating cohort comprised women-led startups, representing significant progress in inclusivity and diversity in Pakistan’s entrepreneurial landscape.
The program’s success spanned multiple industries, including:
- Education (15%)
- E-commerce (14.7%)
- Healthcare (10.6%)
- Waste management (3.7%)
- Other sectors driving innovation and economic growth
Insights from the Program’s Visionaries
Dr. Chiara Spina, Assistant Professor at INSEAD and Founder of the XSEED Program, shared her thoughts on the graduates’ journey:
“I am immensely proud of the transformation these startups have undergone. Their discipline in leveraging customer feedback and evidence-based strategies has propelled their growth and market impact. The foundation laid by XSEED will enable these enterprises to address societal challenges while creating economic value.”
Dr. Spina also highlighted the role of LMKT and NIC Karachi in creating an environment conducive to the program’s success, calling it a critical partnership for implementing research-driven methodologies.
LMKT’s Commitment to Entrepreneurship
As the operator of Pakistan’s largest incubation network, LMKT has played a pivotal role in the success of the program. Asim Ishaq Khan, Vice President at LMKT, stated:
“LMKT is dedicated to nurturing a vibrant entrepreneurial ecosystem in Pakistan. The success of XSEED reflects our commitment to innovation and collaboration. Today’s celebration is a testament to the incredible potential of our startups and the exciting future ahead.”
Acknowledging Key Contributors and Partners
The program’s success was also credited to the contributions of eight expert coaches, INSEAD professors, and mentors, whose guidance was instrumental in shaping the startups’ journeys. Distinguished guests from organizations like Yunus Brothers Group, Orbit Startups, Katalyst Labs, TPL Maps, and the Government of Sindh attended the event, further underlining its significance.
A Launchpad for Future Growth
While the Graduation Day marked the end of the initial program, it also served as a springboard for ongoing support. LMKT and INSEAD have pledged to continue mentoring and providing tailored guidance to the graduating startups, ensuring their sustained success and impact.
As these 160 startups embark on their next chapter, their journey reflects a promising future for innovation, inclusivity, and economic growth in Pakistan. This milestone is not just a celebration of their achievements but also a testament to the power of collaboration and visionary leadership in shaping a better tomorrow.
