Karandaaz Pakistan Fintech Disrupt Challenge 2016

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Karandaaz Pakistan, in collaboration with LUMS Center for Entrepreneurship (LCE), launches

FINTECH DISRUPT CHALLENGE 2016 (FDC 2016)

On Sunday, October 23, 2016

 

to invite technology based start-ups to propose innovative products to increase financial inclusion in Pakistan. FinTechs that are shortlisted will be asked to present their pitches to a panel of judges on November 27, 2016 in Lahore to secure grants up to PKR 10 Million

OBJECTIVES OF FDC 2016

The competition aims to support young technology driven start-ups to propose and introduce innovative products and services in areas of payments, financing, insurance, savings and investment, infrastructure and cross-process support for Fintech’s. The objective of FDC 2016 is to not only financially support such ventures but also foster a culture of innovation and entrepreneurship and create linkages between innovators and the financial eco system.

 

Eligibility

Applicant eligibility is based on support for:

  1. Small, new firms based in Pakistan, which have been operating for less than two years
  2. Have fewer than 20 employees
  3. Have assets less than PKR 10 Million
  4. Single founders are not eligible; applicants should be part of a team of founders who complement each other
  5. Firms which have already raised more than PKR 10 Million are not eligible, but firms with offers of matching investment will be preferred

 

Process Details

Call for Applications: October 23
Application Deadline: November 11
Notification of shortlisted applicants: November 18

The shortlisted start-ups will be invited to present their pitch in a rounds based competition on the day of the Fintech Disrupt Challenge, November 27 in Lahore. They will have 8-10 minutes to convince a panel of judges from Karandaaz, Pakistan, LCE and the private sector. The proposals and pitches will be evaluated based on their innovativeness, scalability and financial viability, team strength, market opportunity and business model, existing traction and the social impact. As many as three winners will be announced on the day and will receive funding up to PKR 10 Million which will be tied to implementation and impact related milestones.

 

Responsibilities of the Finalists

Once finalized, the winning companies will work with Karandaaz and LCE to develop mutually agreed upon performance measures and milestones and funding will be released to the start-ups based on this fund disbursement plan. The project duration is expected to be up to 6 months. The complete details on objectives, eligibility, process, evaluation criteria and finalist responsibilities can be found in this term sheet.

 

How to Apply

Apply by 5:00 pm Pakistan Standard Time on November 11, 2016
All queries should be mailed to fintech@karandaaz.com.pk

 

Frequently Asked Questions:

 

  1. What is Karandaaz FinTech Disrupt Challenge 2016? 

Ans: Karandaaz Pakistan in collaboration with LUMS LEC has launched this challenge for technology based start-ups to provide innovative financial solutions leading to an increase in national financial inclusion.

  1. Who can participate?

Ans: Any technology start-up based in Pakistan with a focus on innovative financial services. For eligibility requirements, please refer to the term sheet.

  1. Who can be on a team together?

Ans: The team should comprise of more than one member including the founder/owner. Single owner/founder start-ups are not eligible. For further eligibility requirement please see the term sheet given on the website.

  1. How can I register?

Ans: You can register by applying on the following link: https://gust.com/accelerators/lums-center-for-entrepreneurship/programs/fintech-disrupt-2016 . The deadline to apply is November 21st, 2016.

  1. What is the evaluation criteria?

Ans: The shortlisted start-ups will have 8-10 minutes to convince a panel of judges from Karandaaz Pakistan, LCE and the private sector. The proposals and pitches will be evaluated based on their innovativeness, scalability and financial viability, team strength, market opportunity and business model, existing traction and the social impact. Judges may select up to a maximum of three winners on the day and will receive funding up to PKR 10 Million which will be tied to implementation and impact related milestones.

  1. Is there any other form of support other than grant?

Ans: No, Karandaaz Pakistan will only be giving out grants.

  1. Are start-ups being part of any incubation or acceleration program eligible for the challenge?

Ans: Yes, such start-ups are eligible as long as they meet the eligibility criteria.

  1. Are start-ups having only a business model or are in an idea phase can apply for the challenge round?

Ans: Being in an idea phase is fine as long as you have a well-researched and strong business model along with strong team where co-founders complement each other’s’ strengths. They are both pre-requisites in order to qualify.

  1. Are individual/single founder start-ups eligible for the challenge round?

Ans: No, Individual or single founder owner start-ups are not eligible for the challenge round.

  1. Is there an extension to the application deadline?

Ans: No

  1. Will Karandaaz Pakistan have an equity in the business of the winning team(s)?

Ans: No

  1. If my idea gets selected, will I be required to give a full-time commitment to Karandaaz Pakistan?

Ans: Karandaaz Pakistan expects all winners to be working full time on their proposed startups. So the commitment is to the startup business, not Karandaaz Pakistan. You will, however, need to commit to meeting or exceeding all mutually agreed upon growth milestones to qualify for fund tranches. Milestones will be developed assuming you are 100% committed to your venture.

  1. Will the winner be offered incubation?

Ans: Winnings teams will have an option to apply for acceleration at LUMS Center for Entrepreneurship. In that case, the team will have to give away 2.5% equity in its business to LUMS.