Invent was created with the collaboration of Cambridge Advisors Network and IBA’s Center for Entrepreneurial Development with the intention of developing and improving the entrepreneurial ecosystem of Pakistan. It aims at achieving this by bridging the gap between the industrial sector and the academia. The business plan competition creates a platform conducive for the interaction of students and professionals and exchange of ideas that have the potential of being crystallized into commercial ventures.

The year 2010 witnessed the inception of Invent after which it became a yearly tradition. Since then, more than 5,000 students from over 60 universities nationwide have participated in this student business plan competition and have been mentored by professionals from over 26 organizations.

The event spans over a period of four months. Here is a short summary the

1. Groups of students from different universities register. Each group consists of students from different areas of specialization including business and engineering and submits a draft of their business plan. Business plans are evaluated and short listed.
2. Training centers are set up in different cities including Karachi, Lahore, Islamabad, Peshawar, Taxila, Quetta, Sukkur and Gujrawala. Here, short listed candidates are educated on how to develop an effective Executive Summary and Elevator Pitch by mentors. Submitted Executive Summaries and Elevator Pitches are evaluated and short listed.
3. The short listed groups interact one-on-one by professionals from tens of public and private organizations who train them on how create Business Plans and Draft Presentations. Based on these BP’s and DP’s, more candidates are short listed.
4. Finalists then present before the judges and three winners are selected.
5. A total of Rs. 2.5 million is awarded to the three finalists as cash prize. An additional Rs. 1.4 million as seed money is also given to the finalists at various stages of their entrepreneurial ventures.

Three consecutive years of Invent have brought about some significant changes on the entrepreneurial horizon of Pakistan. Firstly, Invent today has become the largest student business plan competition of Pakistan. Secondly, it has shattered the widespread misconception that that business plan competitions are for business majors only. Such a change in perception is crucial for a greater paradigm shift in the Pakistan’s entrepreneurial sector.  Thirdly, the past three events have promoted a culture of productive interaction between the academia and industrial sectors. Over 450 entrepreneurial ideas by students have been presented to the commercial sector. Such interaction has led to commercialization of tens of ideas that have generated real economic value for the country, and which otherwise would have been left unnoticed.