Local Entrepreneurs Take Part in Myanmar’s ‘Largest Ever’ StartUp Competition

More than 23 teams from a pool of 100 local entrepreneurs have par­ticipated in the country’s largest ever startup com­petition StartUp Chal­lenge 2017, organised by Yangon-based innovation lab Phandeeyar.

Over the 9-day com­petition teams had to learn the “lean-startup” methodology of creating a tech business in one of four categories – Fintech (financial technology), AgTech (agriculture tech­nology), IoT (Internet of Things) and Tech for All – then develop, test and pitch their ideas to a panel of local and international business experts, said a press release.

“Myanmar’s digital leapfrog creates amazing opportunities. We want people to think about how technology could be used to address some of the country’s biggest chal­lenges,” said David Mad­den, CEO and Founder of Phandeeyar.

“Entrepreneurs shouldn’t limit themselves to the nascent middle class in Myanmar’s urban cent­ers. At Phandeeyar, we are excited about the po­tential of technology to in Myanmar,” he said.

The team with the best pitch wins a prize pool worth over $25,000.

This isn’t the first time that Phandeeyar has giv­en a leg up to country’s talent-laden start-ups.

Two finalists of StartUp Challenge 2015 went on to be selected in the first cohort of the Phandeeyar Accelerator – a program which gives local start-ups access to $25,000 worth of seed funding, six months coaching and over $200,000 of services from strategic partners and access to a network of over 40 local and inten­tional mentors.

Launched in 2016, Phandeeyar Accelerator has produced successful tech entrepreneurs who are now running their own businesses, said the release.

“StartUp Challenge 2017 is a launching pad for as­piring entrepreneurs to begin their startup jour­ney,” said Jes Kaliebe Pe­tersen, Phandeeyar Accel­erator Director.

“The winners will be of­fered additional resources to pursue their dreams.”

Source: Myanmar Business Today

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