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
