seventh version of the PAK Problem ignites 3 profitable scholar start-ups with $70,000 money

The PAK (Ardour, Journey, Kickstart) Problem is an annual start-up marketing strategy competitors held in Singapore, open to scholar entrepreneurs from tertiary schooling institutes throughout the nation.  The competitors gives a possibility for scholar enterprise founders to look at crucial issues and ache factors they face personally, and to give you artistic however sensible options to deal with them.

The seventh version of the PAK Problem concluded on 8 October 2022, organised by SMU EAGLES, an entrepreneurship-focused scholar membership aimed toward supporting next-gen scholar founders to kind a robust start-up ecosystem.

In early 2022, SMU EAGLES hosted two start-up competitions as a lead-up to the PAK Problem-‘The Social Engine’,an ideation stage social affect competitors and ‘Hatch’, an ideation stage “for-profit” competitors. Finalists of Hatch would qualify to take part within the PAK Problem.

Judges of the Problem included Joshua Chan (Co-Founder & Managing Director of ErgoTune), Winnie Khoo (Accomplice at Antler), Benjamin Twoon (Co-Founder and Chief Industrial Officer, Fundnel) and Edward Tay (CEO, Sistema Asia Capital). Nearly all of entries obtained this yr have been centred on addressing points round Elder Care, Meals, AgriTech, EdTech and Web3. The highest three groups, Foot Hero, Actually Meals, and Crowd9 walked away with money prizes price a complete of $70,000.

seventh version of the PAK Problem ignites 3 profitable scholar start-ups with ,000 money

Foot Hero, an analytics firm that harnesses pc imaginative and prescient and machine studying to map out the contours of human ft to fabricate insoles for customers was champion of the PAK Problem, profitable the grand prize of $50,000 money. Foot Hero was additionally the winner of Hatch 2022, which allowed them to proceed to the Semi-Finals of the PAK Problem.

CEO of Foot Hero, Akash Mittal who’s a 12 months 4 scholar of SMU Lee Kong Chian Faculty of Enterprise mentioned, “As college students, we bootstrapped this enterprise and entered pitch competitions for an opportunity to garner further funds. The prize cash from the PAK Problem will go a good distance in pushing our providing into the market, accelerating our mission of serving to everybody stroll pain-free. We now have confronted challenges in lots of facets: from know-how improvement to product-market match. Nonetheless, as we pushed ahead, the hardships paved the best way for us to grasp what we need to accomplish at Foot Hero – for customised insoles to be extra accessible and reasonably priced. Foot Hero hopes to be a model that everybody will keep in mind, supporting you at each step!”

First runner-up Actually Meals is a plant-based start-up that creates and provides meat-free meals substitutes ready in Asian flavours.  Its two founders began Actually Meals recent out of Nanyang Technological College with a mission to alter the best way customers eat, whereas permitting folks to expertise the various flavours of Asian delicacies on the identical time.  As second prize winners they have been awarded $15,000 money.

Second runner-up Crowd9, whose founders are from SMU, is a blockchain-based crowdfunding platform that goals to revive belief, transparency, and accountability within the Web3 area by simplifying the funding journey for creators, whereas guaranteeing contributor safety by means of on-chain governance. The staff introduced residence a money prize of $5,000.

In tandem with PAK Problem 2022, SMU EAGLES partnered Protege Ventures, Southeast Asia’s first and the one nation-wide student-led enterprise capital (VC) fund cum coaching programme, to organise PAK Workplace Hours (PAKOH). PAKOH gives founders the chance to work together with prime VCs primarily based in Southeast Asia, to be taught in regards to the processes of fundraising and obtain steering on how they can scale their companies.

Jarod Hong, President of SMU Eagles mentioned, “SMU EAGLES has labored in direction of offering a holistic platform to permit scholar founders to expertise a number of contact factors with varied gamers within the start-up ecosystem, whereas aiding the non-public development of founders, their data and community. For 2022, the EAGLES staff shaped partnerships with a number of entrepreneurship golf equipment throughout colleges in Singapore. Wanting forward, we’ll proceed working in direction of enhancing the options of the PAK Problem in order that the occasion stays a number one student-led start-up competitors in Singapore. We hope that the competitors may also help scholar founders achieve expertise and fine-tune their start-up in order that they’re higher ready for future development”.

SMU Eagles is supported by the SMU Institute of Innovation and Entrepreneurship (IIE).

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