Masood’s Achievement
Masood’s dream – to build a Pakistani product and turn it into a global one – came true this year after he won the MITEFP Business Acceleration Plan (BAP) contest, a highly competitive annual event that lasts for 4 months to handpick and select one among hundreds and there is one such brilliant mind produced every year by BAP from Pakistan. The objective of BAP is to help Pakistani IT, ITES, telecom and new media companies improve their business.
Program Participation
Of the 165 participants that compete in this contest, some members of top teams also get a chance to attend an entrepreneurship development programme at MIT in Cambridge, USA. After a winning performance in the contest, Masood joined the list of MIT alumni. He has just returned after attending a course at MIT, one of the world’s best educational institutes. Those who attended this programme previously had benefited a great deal.
According to Pakistan Software Export Board’s website, some of the companies that participated in this programme saw their revenues grow by 5 to 10 times and valuation increase by 15 times. Giving the example of Sofizar, the PSEB’s website stated that the company’s revenue increased from less than $1 million to $30 million in two and a half years.
Product Recognition
Masood, too, seems to benefit from the programme as his product has been well received by both MITEFP and the industries worldwide. “MIT Enterprise Forum has done tech evaluation of SmartXS, which is a big achievement,” Masood told The Express Tribune. “When your product is recognised by MIT, there is not much you can ask for.”
Career Choices
Masood was hired as a project director in Dubai Electronic Government in 2000. “The government had softened its state laws for one day to hire me and few others,” he said as he didn’t have a bachelor’s degree, a requirement for that job.
Despite his lucrative job that paid him 55,000 UAE dirhams per month, he chose to be an entrepreneur. “If I can do a lot of things for others, why not for myself and that very thought was the reason I chose to come back and launch my own business,” he said.
Correction
An earlier version of the story had misspelt mechatronics. The correction has been made. Additionally, the earlier article incorrectly stated that MIT had recognized Masood for his achievement - it was the MIT Enterprise Forum.