In a groundbreaking initiative set to reshape Pakistan’s entrepreneurial landscape, the Ministry of IT and Telecom is on the verge of introducing the nation’s first-ever startup fund on January 9, 2024.
The Ignite-National Technology Fund will oversee the implementation of the fund, ensuring transparency through an independent steering body that will supervise operations.
Demonstrating an unyielding commitment to nurturing innovation, the federal government has allocated a substantial Rs 2 billion for the establishment of the Pakistan Startup Fund (PSF). Private investors are expected to match this contribution, with an additional Rs. 8 to Rs. 10 billion in Series ‘A’ financing committed by venture capitalists for successful startup graduates from the fund.
The essential goal of the PSF is to animate interest in new Pakistani startups, cultivating a unique environment by offering monetary help, mentorship, and systems administration to open doors. The government has likewise proclaimed a 30 percent subsidizing help for new startups getting funding speculations, highlighting its devotion to supporting and supporting creative endeavours.
Its Service and Telecom imagines the PSF as an extraordinary power, expecting inescapable positive effects on job creation, technological advancements, and financial development. By encouraging cooperation among the government, confidential financial backers, and investors, Pakistan means to situate itself as a provincial centre for development and business.