IT Ministry To Launch Pakistan’s First Startup Fund Next Week

The IT Ministry of Pakistan is all set to transform Pakistan’s entrepreneurial landscape. For that purpose, the Ministry of IT and Telecom is all set to launch Pakistan’s inaugural startup fund on January 9, 2024. According to IT Minister Dr Umar Saif, Pakistani startups have attracted about 800 million dollars in foreign investment. Pakistan ranks as the seventh-largest market for mobile phones globally, with 75 million broadband users. According to him, ongoing efforts to conduct tests for IT scholarships, indicate a dedication to fostering talent and innovation in Pakistan’s technology sector.

Pakistan’s First Startup Fund To Be Launched On Jan 9

Reports claim that the Ignite-National Technology Fund will take control as the executing body. It will guarantee transparency through an independent steering body supervising the operations.

Reports claim that the federal government has dedicated a considerable Rs 2 billion to the creation of the Pakistan Startup Fund (PSF). It is a part of the government’s relentless commitment to promote innovation.  Private investors are anticipated to reach this contribution, with an additional Rs. 8 to Rs. 10 billion in Series ‘A’ financing hocked by venture capitalists for successful startup graduates from the fund.

The basic goal of PSF is to catalyze investments in Pakistani startups. Moreover, PSF wants to create a dynamic ecosystem with financial support, mentorship, and networking opportunities. Sources claim that Pakistan’s government has also announced a 30% funding boost for startups securing venture capital investments. It underscores its dedication to nurturing and sustaining innovative ventures.

According to the Ministry of IT and Telecom, PSF is a transformative force. Its basic goal is to have widespread positive impacts on job creation, technological advancements, and economic growth. It would not be wrong to say that Pakistan aims to position itself as a regional hub for innovation and entrepreneurship by facilitating collaboration between the government, private investors, and venture capitalists.