A ceremony was conducted at Lahore University of Management Sciences (LUMS) on Monday 30th May 2022 to encourage promising startups. On this auspicious occasion, many prominent personalities appeared including LUMS, Vice-Chancellor, Dr. Arshad Ahmad, Ignite CEO, Asim Shahryar Husain, NITB Executive Director, and Board of Ignite Chairman, Syed Husnain Abbas Kazmi. They all encouraged the entrepreneurs to continue on the path of innovation and assured their full support. Federal Minister for IT and Telecommunication Syed Amin-ul-Haque was the chief guest and he revealed that Pakistan IT exports will exceed $3 billion this year.
Pakistan’s IT exports by the previous year had crossed $2.1 billion due to the favorable environment offered by the sector. Government has a mission to help grow the entrepreneurial ecosystem in Pakistan. To achieve this, it has also set tax free market for IT startups and exports. IT ministry is also providing local and global networking platforms through Ignite. The setup has the national technology fund and is renowned for funding promising startups. Due to these efforts, the start-up investments grew five times as compared to 2020.
The national incubation centers are established in Islamabad, Lahore, Peshawar, Karachi and Quetta. Two new incubation centers have been newly started by the government in Faisalabad and Hyderabad to tap the new markets and explore the potential of Punjab and Sindh.. All these incubation centers are really doing great work to help the start-ups pitch their ideas and products to customers. They also facilitate students who bring forward new and novel creative ideas. All these efforts will encourage investment in Pakistan.
In the end, there was a prize distribution ceremony that awarded three promising startups. The third prize was awarded to Peervest Global which is a digital crowdfunding platform that links investors with tech-enabled startups. The second prize was given to Dawa Asaan which provides a smart pharmacy to the citizens. The medicines are pre-sorted and pre-packed for chronic diseases and they are provided on a monthly subscription. The first prize was presented to QBio which is a life science venture which will establish an enzyme biotechnology company. These are promising ventures that got selected for the funding. The government is taking great measures to motivate and promote entrepreneurs by all means to start their own new ventures in Pakistan.