Start-ups Echo System Attracts $355 million Investment in 2022

Ministry of Information Technology and Telecommunication facilitated the young entrepreneurs, under its flagship project of start-ups echo system, which attracted $355 million in investment during the year 2022. To facilitate the ecosystem, the IT ministry has drafted policy recommendations for State Bank, SECP, FBR, and Intellectual property Organizations.

Start-ups Echo System Attracts $355 million Investment in 2022

These recommendations will ease up the regulatory process for the startup ecosystem. Ignite is also developing a startup portal which will help investors to review startups under different sectors or thematic areas. The portal will help investors do their shopping. Also, the startup can also interact with investors and pitch their proposals through that portal. So, it’s a business matchmaking portal which will help startups and investors to build a relationship.

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According to the MoITT, eight incubation centres of ignite have created an entrepreneurial vibe in the country. These incubation centres help in establishing new startups in almost every sector. The start-ups of the National Incubation Centers established in the country, received an investment of $20 million from various sources last year.

Ministry of IT also funded and initied the National Freelance Training Program. They also established 20 training centres across the country. Around 8,647 graduates trained through International standard IT courses. These students contributed to the country’s economy by earning $23 million through freelancing after training.

During the year 2022, around 1638 new IT companies got registered with Pakistan Software Export Board. Around 761 call centres and 1463 freelancers were also registered with the PSEB.

The ministry was also establishing specialized incubation centres in agriculture & textile, aerospace technologies and gaming & animation to create more businesses in these areas and boost exports.

Furthermore, Ignite is collaborating with international partners like Plug & Play, orbit, DMZ, 500 global and hub 71 to expand the local startup ecosystem to international investors.

He said that about 33 million people have got themselves registered for freelancing courses under the DG Skills Programs of Ignite, which is 75% more than the target.

By June 2022, the freelancers trained with DG Skills have earned a whopping $290 million, adding to the country’s foreign exchange reserve.

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