In a monumental leap towards redefining Pakistan’s entrepreneurial landscape, the MoITT is gearing up to introduce the country’s inaugural startup fund on January 9, 2024.
Taking charge as the executing body, the Ignite-National Technology Fund ensures transparency through an independent steering body overseeing operations. The government’s unwavering commitment to fostering innovation is reflected in the substantial allocation of Rs 2 billion for the creation of the Pakistan Startup Fund (PSF). Private investors are anticipated to match this contribution, with venture capitalists pledging an additional Rs. 8 to Rs. 10 billion in Series ‘A’ financing for successful startup graduates from the fund.
The PSF’s primary goal is to catalyze investments in Pakistani startups, creating a dynamic ecosystem supported by financial backing, mentorship, and networking opportunities. Demonstrating dedication to nurturing innovative ventures, the government has also announced a 30 percent funding boost for startups securing venture capital investments.
Envisioning the PSF as a transformative force, the MoITT anticipates widespread positive impacts on job creation, technological advancements, and economic growth. By fostering collaboration among the government, private investors, and venture capitalists, Pakistan aims to establish itself as a regional hub for innovation and entrepreneurship. As the launch date approaches, the anticipation grows for the pivotal role the PSF is poised to play in shaping Pakistan’s startup landscape.
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