In a significant move to spur technological innovation, the Federal Minister for Information Technology and Telecommunication, Dr. Omar Saif, has officially launched the Pakistan Startup Fund. The ceremony witnessed participation from a diverse group of investors, including both local and international capitalists, diplomats, and renowned technology companies.
With a substantial commitment from the government, the Pakistan Startup Fund has allocated a staggering 2 billion rupees (equivalent to $20 million). The primary objective of this fund is to expedite venture capital investment within the country, providing a robust support system for emerging startups.
Dr. Omar Saif articulated that the fund aims to extend financial assistance to startups, offering each venture a substantial 30% support through the Startup Fund. Venture capitalists expected to contribute the remaining 70% of the funding. The minister emphasized the pivotal role the Startup Fund will play in propelling Pakistan’s economic development, with the Ministry of Information Technology actively working to create a conducive environment for startups.
Highlighting the success of the startup ecosystem in Pakistan, Dr. Saif revealed that over the past four years, nearly $800 million in foreign investment has flowed into the country’s startup landscape. Currently, more than 4,000 startups are operating in Pakistan, receiving support from eight national innovation centers.
This initiative underscores the government’s commitment to nurturing the growth of the startup ecosystem, attracting both local and international investment to stimulate innovation and foster economic progress. The Pakistan Startup Fund poised to become a catalyst for groundbreaking advancements in technology and entrepreneurship, positioning the country as a hub for innovation on the global stage.
. The primary objective of this fund is to expedite venture capital investment within the country, providing a robust support system for emerging startups.){kind=link}