In a landmark move set to transform Pakistan’s entrepreneurial landscape, the Ministry of IT and Telecom is poised to unveil the country’s inaugural startup fund on January 9, 2024.
The Ignite-National Technology Fund will take charge as the executing body, ensuring transparency through an independent steering body overseeing the operations.
With an unwavering commitment to fostering innovation, the federal government has earmarked a substantial Rs 2 billion for the creation of the Pakistan Startup Fund (PSF). Private investors are expected to match this contribution, with an additional Rs. 8 to Rs. 10 billion in Series ‘A’ financing pledged by venture capitalists for successful startup graduates from the fund.
The PSF aims to catalyze investments in Pakistani startups, creating a dynamic ecosystem with financial support, mentorship, and networking opportunities. The government has also announced a 30 percent funding boost for startups securing venture capital investments, highlighting its dedication to nurturing and sustaining innovative ventures.
The Ministry of IT and Telecom envisions the PSF as a transformative force, anticipating widespread positive impacts on job creation, technological advancements, and economic growth. By fostering collaboration between the government, private investors, and venture capitalists, Pakistan aims to position itself as a regional hub for innovation and entrepreneurship.