Federal Minister for Information Technology, Dr. Umar Saif, unveiled the Pakistan Startup Fund in a ceremony attended by local and international venture capitalists, diplomats, and esteemed technology companies. The initiative aims to spur investments in Pakistani startups and accelerate their growth.
What is Pakistan Startup Fund?
The government has allocated Rs 2 billion to the Pakistan Startup Fund, signaling a strong commitment to fostering venture capital investments within the country. Dr. Saif outlined the fund’s structure, with each startup eligible for 30% financial assistance, while the remaining 70% would be contributed by venture capitalists.
Expressing confidence in the fund’s potential impact on Pakistan’s economic landscape, Dr. Saif highlighted its pivotal role in the country’s development. The Ministry of Information Technology is dedicated to providing facilities and support to startups, underscoring the government’s commitment to nurturing innovation.
Dr. Saif expressed optimism about the Pakistan Startup Fund’s influence on the startup ecosystem, anticipating increased technological advancements and economic opportunities. Currently, Pakistan boasts over 4,000 active startups supported by eight National Innovation Centers. Over the past four years, these startups have attracted nearly $800 million in foreign investments.
The fund is expected to create an annual value of at least Rs 50 billion in the startup ecosystem, further propelling Pakistan as a hub for innovation and entrepreneurial success. The launch marks a significant step towards empowering startups and driving economic growth through technological innovation.
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