Ignite National Technology Fund, operating under the Ministry of IT & Telecom, has inked a pivotal agreement with Pakistan Services Limited (PSL) – Hashoo Group consortium, spearheaded by Fauji Foundation, Telenor Pakistan, Change Mechanics, CyberVision International, and Founder Institute. This pact solidifies their collaboration in managing the National Incubation Center Islamabad for the next five years.
This strategic alliance, forged through public-private partnership, reflects a shared dedication to fortify Pakistan’s startup ecosystem. The focus lies on nurturing technology startups poised to enhance the nation’s economic GDP and provide employment opportunities for its youth.
Adeel Aijaz Shaikh, CEO Ignite, highlighted the profound impact of Ignite’s network of National Incubation Centers nationwide. Having incubated over 1480 startups, these centers have generated more than 188,000 direct and indirect jobs, attracting investments totaling Rs. 23 Billion and yielding revenue of Rs. 16 Billion.
NIC Islamabad, under the leadership of Mr. Adeel, has incubated 295 startups, including 136 female founders, generating 23,597 direct and indirect jobs. These startups have amassed revenue of 7.05 billion rupees with a committed investment of 7.88 billion rupees.
NIC Islamabad is poised to amplify its impact by offering an expanded suite of services tailored to empower startups. These services encompass cutting-edge workspaces, access to venture capital, mentorship from industry stalwarts, and a focus on key technological sectors like Artificial Intelligence, Internet of Things, Robotics, Health, and Augmented/Virtual Reality.
The consortium and its supporting partners, including leading incubators, accelerators, and venture capitalists, are committed to creating investment opportunities for startups. Notable partners include Founder Institute, Mass Challenge, International Accelerator, and others.
NIC Islamabad will prioritize health-tech startups, with support from esteemed institutions like Aga Khan University and Hospital, Rehman Medical Institute Peshawar, and several other health institutions.
Furthermore, leading academic institutions such as GIKI University, Institute of Space Technologies, and NUST Business School will provide mentorship and access to specialized labs and faculty.
With its new management, NIC Islamabad represents a significant leap forward in advancing Pakistan’s digital landscape. The collaborative efforts of PSL-Hashoo Group, Fauji Foundation, Ignite, MoITT, and other stakeholders are poised to unlock vast opportunities for Pakistani startups, driving economic growth and technological innovation in the country.
