The interim government has greenlit a groundbreaking initiative dubbed BridgeStart, aimed at nurturing and accelerating Pakistani startups on the global stage.
Dr. Umar Saif, Caretaker Minister of IT & Telecom, and Science & Technology, unveiled this development via a social media post on Saturday, heralding it as a boon for Pakistani startups with global aspirations.
Under BridgeStart, the government plans to fund 100 startups annually for incubation or acceleration in any of the top 40 incubators/accelerators worldwide. Dr. Saif revealed that these startups, meeting the criteria for the top 40 international programs, will receive funding of up to Rs5 million, eliminating financial barriers to participation.
Expressing his enthusiasm for the initiative, Dr. Saif emphasized that qualifying startups need only demonstrate their caliber, with the government handling the logistical details. He urged aspiring entrepreneurs to seize the opportunity and pursue their ambitions relentlessly.
Dr. Saif elaborated on the rationale behind BridgeStart, drawing from insights gained through initiatives like Plan9 and the National Incubation Centers (NIC). He noted that startups admitted to renowned incubators such as YCombinator and 500 Startups experience accelerated growth, tapping into more advanced ecosystems and funding sources.
However, many startups faced barriers to accessing such programs due to financial constraints on travel, lodging, and other expenses abroad. BridgeStart aims to bridge this gap, enabling promising startups to participate in prestigious global programs without financial impediments.
Last month, the interim government unveiled the ‘Pakistan Startup Fund’ (PSF), earmarking up to Rs2 billion annually for the sector. This equity-free capital is designed to supplement VC rounds for startups, reducing risk for international investors.
Explaining the mechanism of PSF, Dr. Saif highlighted its role in facilitating foreign VC investments in Pakistani startups. By providing grants to close VC rounds, PSF aims to bolster investor confidence and stimulate investment in the local startup ecosystem.
Dr. Saif reassured startups that once PSF extends support, it won’t interfere further, placing trust in their potential and the commitment of their VC investors to drive success.
