In a groundbreaking development set to revolutionize Pakistan’s business landscape, the Ministry of IT and Telecom is gearing up to introduce the country’s first-ever startup fund on January 9, 2024.
The Ignite-National Technology Fund will play a pivotal role as the executing body, ensuring transparency through the supervision of an independent steering body.
Demonstrating a steadfast commitment to nurturing innovation, the federal government has allocated a substantial Rs 2 billion for the establishment of the Pakistan Startup Fund (PSF). Private investors are anticipated to match this amount, with venture capitalists committing an additional Rs. 8 to Rs. 10 billion in Series ‘A’ financing for successful startup graduates from the fund.
The primary objective of the PSF is to spur investments in Pakistani startups, creating a vibrant ecosystem supported by financial backing, mentorship, and networking opportunities. The government has also declared a 30 percent funding boost for startups securing venture capital investments, underscoring its dedication to fostering and sustaining innovative ventures.
The Ministry of IT and Telecom envisions the PSF as a transformative force, expecting widespread positive impacts on job creation, technological advancements, and economic growth. By promoting collaboration between the government, private investors, and venture capitalists, Pakistan aims to position itself as a regional hub for innovation and entrepreneurship.
