Pakistan’s first startup fund is about to be unveiled on January 9, 2024, by the Ministry of IT and Telecom, in a historic development that would change the nation’s entrepreneurial scene.
As the executing organization, the Ignite-National Technology Fund will ensure transparency by appointing an independent steering body to monitor the operations.
Devoted to promoting creativity, the federal government has set aside a sizeable Rs 2 billion to establish the Pakistan Startup Fund (PSF). With an additional Rs. 8 to Rs. 10 billion in Series “A” financing promised by venture capitalists for successful startup graduates from the fund, private investors are expected to match this commitment.
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The PSF seeks to stimulate investment in Pakistani companies by establishing a vibrant network of mentorship, funding, and networking opportunities. The government has demonstrated its commitment to fostering and maintaining creative endeavors by announcing a thirty percent funding increase for firms that secure venture capital investments.
The PSF is expected to have a significant positive influence on economic growth, job creation, and technological advancements, according to the Ministry of IT and Telecom. Pakistan wants to establish itself as a hub for innovation and entrepreneurship in the area, and one way to do this is by encouraging cooperation between the government, private investors, and venture capitalists.
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