IT Minister Dr Saif launches Startup Fund to support Pakistani Startups

IT Minister Dr Saif launches Startup Fund to support Pakistani Startups

On Tuesday, Federal Minister for Information Technology Dr. Umar Saif inaugurated the Pakistan Startup Fund, an initiative poised to bolster the influx of venture capital into the burgeoning world of Pakistani startups. Graced by a global array of venture capitalists, diplomats, and top-tier tech corporations, the launch marked a promising stride toward fostering the country’s economic dynamism.

Through a hearty endowment of Rs 2 billion, the Startup Fund is strategically designed to energize the entrepreneurial pulse of the nation, offering pivotal financial backing that ensures startups receive a substantial 30% in support while venture capitalists deliver the lion’s share of 70%.

Underscoring the significance of this venture, Dr. Saif voiced his anticipation for the fund’s transformative impact on the startup landscape. He illustrated this notion by highlighting the current vigor within Pakistan’s startup domain, where more than 4,000 startups have thrived under the guiding wings of eight National Innovation Centers, attracting an impressive $800 million in foreign investment over four years.

With tangible confidence, the minister foresaw the Startup Fund as a cornerstone for spurring technological prowess and creating yearly economic value estimated at Rs 50 billion for the startup ecosystem. The steadfast commitment of the Ministry of Information Technology shines through its dedication to bolster facilities and aid for budding enterprises.

This move sends ripples through the investment and economy sectors, signaling a new chapter for technological startups in Pakistan—one where opportunity and innovation stand firmly at the forefront.

36 projects completed so far under CPEC.

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