Ignite National Technology Fund, a company incorporated under the Ministry of IT & Telecom, has forged an agreement with Pakistan Services Limited (PSL) – Hashoo Group.
In a landmark collaboration aimed at fostering Pakistan’s burgeoning technology and startup ecosystem, Ignite National Technology Fund, a company incorporated under the Ministry of IT & Telecom, has forged an agreement with Pakistan Services Limited (PSL) – Hashoo Group.
This strategic partnership, which includes participation from esteemed entities such as Fauji Foundation, Telenor Pakistan, Change Mechanics, CyberVision International, and Founder Institute, signals a concerted effort to manage the National Incubation Center Islamabad for the next five years.
The agreement underscores a shared commitment through a public-private partnership to fortify the startup landscape in Pakistan, with a particular emphasis on nurturing technology startups poised to boost the country’s economic GDP and create employment opportunities for its youth.
Adeel Aijaz Shaikh, CEO of Ignite, highlighted the profound impact of Ignite’s nationwide network of National Incubation Centers in his welcome address. He noted that these centers have incubated over 1480 startups, generating more than 188,000 direct and indirect jobs, attracting committed investments of Rs. 23 Billion, and generating revenue of Rs. 16 Billion thus far.
Specifically, Mr. Shaikh emphasized the success of NIC Islamabad, which has incubated 295 startups, including 136 female founders, creating 23,597 direct and indirect jobs, and generating revenue of 7.05 billion rupees with a committed investment of 7.88 billion rupees.
NIC Islamabad is poised to build upon its previous achievements by offering an expanded array of services tailored to empower startups. These services include cutting-edge workspaces, access to venture capital, mentorship from industry leaders, UI/UX design labs, makerspaces, and a focus on pivotal technological sectors such as Artificial Intelligence, Internet of Things, Robotics, Health, and Augmented/Virtual Reality.
Furthermore, NIC Islamabad will place a significant emphasis on fostering health-tech startups, with Aga Khan University and Hospital, along with Rehman Medical Institute Peshawar, serving as core Health Track Partners. Additionally, leading academic institutions such as GIKI University, Institute of Space Technologies, Foundation University, and NUST Business School will provide quality mentorship and access to university labs and specialist faculty to advise startups on technical issues.
With the new management led by PSL-Hashoo Group and Fauji Foundation, NIC Islamabad represents a pivotal step forward in advancing Pakistan’s digital landscape. By creating a supportive ecosystem for innovation and entrepreneurship, the joint efforts of all stakeholders involved are poised to unlock numerous opportunities for Pakistani startups, driving economic development and technological progress across the country.
This collaboration underscores the importance of public-private partnerships in fostering innovation and driving sustainable growth, positioning Pakistan as a key player in the global startup arena. As NIC Islamabad continues to evolve under its new management, it is poised to serve as a beacon of hope and opportunity for aspiring entrepreneurs, propelling Pakistan towards a brighter and more prosperous future in the digital age.
In conclusion, the partnership between Ignite and Hashoo Group represents a significant milestone in the journey towards fostering a vibrant and dynamic startup ecosystem in Pakistan, fueled by innovation, collaboration, and shared vision.