Punjab is going to set up a Rs. 300 million fund for the express purpose of supporting startups. Umar Saif stated that the primary aim of the fund would be to develop the entrepreneurial ecosystem in Pakistan.
Venture capitalism is still in its nascent stages in Pakistan. While the startup ecosystem is thriving due to new entrants and a refreshing focus on incubators, accelerators and trust in the talents of local populace, the same cannot be said for the investment patterns with most funded startups looking towards investment from abroad.
The establishment of a local and government backed VC fund could help alleviate the issues. We have no doubt that a the fund will operate in close coordination with the likes of Plan9 and PlanX and hence, makes them an even more attractive destination for aspiring entrepreneurs.