The Planning Commission has approved Rs 2.3 billion for the development of the startup eco-system in Pakistan.
The program is being called the National Startup Initiative where different upcoming businesses, across the country, will be supported and encouraged.
The funding won’t be limited to information technology startups only, businesses from all sectors will be supported through the initiative.
Dr. Athar Osama of the Planning Commission told;
Pakistan’s needs startups – high-risk disruptive ideas – in all sectors of our economy – particularly traditional sectors such as textiles, food+ag, logistics, surgical+medtech, etc. that can be transformed into high growth opportunities for the country.
Key features of the program are as follow;
Venture Capital Fund
A venture capital fund of Rs 1.1 billion was created as well under the same initiative. Ministry of Planning, Development, and Reform will manage the fund via a Special Purpose Vehicle (SVP). The SVP has been registered as a Venture Capital Company under SECP’s regulations.
The Ministry closely worked with investors’ and startup community before finally launching the program. Input and feedback regarding the program from SECP, State Bank, and Board of Investment were taken as well.
It is hoped that the program will help strengthen the country’s rather weak startup culture and bring in more investors from the outside world.
Via: Athar Osama