IdeaGist.com, the world’s largest digital incubator has announced a collaboration with Dubai based cryptocurrency fund Oryx Prive Investment to launch an innovative USD 50mn VC fund model with an allocation to IdeaGist Pakistan startups portfolio.
Innovative startups need access to initial funding for launching their MVPs. However, with the existing problems such as High Entry Barriers, Illiquidity, Lockup periods, and the complicated nature of tech startups, a majority of entrepreneurs fail to get the funding they are aiming for. To meet the funding needs of such startups, a modern age venture capital model is needed.
“Oryx coin is a bold effort by a highly experienced team of industry specialists with the vision to revolutionize the VC industry through harnessing blockchain technology. We are excited at developing an inclusive and a sustainable scalable model of incubation in collaboration with world’s largest digital incubation platform in Pakistan. Through this initiative we expect to develop alternate ways to help connect innovators and entrepreneurs in Pakistan with global investors. In that respect IdeaGist team plans to launch a series of innovative funds and this first collaboration to launch a decentralized blockchain backed VC in collaboration with Oryx Prive will go a long way in addressing the funding gap and paving the local ecosystem towards alternative models of investment.” Explained Mr. Omer J. Ghani who is leading the IdeaGist effort in Pakistan.
IdeaGist will offer an exclusive accelerator program to technology startups in Pakistan starting 15th of October, that will prepare them for the rigorous due diligence process by the IdeaGist team.
IdeaGist has entered into a collaboration to jointly manage the incubation programs of some of the leading universities across all the 5 provinces in Pakistan including names such as UET Lahore, University of Baluchistan, IM Sciences, Karakorum International University, ICCBS, Mehran University Jamshoro, IBA Sukkur and Government College Lahore.
Chairman IdeaGist Pakistan, Mr. Amer Durrani further added, “With so much existing available infrastructure, one can easily leverage the digital incubation platforms to build the incubation capacity of managers across all universities of Pakistan efficiently and with minimal infrastructure and operational expenditure. As GoP moves towards austerity measures with an aim to provide inclusive and universal access to incubation services to youth, the digitally blended approach remains the only viable option for scaling up the existing efforts and to promoting entrepreneurship.”
Published in Daily Times, October 17th 2018.