In a significant development for the thriving Pakistan’s technology and startup ecosystem, Ignite National Technology Fund, Company incorporated under Ministry of IT & Telecom signed an agreement with Pakistan Services Limited (PSL) – Hashoo Group, led consortium that includes Fauji Foundation, Telenor Pakistan, Change Mechanics, CyberVision International and Founder Institute to manage the National Incubation Center Islamabad for the next 5 years. This initiative underscores a collective commitment through public private partnership to further bolster the startup ecosystem in Pakistan, with a special focus on nurturing technology startups that promise to elevate the country’s economic GDP and generate employment opportunities for its youth.
In his welcome address, Adeel Aijaz Shaikh, CEO Ignite apprised the audience about the overall impact of Ignite’s nationwide network of National Incubation Centers that has incubated more than 1480 startups which have created more than 188,000 direct and indirect jobs while attracting committed investment of Rs. 23 Billion and generated revenue of Rs. 16 Billion so far. Dilating upon the particular success of NIC Islamabad Adeel said, since its inception it incubated 295 startups including 136 female founders that have created 23,597 direct and indirect jobs, generated revenue of Rs 7.05 billion with a committed investment of Rs 7.88 billion.