Ignite inks agreement with Pakistan Services Limited - Hashoo Group

ISLAMABAD: 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 Instituteto manage the National Incubation Centre 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 Centres 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 7.05 billion rupees with a committed investment of 7.88 billion rupees.

NIC Islamabad is poised to build upon the success of its predecessor by offering an enhanced array of services designed to empower startups.

Copyright Business Recorder, 2024