Startups Echo System will attract $355 million in investment by 2022

The Ministry of Information Technology and Telecommunication facilitated the young entrepreneurs under the flagship project of the start-up echo system, which generated $355 million in investment by 2022. To facilitate the ecosystem, the IT Department has issued policy recommendations for State Bank, SECP, FBR and intellectual property organizations.

Startups Echo System will attract $355 million in investment by 2022

These recommendations will simplify the regulatory process for the startup ecosystem. Ignite is also developing a startup portal that will help investors rate startups across different industries or thematic areas. The portal will help investors do their shopping. The startup can also communicate with investors and pitch their proposals through that portal. So, it is a business matchmaking portal that helps startups and investors build a relationship.

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According to the MoITT, eight ignite incubators have created an entrepreneurial vibe in the country. These incubation centers help establish new startups in almost every sector. The start-ups of the country-based National Incubation Centers received an investment of $20 million from various sources last year.

The Department of IT also funded and initiated the National Freelance Training Program. They have also established 20 training centers across the country. Approximately 8,647 graduates were trained through international standard IT courses. These students contributed to the nation’s economy by earning $23 million through freelancing after their education.

During the year 2022, about 1638 new IT companies were registered with the Pakistan Software Export Board. There were also about 761 call centers and 1463 freelancers registered with the PSEB.

The ministry also established specialized incubation centers in agriculture and textiles, aerospace technologies, and gaming and animation to create more businesses in these areas and boost exports.

Furthermore, Ignite is working with international partners such as Plug & Play, orbit, DMZ, 500 global and hub 71 to expand the local startup ecosystem to international investors.

He said about 33 million people have enrolled in freelance courses under Ignite’s DG Skills programs, which is 75% more than the target.

As of June 2022, the freelancers trained at DG Skills have earned as much as $290 million, adding to the country’s foreign exchange reserves.

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