IT Ministry to Fully Support Startups

ISLAMABAD, Sep 18 (APP): Special efforts are being made on the directions of Minister for IT and Telecommunication Syed Amin Ul Haque, to fully support, facilitate and encourage startups.

Under its SEED Fund, Ignite provided grants for development of innovative technologies and products, said a press release issued here Friday. Ignite is fully facilitating Startups and till date,159 proposals have been approved out of which 15 high quality Startups amounting to Rs. 295.7 million have been funded. These funded Startups have generated Rs. 79.3 million in revenue in addition to Rs. 672.6 million in investment commitment, according to performance report of Ignite, a company of the Ministry of IT and Telecommunication.

National Incubation Centres (NICs) established by Ignite are supporting early stage technology Startups and providing them with necessary facilitation including mentorship, high quality working space with all modern ICT and allied facilities, access to legal and financial services, networking with relevant corporations, investors, mentor etc.

Till date, 174 startups have graduated with a total investment commitment of Rs. 5.1 billion, with cumulative revenue of Rs. 1.9 billion. In the process, more than 17,000 jobs have also been created.

Ignite has also been instrumental in the establishment of the first Facebook Innovation Lab in collaboration with NIC Lahore which allows Startups to have access to the knowledge and resources of Facebook.

Similarly Usability Lab has also been established at NIC Islamabad in collaboration with Jazz.

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