Ignite inks agreement with Pakistan services limited – Hashoo group to manage national incubation center Islamabad

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Ignite inks agreement with Pakistan services limited - Hashoo group to manage national incubation center Islamabad

ISLAMABAD, FEB 6 (DNA) –  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 Mr. 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. These services encompass state-of-the-art workspaces, access to venture capital, mentorship from industry leaders, UI/UX design labs, makers spaces, and a focus on pivotal technological sectors such as Artificial Intelligence, Internet of Things, Robotics, Health, and Augmented/Virtual Reality. Special emphasis is provided on creating investment opportunities for startups and the consortium and its supporting partners include leading incubators, accelerators and venture capitalists such as Founder Institute, Mass Challenge, International Accelerator, Loyal VC, Zayn Capital, Sarmayacar, 47 Ventures, FCD Capital and Pak Launch.

NIC Islamabad will also have extensive focus in building health-tech startups, Aga Khan University and Hospital along with Rehman Medical Institute Peshawar are core Health Track Partners along with 10+ other renowned health institutions as supporting partners. Red Buffer will be mentoring and providing support to Deep-tech startups as a specialized vertical.

The supporting partners also include leading Academic Institutions which ensures quality mentorship and access to University labs and specialist faculty to advise the startups on technical issues. These institutes include GIKI University, Institute of Space Technologies, Foundation University, NUST Business School, Bahria Innovation Center and others.

With the new management, NIC Islamabad represents a crucial advancement in enhancing Pakistan’s digital landscape. Through creating a supportive ecosystem for innovation and entrepreneurship, the joint efforts of PSL-Hashoo Group and Fauji Foundation, Ignite, MoITT, and additional key stakeholders are set to open up numerous possibilities for Pakistani startups and propel economic development and technological progress in the country.