Startups can develop some billion-dollar company in Pakistan

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The founding Vice-Chancellor of Pakistan’s leading technology university (ITU) and founder of the largest incubator the Plan9 is named as the top innovators in the world by MIT Technology Review (TR35) & Young Global Leader by the World Economic Forum (YGL). It is an encouraging news for Pakistan as the government has ever made Tech Companies and Startups in Pakistan tax in the federal budget 2017-18 said Chairman PITB and Advisor to the CM. This initiative will encourage and accelerate the Startup ecosystem.

He furthered stated that we have given a platform to students and waiting for some billion-dollar company that can make Pakistan proud across the globe. The youth of the nation have a great potential to make Skype from Pakistan.

Academia, industry and local, as well as foreign investors, have shown great response towards the Punjab Information Technology Board (PITB) ’s Tech Incubator, Plan9’s Launchpad 10 at Arfa Software Technology Park on its opening. The event was flagship by Launchpad is Plan9 and marked the initiation of a new cycle. More than 100 startups have stalled for their setup. The introduction of the event was delivered by Nabeel A Qadeer Director Entrepreneurship PITB.

PITB has incubated about 9 Startups and received an investment of $2.5 million with an estimation of US $ 70 million during the last five years. This year the winner of Startup Expo will receive a cash prize of PKR 100,000 given by Plan9. Startups and all attending participate in the workshops, discussions, and screen their work during the 1oth cycle celebrations. The successful Startups for incubation will be determined by the panel of expert judges.

The initial cycle was initiated in 2013 that has received only 100 applications from participants. Every year two Startup incubation every 6th month being conducted by PITB’s Tech Incubator Plan9 which has received more than 2000 applications for the 10th Launchpad and more than 100 applicants were selected after high scrutiny. Only 100 students were permitted for incubation for the time period of six months while who have already incubated is not eligible according to the set rules.

The opening day of the event was Plan9’s Startup Expo in which startups from the country have come, arranged their stalls and gets a chance to interact with the entrepreneurial community. Investors and mentors of this sector have attended the event and shared tips, tricks for success.

 


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Published in: Volume 08 Issue 30

Short Link: http://www.technologytimes.pk/?p=17562