On Monday, May 30th, 2022, a ceremony was held at Lahore University of Management Sciences (LUMS) to support innovative entrepreneurs. LUMS Vice-Chancellor, Dr. Arshad Ahmad, Ignite CEO, Asim Shahryar Husain, NITB Executive Director, and Board of Ignite Chairman, Syed Husnain Abbas Kazmi, were among those present on this auspicious occasion. They all urged the entrepreneurs to keep on innovating and assured them of their complete support.
Syed Amin-ul-Haque, the Federal Minister for Information Technology and Telecommunications, was the special guest, and he disclosed that Pakistan’s IT exports will top $3 billion this year.
Due to the advantageous climate provided by the sector, Pakistan’s IT exports had surpassed $2.1 billion the previous year. The government is on a mission to help Pakistan’s entrepreneurship environment grow. It has also established a tax-free market for IT startups and exports to achieve this.
Through Ignite, the IT ministry also provides local and global networking platforms. The national technology fund is part of the setup, and it is known for sponsoring excellent startups. As a result of these initiatives, start-up investments have increased fivefold since 2020.
In Islamabad, Lahore, Peshawar, Karachi, and Quetta, national incubation centres have been built. The government has opened two new incubation centres in Faisalabad and Hyderabad to tap new markets and explore the potential of Punjab and Sindh.
All of these incubation facilities are doing an excellent job of assisting start-ups in pitching their ideas and products to potential clients. They also help pupils who have unique and innovative creative ideas. All of these steps would help Pakistan attract investment.
Finally, three promising firms were rewarded at a prize distribution ceremony. Peervest Global, a digital crowdfunding platform that connects investors with tech-enabled entrepreneurs, won the third prize. The second prize went to Dawa Asaan, which provides citizens with a smart pharmacy.
Medicines for chronic conditions are pre-sorted and pre-packaged, and they are sent on a monthly basis. The first prize was given to QBio, a life science business that plans to start an enzyme biotechnology company. These are promising businesses that were chosen for investment. The government is doing everything it can to encourage and support entrepreneurs to create their own businesses in Pakistan.