Report by Engineering Post
This rather ambitious initiative of the Prime Minister for promotion of Information Technology (IT) at a faster speed for keeping pace with the fast developments and innovation taking place in this important modern technological field consists of three components.
Pakistan Startup Fund which was a strategic initiative aligned with the Digital Pakistan policy, aiming to catalyze venture capital investment in the country. With a focus on reducing the risks for the investors, especially in the emerging venture capital space, the fund aims to empower startups by providing essential financial support without claiming any equity as such. By supporting various sectors, including fintech, retail and emerging technologies like Artificial Intelligence (AI) and Machine Learning, the fund was aligned with Digital Pakistan’s objectives, fostering a culture of innovation and boosting Information Technology and IT Enabled Services (ITeS) exports. The Pakistan Startup Fund was hopefully expected to emerge as a pivotal player in building a resilient bridge between innovation and investment, nurturing a thriving startup ecosystem in the country.
Bridge Start Pakistan was a pioneering initiative duly supported by the Federal Government, propelling local startups into the global spotlight. Focused on demystifying global fundraising, fostering market expansion and enhancing global competitiveness, the initiative nurtures startups to contribute to the country’s economic prosperity. The programme, as such, acts as a catalyst for job creation, economic diversification, and knowledge transfer, envisioning a vibrant future for Pakistan’s entrepreneurial landscape. With a strategic emphasis on brand Pakistan, successful participation will hopefully establish the country as an innovation hub, attracting global partnerships and further investment.
Furthermore, E-Rozgar Pakistan aimed at addressing the economic challenges, particularly youth unemployment. Leveraging Pakistan’s position as the second- ranked country for outsourcing IT services, the government ‘s somewhat ambitious mission involved establishing more than 250 co- working spaces nationwide. These spaces were envisioned as the virtual technology hubs fostering innovation, collaboration and skill development. capacity building of the IT Industry in Specialised Technologies and Platforms included the training of as many as 20000 students from the universities, duly recognized by the Higher Education Commission, in specialized technologies at an estimated cost of Rs 1000 million.
Additionally, a hands-on- industry placement programme will also place a large number of 10000 ICT students in the last semesters of their disciplines in the industry, providing practical insights and payment of a stipend of Rs 30 thousand during the placement tenure. This comprehensive strategy , according to the information collected from the official sources, aimed to build a highly skilled IT workforce, fostering growth and innovation in Pakistan’s IT sector .
