The Ministry for Information Technology and Telecom (MOITT) and Ignite National Technology Fund launched their 6th National Incubation Center (NIC) in Hyderabad.
Federal Minister for IT & Telecom, Syed Amin-Ul-Haque, inaugurated the state-of-the-art Incubation Center in Hyderabad on Monday. NIC Hyderabad will tap into the entrepreneurial potential of the young people in the city by providing them with a platform to work on their business ideas.
Ignite has established the largest incubation network in Pakistan, which has incubated more than a thousand startups so far which have created around 115,000 jobs and raised funding of $73 million so far.
Speaking on the occasion Federal Minister for IT & Telecom Syed Amin-Ul-Haque said, “In line with the vision of the Government of Pakistan (GoP) for accelerated digitization and transformation of Pakistan into a knowledge-based economy to spur economic growth through innovation and entrepreneurship, Ignite has established National Incubation Centers (NICs) in different cities. The key objective of this NIC program is to facilitate talented entrepreneurs and provide them with all necessary support for the transformation of their innovative idea into a sustainable business.”
He said that MOITT has established five incubation centers in Islamabad, Karachi, Quetta, Lahore, and Peshawar through Ignite and is also expanding its network to other cities. “The establishment of National Incubation Center in Hyderabad will be a revolutionary step for the youth of Hyderabad and its surrounding rural and urban areas to transform the traditional business approach into a modern technology oriented one,” IT Minister added.
IT Minister highlighted the benefits of NIC Hyderabad and said that this state-of-the-art facility is providing help to accelerate the growth of startups. The export of IT and IT-enabled services increased significantly. Pakistan’s IT sector contributes about 1 percent to the GDP, which is about $3.5 billion.
According to the State Bank report, freelancing exports have reached 396 million dollars with an increase of 85 percent.
Under the National Incubation Programs, 111,000 jobs have been created and MoUs have been signed for the investment of Rs. 9.46 billion while revenue of Rs. 4.47 billion has been generated. Moreover, 2,412 employment opportunities were created under the Tech Innovation Grants while around Rs. 700 million of investment and Rs. 350 million of revenue were achieved.
In his address at the ceremony, CEO Ignite, Asim Shahryar Husain, said, Ignite is committed to capacity building of the startup ecosystem of Pakistan, and our goal is to create unicorns from Pakistan by 2025.”