IdeaGist increases technology investment to $100mn for PM's entrepreneurship initiative

ISLAMABAD: IdeaGist, the world’s largest incubator, announced to increase its technology investment from US$55 million to US$100 million for supporting Prime Minister Imran Khan’s vision on entrepreneurship and innovation in emerging technologies.

The additional amount of $45 million would be invested in

incubating and accelerating new ventures in emerging technologies, said IdeaGist
founder Hassan Syed in a statement issued here on Sunday.

He congratulated the prime minister and the State Bank of

Pakistan (SBP) on the successful launch of Rs100 billion finance programme
within months of its conception.

The SBP on Saturday had launched a subsidised financing

programme worth Rs100 billion for startups and small-to-medium enterprises to
create employment and opportunities for others in the country.

Hassan said that it makes total commercial

sense to invest strategically in Pakistan’s Innovation ecosystem and urged the prime
minister and minister for science and technology to find creative ways of
investing in emerging technology ventures and promote a culture of
innovation. 

IdeaGist has already launched an accelerator and

incubator programme around seven key emerging technologies including 3D
Printing, Artificial Intelligence, Intelligent Vehicles, Smart Robots,
Blockchain, Internet of Things and Augmented Reality.

Being world’s largest digital incubator and the largest

supporter of the prime minister’s start-up programme, IdeaGist is set to
establish 590 incubation and accelerators across the country.