Ignite Drafts Strategy and Framework for Pakistan Startup Fund

Ignite-National Technology Fund is shaping the strategy for the Pakistan Startup Fund, sources informed ProPakistani. Currently, in the finalization stages, Ignite is meticulously crafting the selection mechanism and modalities for the fund, including the terms of reference (ToRs) for an independent committee composed of five to seven members. This committee will play a crucial role in evaluating and selecting startups for funding, ensuring a fair and impartial process. Sources reveal that Ignite is rigorously addressing the legal, administrative, and financial aspects of the Pakistan Startup Fund, aiming to establish a robust framework in line with international standards. To further enhance the process, Ignite intends to enlist the expertise of a reputable consulting firm. While Ignite initially relies on its internal resources, plans are underway to commence the hiring process for dedicated personnel who will oversee the operations of the Pakistan Startup Fund. The Ministry of IT and Telecom emphasizes the importance of laying a solid foundation for the program, asserting that its success hinges on this initial groundwork. According to MoITT, an essential feature of the fund is the impartial scrutiny of startup applications by the independent committee, ensuring transparency and meritocracy in the allocation of funding. Notably, the ministry will maintain a hands-off approach, with the selection process being free from any governmental interference. As the preparations progress, Ignite aims to foster an environment conducive to innovation and entrepreneurship, with the ultimate goal of empowering Pakistan’s startup ecosystem. Once all formalities are completed, startups will be invited to submit their applications, marking a significant step forward in bolstering the country’s technological landscape.