Federal IT Minister Announces BridgeStart to Fund Pakistani Startups With Up to Rs. 5 Million
Federal Minister of IT and Telecom Umar Saif has unveiled a groundbreaking initiative aimed at boosting the Pakistani startup ecosystem and catapulting local startups onto the global stage. The program, known as BridgeStart, will provide funding for 100 startups annually, enabling them to be incubated or accelerated in any of the top 40 incubators/accelerators worldwide.
Recognizing the exponential growth experienced by startups that have had the opportunity to tap into more developed ecosystems and secure funding from prestigious programs such as YCombinator, Capital Factory, and 500 Startups, Minister Umar Saif aims to bridge the resource gap hindering the participation of many promising startups in these programs.
From our experience at Plan9 and our 8 National Incubation Centers (NIC), we observed that startups which were able to make it to incubators such as YCombinator, Capital Factory, 500 startups etc grew much more rapidly as they were able to successfully tap into a more developed ecosystem and sources of funding. However, a lot of startups could not be part of such a program due to lack of resources for travel/lodging/expenses in a program abroad, Minister Umar Saif explained.
Under the BridgeStart program, startups can receive funding of up to Rs. 5 million if they meet the criteria for admission into any of the top 40 international programs. The focus of the startups will solely be on meeting program requirements, as BridgeStart takes on the responsibility of covering travel, lodging, and other expenses associated with these prestigious initiatives.
In a bid to offer startups the chance to thrive in the highly competitive global market, BridgeStart seeks to strengthen the Pakistani startup ecosystem by providing crucial resources and opportunities that were once out of reach for many entrepreneurs.
This announcement comes as a major boost to the vibrant Pakistani startup community, as it opens up a world of possibilities for aspiring entrepreneurs. By eliminating financial barriers, BridgeStart aims to ensure that deserving startups can access the global support, networks, and funding they need to scale and succeed.
With this pioneering initiative, Minister Umar Saif is actively fostering an environment where innovation and entrepreneurship can flourish, propelling Pakistan’s tech industry onto the international stage. By partnering with leading incubators and accelerators around the world, BridgeStart has the potential to transform the startup landscape in Pakistan, positioning the country as a hotbed of innovation and economic growth.
This move by the Federal IT Minister marks a significant milestone in Pakistan’s journey towards becoming a hub for technology and innovation, and it holds the promise of accelerating the growth and success of Pakistani startups. As aspiring entrepreneurs prepare to embark on this transformative journey, BridgeStart sets the stage for a new era of opportunity, collaboration, and global success for Pakistani startups.
The launch of BridgeStart underscores the government’s commitment to nurturing and supporting the burgeoning startup ecosystem in Pakistan. With this program, the nation is poised to bring forth a new wave of disruptive startups that can compete on a global scale, making Pakistan a force to be reckoned with in the world of entrepreneurship and innovation.
By empowering Pakistani startups to access the necessary resources and funding required to thrive internationally, BridgeStart represents a turning point in the country’s technological landscape. As the program takes flight, it is expected to unlock immense potential, fueling the growth of groundbreaking startups that redefine industries, create jobs, and contribute to the country’s economic development.
The opportunities brought forth by BridgeStart promise to shape the destiny of Pakistani startups, propelling them to new heights of success, visibility, and global recognition. With the support and resources provided under this initiative, the next generation of Pakistani entrepreneurs can journey beyond borders, tapping into a vast network of mentors, investors, and collaborators worldwide.
As Pakistani startups gear up to take advantage of this unparalleled opportunity, the impact of BridgeStart is set to reverberate throughout the innovation ecosystem, inspiring new ideas, driving technological advancements, and cementing Pakistan’s position as a dynamic and competitive player in the global startup landscape.
