Government to back startups: PM

Prime Minister Imran Khan on Wednesday said with startups playing a key role in economic growth and financial inclusion, the government would facilitate talented entrepreneurs in transforming their innovative ideas into sustainable businesses.

Addressing at a demonstration ceremony of National Incubation Centre Startups at PM House, the prime minister said the objective of startups was to encourage people who wanted to achieve and make progress in life. The startup programme is in line with the government's vision of accelerated digitization and transformation of Pakistan into a knowledge-based economy to spur economic growth through innovation and entrepreneurship.

Prime Minister Imran Khan said vibrant societies always encouraged its youth to propel, adding that only a government making headway, could dare to promote new ideas.

He said fear of failure prevented the people to take big steps and thus undermined their true potential. He said behind a successful person was an undeterred struggle based on concentration, firm determination, ability to overcome challenges and also to rise from ashes.

Imran Khan lauded the initiative to back startups, which he said showed that Pakistan was heading in right direction as only open minds bred new concepts.

Prime Minister Imran Khan said Pakistan had immense resources with gold, copper and coal reserves, however termed youth as the most valuable resource being the second youngest population in the world.

"We only have to fully tap the potential of youth and give them right direction," he said, adding that the results could be encouraging in terms of national progress and prosperity.

He expressed confidence that Pakistan would lead the entire region provided it ensured a platform for its people, particularly youth to explore their potential.

The prime minister said to encourage entrepreneurs, an arrangement of close coordination among Information Technology ministry, State Bank of Pakistan,

E-commerce and Federal Bureau of Revenue, would be made. Later, the prime minister was given a briefing about 10 best startups on the occasion under the Ministry of IT & Telecommunication.

National Incubation Centers will facilitate and provide support required to succeed including mentorship and networking by leading entrepreneurs, top professionals, investors and meet-ups.

The startups will showcase the Pakistani technology entrepreneurial talent, highlight the impact and achievement of government-funded National Incubation Centers besides discussing challenges of Pakistani entrepreneurial ecosystem.

The startup friendly policies will bridge the gap between Pakistani ecosystem and global world best ecosystems including Silicon Valley, Europe, South East Asia and also for sharing of resources, best practices, knowledge.

As follow-up, the National Incubation Centers will be established in second tiers cities, in addition to Vertical Specialty Incubation Centers/Innovation Centers and local VC Funds. The startups programme has been launched under Ignite linked with Ministry of IT and Telecommunication as a network in federal capital and all provincial capitals.