Ayesha Saba

Pakistan needs to ensure continued support for its technology hubs and address the challenges they face in order to become the regional tech hub. A strong incubation ecosystem will not only enhance the country's technological capabilities but also promote a sustainable economic development. "In the current global economy, knowledge and innovation are the key growth drivers. The incubation centers provide a bridge between innovative ideas and the marketplace, ensuring that the entrepreneurs can bring their concepts to life and contribute to the economy," Muhammad Wazir, former director to the minister for science and technology, told WealthPK. Pakistan has seen an uptick in entrepreneurial activities in the tech sector, particularly in fintech, e-commerce, and software development. 

He argued that continued government support was vital for the success of incubation centers and their impact on the economy. The government policies that provide financial support, tax incentives, and ease of doing business are essential to fostering a vibrant startup culture in Pakistan. He also highlighted the need for collaboration among the government, private sector, and academic institutions to strengthen the incubation ecosystem. "A coordinated approach is necessary to create an environment that not only supports the startups but also nurtures innovation across all the sectors," he added. Talking to WealthPK, an official from the Youth Affairs section of the planning ministry told WealthPK on the condition of anonymity, "The Pakistan Innovation Fund aims to support and promote innovation-driven entrepreneurship. By focusing on innovation, the government is encouraging young people to think creatively, develop new ideas, and create employment opportunities for themselves and others," he stated.

"In the last four years, around $800 million has been invested in the startups, highlighting the dynamism and growth of the entrepreneurial ecosystem. Pakistan boasts a network of eight National Incubation Centres (NICs) supporting startups, with over 4,000 startups currently active in the country.  "Under the PSDP 2022-23, Rs10 billion has been allocated to the Pakistan Innovation Fund. The project's objectives include preparing a framework for an effective innovation policy and identifying factors that lead to positive and effective innovative regulatory processes," he said. The National Incubation Center for Aerospace Technologies (NICAT) recently launched the investment startups ecosystem in collaboration with the Ignite National Technology Fund and the National Aerospace Science and Technology Park (NASTP). This initiative brought together prominent industry leaders, government officials, investors and innovative startups.

Credit: INP-WealthPk