Punjab goes to set up a Rs. 300 million fund for the categorical purpose of supporting startups. Umar Saif declared that the first aim of the fund would be to develop the entrepreneurial scheme in Pakistan.
Venture free enterprise continues to be in its emerging stages in Pakistan. Whereas the startup system is flourishing because of new entrants and a refreshing target incubators, accelerators and trust within the skills of native public, the same can’t be said for the investment patterns with most funded startups looking towards investment from abroad.
The institution of an area and government backed VC fund could help alleviate the problems. We have got no doubt that a fund can operate in close coordination with the likes of Plan9 and PlanX and thus, makes them an even more attractive destination for aspiring entrepreneurs.