The federal minister for Information Technology and Telecom (MOITT), Syed Amin-Ul-Haque, and Ignite National Technology Fund has inaugurated their 6th National Incubation Center (NIC) in Hyderabad. He also visited the incubation center to interact with the twenty newly inducted start-ups. The federal minister said that NIC Hyderabad will tap into the entrepreneurial potential of the young people and provide them a platform to practically work on their business ideas.
NIC Hyderabad – A Revolutionary Step for Youth
Talking to the inauguration ceremony, Amin Ul Haque said; “The establishment of the National Incubation Center in Hyderabad will be a revolutionary step for the youth of this city and its surrounding rural and urban areas to transform the traditional business approach into a modern technology-oriented one.” IT minister further mentioned that the ministry has established 5 incubation centers in multiple cities of Pakistan along with Ignite and they are continuously expanding their network.
Highlighting the importance of NIC Hyderabad, the minister said that the state-of-the-art facility will provide; help to Accelerate the growth of a startup, structure to maintain business focus, access to funding, exposure to industry leaders & mentorship, space & flexibility, access to professional resources, networking & partnerships, assistance in commercializing the product or services and to get worldwide attention.
Pakistani Startups have Raised Approximately USD 373 million
Talking about the Paksitani Startups, the IT minister mentioned that they have raised approximately USD 373 million, which is about 5 times bigger than USD 75 million investments as of last year. According to a State Bank report, freelancing exports have reached 396 million dollars with an increase of 85%. Under the NIC program, 111,000 jobs have been created and MoUs have been signed for the investment of Rs. 9.46 billion that have helped generate the revenue of Rs. 4.47 billion.