IdeaGist hikes investment to $100m for Premier startup program

ISLAMABAD: IdeaGist, the world’s largest incubator, announced an increase in its technology investment from $55 million to $100m to support Prime Minister Imran Khan’s vision on entrepreneurship and innovation in emerging technologies.

The additional amount of $45 million will be invested in incubating and accelerating new ventures in emerging technologies, said IdeaGist founder Hassan Syed in a statement issued here on Sunday.

He congratulated the prime minister and the State Bank of Pakistan on the successful launch of Rs100 billion finance programme within months of its conception.

The State Bank of Pakistan had launched a subsidised financing programme worth Rs100bn for startups and small-to-medium enterprise on Saturday to create self-employment opportunities in the country.

Mr Syed said that it made a commercial sense to invest strategically in Pakistan’s innovation ecosystem.

He urged the prime minister and the minister for science and technology to find creative ways of investing in emerging technology ventures and promote a culture of innovation.

IdeaGist has already launched an accelerator and incubator programme around seven key emerging technologies which are: 3D printing, artificial intelligence, intelligent vehicles, smart robots, blockchain, internet of things and augmented reality.

Being the world’s largest digital incubator and the largest supporter of the prime minister’s ­start-up programme, the IdeaGist is set to set up 590 incubators and accelerators across the country.