IdeaGist hikes investment to $100m for Pakistan’s PM startup programme

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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.
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.

Business incubators began in the 1950s and took off in the late 1990s as support for startup companies who need advice and venture capital to get their ideas off the ground. As the dot-com bubble burst, many high-tech business incubators did so too. Today, the model of a business incubator is changing. Several of the incubator companies who survived the dot-com bubble switched to a virtual model. 

A definition of a virtual incubator is provided by Idea Gist as: In a broader sense, virtual incubators can be defined as a catalyst for socio-economic development, providing a process for developing early stage ideas into viable ventures. They offer formal and informal learning opportunities and connect entrepreneurs to an ecosystem of related services. While virtual incubators are still getting defined in a fast-changing world, they have a potential of disrupting the traditional business incubation model. 

Emerging technologies include a variety of technologies such as educational technology, information technology, nanotechnology, biotechnology, cognitive science, psycho technology, robotics, and artificial intelligence.

The world is entering a fourth Industrial Revolution, so it is vital that shared norms and protocols are developed to ensure that technology serves humanity and contributes to a thriving and sustainable future.

The following international organizations have joined Idea Gist’s ETA initiative as founding members:

  • Bioindustry Park Silvano Fumero S.p.A., Italy
  • Innovation and Entrepreneurship Center (IEC) Mehran University, Pakistan
  • Bir Ventures USA Ltd.
  • Birla Institute of Management Technology, India
  • Business & Innovation Center, Macedonia
  • CSU Chico State Center for Entrepreneurship, USA
  • Global Incubation Services (GINSERV), India
  • The Institute for Innovators and Entrepreneurs at Hamline University, USA
  • International Institute for Knowledge and Innovation (I2KI), USA
  • Malaysian Technology Development Corporation, Malaysia
  • META Foundation. Italy
  • The Research Institute for the NY State University at Binghamton, USA
  • Signature Entrepreneurship Academy, South Africa
  • Sukkur IBA University, Pakistan
  • Universidad del Mayab, Mexico
  • Youngstown Business Incubator, USA

Pakistan has been ranked 113 out of 127 according to Global Innovation Index (GII) 2017 just only shadowed by countries like Nigeria, Zambia and the war destroyed country Yemen. . Innovation is the primary pillar for the development of any country. Economies of the world progressing just because of they are stressing over innovating and developing new products or services which ultimately gives them a competitive benefit over the nations far behind the race. Technology Innovation will bring the fourth industrial revolution 

Idea Gist, 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 Idea Gist 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 programmes within months of its conception.

The State Bank of Pakistan had launched a subsidized 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.

Idea Gist has already launched an accelerator and incubator programme around seven key emerging technologies which are: 3D printing, artificial intelligence, intelligent vehicles, smart robots, block chain, 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 Idea Gist is set to set up 590 incubators and accelerators across the country.

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