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Business Recorder
a day ago
- Business
- Business Recorder
Will the budget provide ‘deep reforms startups truly need to thrive'?
With the budget announcement just around the corner, Business Recorder spoke to several people associated with the country's startup ecosystem to understand their hopes and expectations. Amid dwindling startup funding, some remain optimistic, while others believe the budget will only provide surface-level policies that will not truly go to the heart of the needs of the ecosystem. According to Syed Azfar Hussain, Project Director Project Director National Incubation Center Karachi the upcoming budget, expected to be announced on June 10, 'can significantly support startups by including seed grants,tax incentives, and export facilitation.' He told Business Recorder that investment in digital infrastructure like cloud services and skills development will also help startups scale more efficiently as will support for innovation through public procurement. When asked if his expectations align with what he would like to see in the budget, he said he was optimistic. 'The government has shown increased interest in promoting the digital economy. We hope to see continued support for the Pakistan Software Export Board, which has advanced freelancer training and IT export promotion including the recent Digital Foreign Direct Investment event in Islamabad, and the Ignite National Technology Fund, whose role in funding incubation, R&D, and entrepreneurial programs has been vital.' Pakistan secures $700m in investment pledges at first Digital Foreign Direct Investment forum He believes that if these efforts are further facilitated and expanded in the budget, 'it will align well with our hopes for a stronger startup ecosystem.' Meanwhile a spokesperson at flexible workspace startup COLABS said that while some support is expected for the startup ecosystem, such as tax relief for the IT sector, youth loan schemes and digital service expansion, 'it has been apparent that these measures only tend to scratch the surface.' Major challenges faced by startups like fragmented tax systems, regulatory uncertainty, limited access to finance, remain largely unaddressed, they said. Their conclusion is that while the budget may offer some help, it still falls short of delivering the deep reforms startups truly need to thrive. 'We hope that the budget has taken into account expert advice that aligns with the startup and venture capital landscape so as to further address the issues of combating large import vs., export bills,' they added. When asked what they would like to see from the government, they explained that access to capital remains one of the biggest hurdles for early-stage founders and scale ups. For this reason, budget provisions that support government-backed venture funds or credit guarantees can be game changers, 'by de-risking investment and encouraging private capital as well via tax incentives and lower interest rates for financing.' COLABS called for public funding for accelerators and startup hubs, especially in and around smaller cities, as it believes this will help grow an inclusive ecosystem by leveling the playing field for startups and SMEs. 'In fact, we hope that enabling space providers as strategic partners to this end will help contribute to the larger startup ecosystem and entrepreneurial community.' Simplified procedures were also on the company's wishlist. The representative said COLABS hoped the budget will introduce policies to add to the ease of doing business and moving with global best practice, introduce simplified and harmonized tax policies, offer tax holidays or incentives for early-stage ventures, and streamline registration, compliance and tracking through a one-window digital portal. Hamad Dawood, founder of the e-commerce concierge service Farmaish, echoed some of these thoughts. He believes 'Building a startup is already hard, so compliance should be a lot easier.' He said Farmaish is a small, bootstrapped e-commerce startup 'so I am liable to pay GST, but Saddar importers, and wholesalers can get away without paying it. So either I'm compliant or I'm priced out of the market by 18% and customers always want to save money.' He also called for a tax holiday for at least 5 years: 'Let companies have a realistic chance to build before they start being taxed.' On his wish list is tax credits for the investments that startups make early and an easier, simpler framework to understand and follow.
Business Recorder
21-05-2025
- Business
- Business Recorder
Govt's Pakistan Startup Fund will help entrepreneurs raise up to $1m, says official
The Pakistan Startup Fund, backed by the Ministry of IT & Telecommunication (MOITT), was announced at last week's Pakistan Investor Summit 2025 – Summer Edition, hosted at National Incubation Center (NIC) Karachi. Syed Azfar Hussain, Project Director NIC Karachi, explained to Business Recorder that if a startup raises venture capital money, the government will add funds on top of this to bring the total round to as much as a million dollars. So for instance, if a startup is able to raise $700,000, the government will top this with $300,000. Similarly if someone raises $900,000, the government will add $100,000, he said. 'The government will inject up to 30% of a million dollars,' Azfar explained, 'with 30% being the ceiling and 10% being the floor.' It is hoped 'this will encourage VCs to complete a bigger round for startups,' he added. According to MOITT's website, PSF is aimed at promoting the growth of startups in Pakistan through encouraging investments in Pakistan by global as well as local VC funds. 'The grant is positioned as the final piece of the financial puzzle, providing startups with additional support after after venture capitalists have conducted their due diligence and the startup has secured funding from the private sector, the website states. 'The grant from the Pakistan Startup Fund will only be disbursed to the eligible startup as the 'last cheque' in the ongoing funding round. This means that the startup must secure the full investment from the investor or VC before receiving the fund's grant,' the website explained. Another initiative, called BridgeStart, was also launched at the summit. Azfar explained that it aims to give startups international exposure and help with financing for those that get accepted into incubators and accelerator programmes abroad. According to a press release, both initiatives 'marks a pivotal step in institutionalizing startup investment infrastructure in the country.' 'Hosting the regional launch of the Pakistan Startup Fund and BridgeStart Pakistan in Karachi is not just symbolic, it's a declaration that Karachi's talent and energy are central to Pakistan's innovation future,' said Hussain. Google Cloud Startup Foundry Day Another highlight of the summit was the Google Cloud Startup Foundry Day where Esna Ong, Regional Startup Success Manager, Google Cloud, highlighted the service's growing footprint in Pakistan and its commitment to supporting local startups with tailored cloud solutions, mentorship, and scale-enabling technologies. Meanwhile Kathleen Chiu, Data & AI Specialist, Google Cloud, delivered a deep dive into AI platform Gemini, showcasing how machine learning is transforming startup decision-making and business modeling from the ground up. 'Our collaboration with Google Cloud unlocks global expertise for local entrepreneurs,' said Azfar. 'It bridges the knowledge gap and ensures our startups have access to the best tools and mentorship available anywhere in the world.' Demo day Over 25 emerging ventures - from FinTech and edtech to AI, SaaS, sustainability, and consumer tech - pitched their businesses to local investors at the summit. According to a press release, several investors scheduled follow-up calls and office hours with founders whose pitches sparked interest and alignment. Investor Ashraf Kaleem from Magnus Ventures engaged in discussions with startups including: Atfaal - a startup dedicated to empowering women in the garment industry Biomic - which works on advanced prosthetic technology Blinq - a B2B Fintech, offering services in bill and payment aggregation space Chaajao - digital learning platform Haprow - which has created an educational robot companion for children She6 - a fashion startup that aims to empower women through stylish and affordable hijabs and abayas. One interesting announcement that came post-event was that energy consulting firm ENERLYTICS said it secured a project with PSO Renewable Energy Company (PSORE) for the real-time monitoring of their solar power plant. 'This milestone marks a significant step forward in our mission to accelerate the digital transformation of Pakistan's energy sector,' it said. As part of the project, ENERLYTICS will deploy its energy monitoring platform to provide PSORE with real-time insights, performance analytics, and preventive maintenance alerts for their solar assets. The system will be integrated with payment gateways, enabling energy tracking and billing functionalities — 'setting a new benchmark for smart energy infrastructure in the region.'
Business Recorder
21-05-2025
- Business
- Business Recorder
Govt's Pakistan Startup Fund will help entrepreneurs raise up to $1m
The Pakistan Startup Fund, back by the Ministry of IT & Telecommunication (MOITT), was announced at last week's Pakistan Investor Summit 2025 – Summer Edition, hosted at National Incubation Center (NIC) Karachi. Syed Azfar Hussain, Project Director NIC Karachi, explained to Business Recorder that if a startup raises venture capital money, the government will add funds on top of this to bring the total round to as much as a million dollars. So for instance, if a startup is able to raise $700,000, the government will top this with $300,000. Similarly if someone raises $900,000, the government will add $100,000, he said. 'The government will inject up to 30% of a million dollars,' Azfar explained, 'with 30% being the ceiling and 10% being the floor.' It is hoped 'this will encourage VCs to complete a bigger round for startups,' he added. According to MOITT's website, PSF is aimed at promoting the growth of startups in Pakistan through encouraging investments in Pakistan by global as well as local VC funds. 'The grant is positioned as the final piece of the financial puzzle, providing startups with additional support after after venture capitalists have conducted their due diligence and the startup has secured funding from the private sector, the website states. 'The grant from the Pakistan Startup Fund will only be disbursed to the eligible startup as the 'last cheque' in the ongoing funding round. This means that the startup must secure the full investment from the investor or VC before receiving the fund's grant,' the website explained. Another initiative, called BridgeStart, was also launched at the summit. Azfar explained that it aims to give startups international exposure and help with financing for those that get accepted into incubators and accelerator programmes abroad. According to a press release, both initiatives 'marks a pivotal step in institutionalizing startup investment infrastructure in the country.' 'Hosting the regional launch of the Pakistan Startup Fund and BridgeStart Pakistan in Karachi is not just symbolic, it's a declaration that Karachi's talent and energy are central to Pakistan's innovation future,' said Hussain. Google Cloud Startup Foundry Day Another highlight of the summit was the Google Cloud Startup Foundry Day where Esna Ong, Regional Startup Success Manager, Google Cloud, highlighted the service's growing footprint in Pakistan and its commitment to supporting local startups with tailored cloud solutions, mentorship, and scale-enabling technologies. Meanwhile Kathleen Chiu, Data & AI Specialist, Google Cloud, delivered a deep dive into AI platform Gemini, showcasing how machine learning is transforming startup decision-making and business modeling from the ground up. 'Our collaboration with Google Cloud unlocks global expertise for local entrepreneurs,' said Azfar. 'It bridges the knowledge gap and ensures our startups have access to the best tools and mentorship available anywhere in the world.' Demo day Over 25 emerging ventures - from FinTech and edtech to AI, SaaS, sustainability, and consumer tech - pitched their businesses to local investors at the summit. According to a press release, several investors scheduled follow-up calls and office hours with founders whose pitches sparked interest and alignment. Investor Ashraf Kaleem from Magnus Ventures engaged in discussions with startups including: Atfaal - a startup dedicated to empowering women in the garment industry Biomic - which works on advanced prosthetic technology Blinq - a B2B Fintech, offering services in bill and payment aggregation space Chaajao - digital learning platform Haprow - which has created an educational robot companion for children She6 - a fashion startup that aims to empower women through stylish and affordable hijabs and abayas. One interesting announcement that came post-event was that energy consulting firm ENERLYTICS said it secured a project with PSO Renewable Energy Company (PSORE) for the real-time monitoring of their solar power plant. 'This milestone marks a significant step forward in our mission to accelerate the digital transformation of Pakistan's energy sector,' it said. As part of the project, ENERLYTICS will deploy its energy monitoring platform to provide PSORE with real-time insights, performance analytics, and preventive maintenance alerts for their solar assets. The system will be integrated with payment gateways, enabling energy tracking and billing functionalities — 'setting a new benchmark for smart energy infrastructure in the region.'
Express Tribune
21-03-2025
- Business
- Express Tribune
Startups explore cybersecurity at NIC
Listen to article IT experts, on Friday, emphasised that cybersecurity plays a vital role in safeguarding business websites and combating the rising threats of malware, ransomware, and virus attacks. Pakistan's largest startup induction concluded on its 10th day on Friday at the National Incubation Centre (NIC) Karachi at NED University of Engineering and Technology (NEDUET), where more than 125 startups competed for spots in NIC Karachi's 13th Cohort. Tech veteran and NIC Karachi Project Director Syed Azfar Hussain stated that NIC Karachi's 13th Cohort will include around 40 startups, selected from over 600 applications across diverse sectors like cybersecurity, AI, fintech, industrial automation, blockchain, e-commerce, and sustainability. Throughout the induction process, over 100 startups pitched their ideas, showcasing Pakistan's growing startup ecosystem and its potential to drive technological and economic transformation. The participation of early-stage entrepreneurs and industry experts reflects the increasing momentum of innovation-led growth in Pakistan. He said, "The NIC Karachi 13th Cohort Induction is a significant milestone for Pakistan's startup ecosystem. This year, we are witnessing a wave of innovative ventures tackling real-world challenges with technology-driven solutions. The event highlights the growing need to empower startups by providing them with the right resources, mentorship, and industry connections to thrive in an increasingly digital economy. The presence of investors, corporate leaders, and government stakeholders reinforces the importance of collaboration in fostering innovation. Events like these not only showcase Pakistan's entrepreneurial potential but also pave the way for a stronger, tech-driven future." Tech expert and LMKT Vice President Asim Ishaq Khan stated, "Cybersecurity is no longer a luxuryit is a critical necessity for businesses and individuals in today's digital landscape. Startups have immense potential to drive innovation in key areas such as cloud security, identity and access management (IAM), blockchain for secure transactions, Internet of Things (IoT) security, and advanced phishing detection. At NIC Karachi, we actively support cybersecurity ventures developing cutting-edge solutions to protect digital ecosystems and stay ahead of emerging threats." Regarding the cybersecurity startups that pitched at the event, Muhammad Ali, founder of 'Agentic Enabled VAPT', is addressing the high costs, inefficiencies, and human errors in manual cybersecurity compliance. His AI-powered solution automates vulnerability detection, prioritises threats in real time, and provides continuous security monitoring with actionable insights, reducing audit costs, saving time, and enhancing accuracy. Financial fraud is rising, causing losses and trust issues. Traditional fraud detection systems struggle with complex fraud patterns, slow response times, and high false-positive rates. Another startup, 'FraudShield', founded by Abdul Basit, uses AI-driven real-time fraud detection, adaptive risk assessment, and automated anomaly detection to prevent unauthorised transactions efficiently. Additionally, an interesting concept of a digital twin was showcased by 'Shadow You: A Digital Twin Solution', founded by Asad Askari. Professionals struggle with time management, excessive meetings, and a lack of AI-driven automation, leading to inefficiency. 'Shadow You' is an AI-powered digital twin that records and summarises meetings, automates tasks, and optimises schedulesseamlessly managing work and life for enhanced productivity. Speaking to The Express Tribune, eminent SEO expert and IT coach Mehboob Shar, Founder and CEO of iCreativez Technologies, stated that in today's digital economy, data security is more valuable than currency. A bank's or company's reliability depends on how well it protects client data. Cybersecurity is no longer optionalit's essential. He said, "With the rising demand for online data protection, iCreativez Technologies has launched a dedicated cybersecurity department. Our mission is to safeguard businesses with cutting-edge security solutions, ensuring their data remains secure from ever-evolving threats. Trust isn't given; it's earned through relentless protection. At iCreativez, we make cybersecurity our priority so businesses can thrive with confidence." Dr Adnan Ahmed Arain, Head of the Cyber Security Department at Quaid-e-Awam University of Engineering, Science and Technology, Nawabshah, stated, "Cybersecurity is crucial for protecting business websites from rising threats like ransomware. Ransomware, including Locker and Crypto variants, forces victims to pay to regain access to systems or data. According to Kaspersky, ransomware attacks rose by 30% globally from 2022 to 2023. In Pakistan, a major 2024 data breach exposed millions of citizens' sensitive information, such as CNIC and contact details, on the dark web. Earlier, K-Electric was targeted by Netwalker ransomware, and Medusa attacked the Institute of Space Technology." He stated that IT professionals can counter these threats by implementing multi-factor authentication, the principle of least privilege, HTTPS with SSL/TLS for secure data transmission, and robust antivirus/anti-malware tools. Regular software updates and patching help eliminate vulnerabilities. Defending against social engineering and phishing through staff training enhances overall security awareness. By adopting these proactive measures, IT teams can protect websites, ensure business continuity, and prevent severe damage.
