Founded by Pakistanis, both companies are start-ups with innovative products whose founding teams are looking to live, learn and network for two weeks at an Atherton mansion this summer from July 15 to 26, 2013. These young entrepreneurs are a reflection of Pakistan's growing human capital.
This year's summer program of Blackbox Connect is supported by Google.
Groopic is an application that helps put the photographer back into photos with his or her buddies. Eyedeus, the company behind Groopic, emerged from the first batch of companies at Plan9, the Punjab government’s incubator which is named after an operating system project at the Bell Labs in the 1980s.
Tunacode specializes in optimizing complex software to graphic processing units (GPUs).
The two Pakistani companies are among eight non-US start-ups selected to participate this summer by Google for Entrepreneurs partner programs around the world. The remaining six companies are Avocarrot (UK), EgzoTech (Poland), Inpris (Israel), Instabug (Egypt), Melusyn (France) and MyDoorHandle (South Africa). Here's how Blackbox Connect describes the program:
"Founders will come to Silicon Valley and live at the Blackbox Mansion for the two weeks, where they will have the opportunity to live and collaborate with like-minded entrepreneurs from all around the world and take part in an intense agenda of meetings and workshops with entrepreneurs, investors, experts and executives. Accepted startups must have launched a technology based MPV and gathered feedback from early adopter/customers. Ideally - but not required - a startup should have raised some investment capital, have a team between 3 to 20 people and have a product or service that can be launched globally".
Here's the curriculum for this year's program:
1. Interfacing with an Investor
Top Ten Mistakes Made in Business Plans
Short Building Elevator Pitching Preparation and Workshop
Perfecting Your Investor Pitch
How to Hold an Investor Meeting
Recruiting and Leveraging an Advisory Board
2. Basics of Venture Capital Investment Options
Founder Vesting Equity
Stock Options for Startup Founders
Introduction to Equity Term Sheets
3. Born-Global Startups
Building the Core Team, Recruiting and Scaling
UX-based Branding
Raising Money in Silicon Valley
First Hand Founders Success Stories
Leveraging Social Marketing
Setting up official US presence for international startup
Legal & Financial Issues of Born-Global Startups
4. Quality Networking Events
Dinners at Blackbox Mansion with local SV community members
Attend other select happening events in Silicon Valley
Demo/Pitch event to investors followed by dinner event
I believe the exposure to Silicon Valley start-up culture via the Blackbox Connect's immersion program can help founders of participating companies to emulate the success of some of the big-name world-renowned companies that have spawned the technology revolution sweeping the world.
Related Links:
Haq's Musings
Two Pakistani-American Start-ups Among Top 5 Venture Deals
Pakistan's Growing Human Capital
Pakistani-American's Game-Changing Vision
Minorities Are Majority in Silicon Valley
US Promoting Venture Capital & Private Equity in Pakistan
Pakistani-American Population Growth Second Fastest Among Asian-Americans
Edible Arrangements: Pakistani-American's Success Story
Pakistani-American Elected Mayor
Upwardly Mobile Pakistan
US Firms Adding Jobs Overseas
Pakistan's Demographic Dividend
Pakistanis Study Abroad
Pakistan's Youth Bulge
Pakistani Diaspora World's 7th Largest
Pakistani-American NFL Team Owner
Pakistani-American Entrepreneurs Catch the Wave
Pakistani Graduation Rate Higher Than India's
12 comments:
Surprisingly!! anyone who applies and willing to pay the price to go there is accepted.
Indian: "Surprisingly!! anyone who applies and willing to pay the price to go there is accepted."
Your claim is false!!!!
This program is sponsored by Google and it is paid for and limited to just 8 companies each summer selected by Google.
Read below:
Blackbox Connect is a 2-week immersion program for founders who are based outside the US. Founders come to Silicon Valley and live at the "Blackbox Mansion," where they have the opportunity to live and collaborate with like-minded entrepreneurs from all around the world and partake in an intense agenda of meetings and workshops with entrepreneurs, investors, experts and executives. Google for Entrepreneurs is sponsoring this summer's two-week session, from from July 15-26, 2013. Eight startups from Google for Entrepreneurs partner programs around the world will participate.
http://www.google.com/entrepreneurs/initiatives/blackbox-connect.html
Here's a Gigaom report on Plumgrid, a company founded by Pakistani-American and NEDUET alum Owais Naimat:
While many network vendors are busy standardizing code to implement software-defined networking (SDN), PLUMgrid, based in Sunnyvale, Calif., launched itself on to the scene Tuesday, with customers and use cases in tow. The timing could work to the startup’s advantage, and so could its alliances with other network vendors.
PLUMgrid comes to the market with a bunch of partners that can offer virtualized network applications outside of PLUMgrid’s own capabilities. Rather than try to look like the top SDN provider, PLUMgrid is pushing more of an App Store model. The approach is a clear acknowledgment that one company isn’t necessarily the answer to all SDN problems. And the humility could pay off. With a wider feature set, the company could find success.
Along with some other network vendors, including Juniper, PLUMgrid prefers not to support OpenFlow, at least for the time being. One advantage of that stance is customers won’t have to rip out old switches replace them with those with support for the protocol. Instead, PLUMgrid runs everything based on custom technology called IO Visor overlaid on physical infrastructure.
From there, customers can fire up domains through which a bunch of network functions can be implemented. Some features, such as load balancing and routing, are from PLUMgrid itself, while others can be implemented through services other companies can provide. Outside applications come from such partners as Check Point, Citrix, F5 and Palo Alto Networks.
http://gigaom.com/2013/06/25/as-sdn-providers-jockey-for-position-plumgrid-hopes-partnerships-will-make-it-stand-apart/
Here's a Texas TV reporters' story on visit with some high-tech Pak graduates of UT Austin in Lahore:
LAHORE, Pakistan (KXAN) - It was a beautiful late winter day in Pakistan. The Zacky Farms outside of Lahore was busy with visitors taking advantage of the national holiday to visit the countryside.
Kids squealed with delight as they clambered onto the back of a hay truck offering free rides in front of the farm. Just inside the white washed front gates framed by butter-cream yellow walls accented with ceramic mosaics in shades of blue, tables were set for an outdoor feast.
Our delegation of was visiting Zacky Farms to learn about the sustainable agriculture trends becoming popular in Pakistan. Zacky was a model for turning biogas into power the growing operation that produces organic dairy products, vegetables, and wheat along with free range chickens.
Here, cutting-edge science and technology were being used to rethink how farms are run. I guess it should have come as no surprise I’d run into University of Texas Longhorns using their knowledge and expertise to plant the seeds for a stronger workforce to power Pakistan’s emerging tech industry.
Longhorns in Lahore
“We have really high-powered engineering teams here in Lahore,” said Abbas Yousafzai, CEO of Conrad Labs. a Lahore company specializing in engineering and development support for high tech start-up companies.
Conrad launched in 2009 as the research and development arm for Conformity -- now known as Iron Stratus -- an identity management and internet based single-sign-on startup in Austin.
Yousafzai, a University of Texas at Austin graduate with more than a decade of experience launching successful startups in Austin and California’s Silicon Valley says returning to his native Pakistan was a strategic that allows his company access to a vast network of untapped talent.
“The dedication the intelligence, the amount of talent here, commitment experience, it’s fantastic. You can’t find that anywhere else,” Yousafzai said.
Babar Ahmed, a fellow Longhorn, and CEO of Mindstorm Studios agreed.
“There are a lot of these pockets of brilliance that really come to life in Pakistan that just do these amazing things,” Ahmed said pointing to his company’s success creating games like Mafia Farm, Whacksy Taxi and Cricket Revolution for mobile devices and PCs as proof.
“Our games have hit No. 1 n the United States sitting in Lahore.” said Ahmed. "We did it all out of a room on our own.”
Mindstorm developers also created Cricket Power, The Official Game of the 2011 ICC Cricket World Cup. A high-profile coup that validated what some saw as Ahmed’s risky decision to leave a successful career in the United States to launch a business in Pakistan in 2006.
“If you were to say: ‘Hey, how is it coming back to Pakistan is it all a bed of roses?’ Of course it’s not,” admitted Ahmed, who believes the challenges are worth the reward not only for his company but the growing software, gaming, and animation community in Pakistan.
“Giving people that opportunity, to provide them that chance to try and compete and succeed globally that’s really fulfilling,” he added with a wide smile....
http://www.kxan.com/dpp/news/austin-to-pakistan-the-tech-connection
Groopic’s Rehan said that Plan9 helped in four key ways: mentorship, networking opportunities, office space, and stipend.
However, it hasn’t all been smooth sailing.
Plan9 conducts reviews every six weeks to ensure that startups are on track. After one and a half months they should have a business model developed based on real world feedback; at the three-month mark they should put their alpha product in front of early adopters; and at 4.5 months they should introduce iterations to refine their market strategy. If they can’t meet their goals, they’re out of the program.
Of the incubator’s inaugural round, only eight of the 13 startups graduated.
“The others were eased out. They weren’t serious or committed enough, or they just couldn’t pull it off.”
Rehan and his friends were just one of eight teams to have graduated from Plan9′s inaugural incubator class, but it appears there are more of their kind out there. More recently, Pakistan emerged as one of the world’s biggest locations for individual outsourcing via sites such as odesk, elance, and freelancer.com.
The social and political winds are also shifting.
Internet and cloud technologies have lowered the barriers to entry to compete in the global digital economy; and among Pakistan’s 183 million strong population there are almost 30 million internet subscribers. Meanwhile, voters recently appointed the second successive democratically elected government — the first time that’s happened in the 64-year troubled history of a country whose progress has been sabotaged by regular military coups.
http://techcrunch.com/2013/09/05/pakistan-government-backed-incubator-seeds-local-investor-appetite/
Here's an AFP report on growth of computer games development in Pakistan:
LAHORE: It's a city better known for its history and culture, but a new generation of mobile game developers is bringing a slice of Silicon Valley to Pakistan's Lahore.
With open plan offices, mixed gender teams, gourmet catering and an emphasis on a fun atmosphere, the small but growing IT industry worth an estimated $2.8 billion is being led by young entrepreneurs like Babar Ahmed.
Ahmed, 33, left a career as a circuit engineer in Austin, Texas to found Mindstorm Studios in the eastern Pakistani city in 2006 with his brother Faraz.
Today their studio employs 47 people thanks to hits like 2010's “Whacksy Taxi”, which shot to number one on Apple's AppStore in over 25 countries; “Mafia Farm” in 2012 and “Cricket Power”, the official game of the 2011 World Cup.
“The idea was to put Pakistan on the gaming world,” said Ahmed, explaining he was tired of “drawing room talk” among expatriates in the US about how something should be done for their homeland.
Smartphone revolution
Mindstorm is one of several games development studios in Pakistan — mainly based in Lahore but also in the capital Islamabad and Karachi — to have prospered with the spread of the smartphone.
“After the iPhone was launched, the definition of what a game is changed overnight. The definition of what a gamer is changed overnight,” said Ahmed.
While traditional “hardcore” games — typically played on home console systems or PCs — need multi-million dollar budgets and teams of dozens of developers, games designed for smartphones need far less start-up capital.
That has allowed countries in eastern Europe, Pakistan, and the Philippines to become prime destinations for software outsourcing, said Jazib Zahir, chief operations officer at Tintash, another Lahore-based studio that provided the back-office for “Fishing Frenzy”, another top-ten hit.
According to the government, some 24,000 people are now employed in software exports — though the figure also includes more traditional areas like financial software and healthcare.
“One of the advantages that Pakistan brings is we do have a critical mass of people with training and aptitude, an interest in developing software and art and combining them,” adds Zahir, who is also a part-time tech journalist.
Breaking boundaries
At We R Play, an Islamabad-based studio based in a converted warehouse on the outskirts of the city, rows of twentysomethings busy themselves on their computers surrounded by colourful posters, plush toys and action figures.
The company was founded in 2010 by Mohsin Ali Afzal and Waqar Azim, with a major emphasis placed on a modern office space.
“We were sure from when we started that we didn't want cubicles and I wouldn't have a big office,” said Afzal, who returned from UC Berkeley in 2010.
“We wanted to make sure we're sitting with everyone. We encouraged everyone to take ownership of their spaces and gave them (money) to get stuff for their tables.”
Workspace and play is also seen as key at CaramelTech, a Lahore studio founded in 2011 by brothers Saad and Ammar Zaeem which is responsible for coding global 2011 mega-hit Fruit Ninja (which had over 500 million downloads) for an Australian studio.
The office has a designated play room complete with pool table, table football, and X-box.
“Every day at 4 pm they're forced to leave their work and go play upstairs.
We want that culture where people aren't only working but also enjoy themselves,” he said.
Also notable in the games studios is near gender-parity, a striking fact in a country where female participation in the workforce has lagged behind for decades.
People are dressed in everything from Western jeans and t-shirts to hijabs.
For some, convincing their family they are working in a “real job” wasn't easy....
http://www.dawn.com/news/1091602/gaming-industry-breaks-culture-barriers
#Urdu and #English language versions of MIT #Technology review launched online in #Pakistan http://disq.us/8rqepu
Karachi—MIT Technology has launched technology review in Pakistan to spread science & technology awareness to a wider local audience in the aims to foster entrepreneurship and Innovation in Pakistan. This is the latest initiative in a series to create impact in Pakistan. Mr. Jason Pontin, CEO, Editor-in-Chief and Publisher of MIT Tech Review, Ken Morse, Founding MD of MIT Entrepreneurship Center and Farrokh Captain, Chairman, MIT Enterprise Forum of Pakistan and . Umar Saif, chairman PITB, Vice chancellor ITU and Editor of Tech Review Pakistan addressed the press at a local hotel in Karachi recently about MIT’s role as a technology leader and its initiative to impart latest knowledge of technology to accelerate adoption of innovation and development of entrepreneurial culture in Pakistan.
The latest initiative in this is to launch MIT Technology Review (TR) in Urdu and English language with the intent to create a new tech generation in Pakistan fully aware of what is happening around the world in technology and innovation. Speaking on the occasion, Mr. Pontin noted, “Whenever I visited Pakistan, I realized that here was lack of realism, technology based content that could provide guidance to the local technologists, academia, researchers, scientists and journalism analysis.
“In 2013, I had promised that I will bring the world famous MIT Technology Review (TR) to Pakistan, I am extremely happy to note that after almost two years of extremely hard work we have been able to launch the English & Urdu version of MIT Technology Review Pakistan (TR). With the Pakistan edition the educated and tech-savvy youth of this country can know about the latest technology trends and innovations around the world.
Equally, researchers and innovators and entrepreneurs of Pakistan can show case their work to the international community through this world famous technical magazine.” Mr. Morse, founding father of MIT Entrepreneurship Center, indicated that technology entrepreneurship can be a game changer for Pakistan.
Quoting Economist Intelligence Unit he said, “Waves of technically trained young people — steeped in the latest theories and techniques, and honed by some of the smartest minds in science and technology — do more for raising a country’s industrial competitiveness than all the tax breaks, development aid, and government initiatives put together.” Adding to this he said,” we need to be infected with entrepreneurship virus to gain success. If you have a lot up startups, it’s logical to have a lot of failures.”
#Lahore's #Pakistani developer’s Wordpress theme Avada is top seller at $10m in sales. #Pakistan #technology http://bit.ly/1YApswO
Avada theme available at Envato marketplace, has become the top selling theme while the developer, Themefusion, has now crossed a milestone of 10 million dollars.
This theme is developed by Haris Zulfiqar and Luke Beck under the company name of “Themefusion”. The two met at Envato, a digital marketplace for creative assets by web designers. In the year 2013, we told our readers that their theme hit a 1 million dollar sale number. Fast forward a couple of years and Avada has continued to show immense growth in terms of new purchases and now, Themefusion has managed to cross the $10 Million milestone on the platform.
Themefusion is also the first ever seller to cross the $10 Million sales mark on Envato Market. When asked if they had any idea they would be so successful by Envato, Luke said that “neither of us had any idea that three years later we’d have achieved this level of success. It’s quite amazing and completely surreal.”
Started as just a two person team, developing themes on the Envato Marketplace, they have now grown to a group of 20+ people.
When asked about a tip Haris would give to other creatives in 2016, he said,
“Always take time to be your best and do what you know is right. Take risks and build up the people around you, listen to your customers and strive to grow in every way possible.”
Freelancing is one of the fastest growing professions around the world and especially in Pakistan, where more and more people are turning to their computers in search of employment. Just a while back, a Pakistani MBBS student made the news for earning half a million dollars through freelancing and now, Haris Zulfiqar along with his other companions, has also proved the potential that lies in freelancing.
3 #Pakistan accelerators named among top 20 accelerators of #Asia & #Oceania. #startup #technology http://bit.ly/2ehPtjm via @techjuicepk
Gust and Fundacity recently released their Annual Asian and Oceanian Accelerator Report 2015. Three accelerators from Pakistan were featured in the top 20 active accelerators in the region – who accelerated the most startups in the past year. LUMS Centre for Entrepreneurship, PlanX and Invest2Innovate made it to the list.
This year’s report is a follow-up to the report released in 2014 and its main objective is to understand how the accelerator industry has developed in the region, how accelerators are funded and monetized, while providing insights on the direction of the industry in the near future. The report includes some very thoroughly researched statistics for which over 125 organizations were surveyed in the Asia/Oceania region, out of which 54 qualified as accelerators.
According to the report, the region saw a total investment of US $16,842,427. Australia took the lead with US $5,620,000 in investment. Not far behind was India at US $3,981,000, followed by South Korea at US $1,960,460, and China at US $1,920,000. India, however, took the lead by accelerating 568 startups in the year 2015 alone.
Going by the number of accelerated startups, this news does sound good for Pakistan. However, there is still a lot of work that needs to be done. It all boils down to the issue of quality versus quantity. Right now, we have a lot of emerging startups but very few of them are targeting hot markets.
According to the survey, because of the global prominence of Fintech, Internet of Things, Health, and Education, these were the hottest markets Asian accelerators were most interested in. Apart from Health, the rest of the markets remain largely untapped by Pakistani startups. In order to understand this, compare the amount of investment raised by Pakistan’s 54 startups and that raised by China’s mere 13 startups. The need of the hours is to bring a focus towards emerging segments in order to attract international venture capitalists.
The report also featured some insights about how accelerators in the Asia and Oceania Region fund themselves in order to remain functional. 30% of accelerators reported that they either received a mix of private and public funding or were 100% publicly funded. When it comes to generating revenues, most of them, it appeared, invest a small amount in their incoming startups in exchange for some equity. 43% of Asian and Oceanian accelerators earn revenue from startup exits within the short-term (within 12 months), while 62% of them plan to earn revenue from startup exits over the long-term (12 months or longer).
Three #Pakistan startups make it to #Digital Winners #Asia. #Education #Energy #Employment http://bit.ly/2e4O0eU via @techjuicepk
In November, three startups from Pakistan will be flying to Myanmar for they have been shortlisted to participate in Digital Winners Asia, a regional startup event that will host enthusiastic startup teams from Telenor’s accelerator programs across Asia.
The two-day event will be held on November 1-2 in Yangon, Myanmar. The Telenor Group’s maiden regional startup event will include case preparation sessions, in which startup teams will prepare to compete for 100,000 Norwegian Kroner in initial expansion funds.
The three Pakistani startups shortlisted to feature on the event cater to Energy, Education and Employment, the three key areas the country has long faced challenges in. EcoEnergy, a startup aiming to solve energy crisis in Pakistan, facilitates the spread of sustainable electricity, specifically to rural locations of the country. Where as Edjunction, a social network connecting parents with teachers, is a mobile communication platform to bridge the gap between parents, teachers, students and the schools. Fori Mazdoori, a Pakistani startup aiming to mobilize laborers across South Asia, enables blue-collar workers to register on an employment database to be searchable by employers.
“Establishing Digital Winners in Asia is a natural move for Telenor since we experiences strong growth in the region, and we believe there is a great innovation and entrepreneurial spirit growing here,” said Gunnar Sellaeg, the SVP & Head of Product Innovation at Telenor Digital.
Bilal Kazmi, Chief Marketing Officer, and Telenor Pakistan also extended his complements to the selected startups saying,
“We are pleased to see how Pakistani youth is finding innovative solutions to their own longstanding problems through technology, and it’s a sheer reflection of how Telenor Pakistan’s efforts of digital inclusion in the country are materializing”.
The nine teams attending Digital Winners Asia are from Bangladesh, Myanmar, Thailand and Malaysia. The teams consist of current and past participants of Telenor’s five startup incubation and acceleration programs across the region. Each company has been selected based on the company’s life-cycle and potential to break into to new markets, as well as grow alongside Telenor. Two representatives from each company will participate in Digital Winners Asia. This inaugural year’s participants represent a diversity of industries: marketing services, energy, artificial intelligence, tourism and education.
The event has been designed so as to promote cross border and hence extend sharing of skills, knowledge and tools across markets. The proposed theme has been devised primarily in order to tackle digital business opportunities across markets. Telenor has been promoting individuals to pursue entrepreneurship a lot. Velocity, Telenor’s go-to-market accelerator for Pakistan, recently introduced its first cohort.
The DeanBeat: 3 Pakistani brothers ensure mobile game chat isn’t lost in translation
https://venturebeat.com/2017/08/18/the-deanbeat-3-pakistani-brothers-ensure-mobile-game-chat-isnt-lost-in-translation/
Game developers can grow up anywhere these days.these days, and the latest example of that are the Zaeem brothers from Pakistan. Saad, Ammar, and Shayan have created two startups: one that makes mobile games, and a new venture that is creating a platform for multilingual chat in games.
The startups have created jobs in their hometown in Lahore, Pakistan, and Silicon Valley. Their successes are modest by the valley’s standards. But growing up in their part of the world, they overcame a lot of odds and made a rare successful tech and game startup in a fast-moving industry. I met them at a party at the Seattle Aquarium at the game event Casual Connect USA, and their story intrigued me. I met them again at a coffee house in Palo Alto, California, and I listened.
Their Pakistan company, Caramel Tech Studios, has been making mobile games since 2011, and they are creating a new San Francisco startup, Fizz, that promises to do real-time translation for text chat in mobile games. Saad is heading that effort, and he has moved to Silicon Valley to raise money and build the company’s connections to others.
The brothers credit their entrepreneurial spirit to their father, who’s in textiles and taught them about startups and business. In the late 1990s, when Saad was 14 and Ammar was 12, they learned how to create websites. One company hired them for $700 or so, and that was a lot of money for young Pakistani entrepreneurs. Their parents “acquired” their company and urged them to stay in school.
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And that story is replaying everywhere where people grow up playing games, study technology, and try to create their own businesses. Part of the inspiration is Silicon Valley’s fairy tale rags-to-riches stories, and part is the desire to play and learn how to build games.
“Back in the ’80s and ’90s, families wanted their children to become medical doctors,” Ammar said. “Now it’s engineering.”
Their lives have been full of lucky breaks, made more frequent by their dedication. Ammar was interested in investing in stocks. Saad, the oldest, joined a startup without a salary. He helped the business grow and get work for hire. Then the brothers set up their own company, making software and games for hire. Halfbrick Studios, the Australian game company that made Fruit Ninja, gave the Zaeem brothers their lucky break. It hired them to build a version of Fruit Ninja for the Nokia Symbian phone platform.
“The biggest problem we had was having the cash flow to take bigger risks,” Ammar said.
The Halfbrick deal enabled them to boost the company to 22 people in Lahore, which had a good university that produced technical graduates. The Halfbrick job led to more work with Kabam, a mobile game company that made hits such as Kingdoms of Camelot. Andrew Sheppard, then head of studios for Kabam, put Caramel Tech Studios to work on a mobile card strategy game, Order of Elements. The studio then worked for Animoca, a Hong Kong company, to build an Astro Boy mobile game.
Apple liked the idea of a game company in Pakistan, and it featured the title that the brothers made. One of their games, Blades of Battle, has been featured by Apple in 137 countries.
After a while, Caramel Tech Studios started making its own games. That was like moving up the food chain, and it led to more deals. Then Saad stepped down as CEO in 2016 and started the effort to build the chat platform.
#US-based 1839 Ventures partners with #PTIB to launch $20m #Pakistan-focused #VC fund. #Punjab #Lahore #Technology
https://www.dealstreetasia.com/stories/1839-ventures-partners-with-ptib-to-launch-20m-fund-84321/
Punjab Information and Technology Board (PITB) of Pakistan has partnered with US-based investment firm 1839 Ventures to launch a $20 million venture capital fund for the technology startups in Pakistan. “1839 Ventures announces its international expansion and the start of a $20-million venture capital fund that will be dedicated to investing in technology-oriented startups operated by exceptional entrepreneurs who are based across Pakistan,” the company said, in a social media post. Austin-based 1839 Ventures specialises in Series A, early stage and growth capital investments in technology oriented companies working in commerce, communication and business intelligence. It invests primarily in Texas-based companies. The announcement was made last week by the venture capital firm at the Atx+Pak Launch Entrepreneurship Program launch ceremony in Austin city. Pakistan has been trying to boost its local entrepreneurship base. Earlier in May, Pakistan’s federal government announced that it will set up a $20 million venture capital fund for local startups. The startup programme was to be open to all startups – not just in IT – since Pakistan needs innovative startups in all sectors such as agri, textiles, logistics, and manufacturing, Pakistan’s Planning Commission Member Athar Osama had said in a blog post at the time. In June, Lakson Investment was granted Pakistan’s first venture capital licence in the South Asian nation. Its application for a private equity and venture capital fund had been approved by Securities and Exchange Commission of Pakistan last year. Lakson had set up Lakson Investment Private Equity (LI PE) in the end of 2014 and is still in its pre-launch phase. It had proposed to start making investments by late 2017.
Read more at: https://www.dealstreetasia.com/stories/1839-ventures-partners-with-ptib-to-launch-20m-fund-84321/
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