The National Incubation Centre (NIC) in Islamabad has successfully incubated 295 businesses, according to Jazz, Pakistan’s top digital operator, in collaboration with Ignite (the Ministry of Information Technology and Telecommunication) and Teamup.
An interesting fact is that 24% of these firms were started by brilliant women entrepreneurs, demonstrating their important contribution to the startup ecosystem.
In the presence of Ahsan Iqbal, Minister of Planning, Development and Special Projects this announcement was made today during an interactive event to honour the graduation ceremonies of NIC’s 10th, 11th, and 12th cohorts. Participants included CEO Jazz, Aamir Ibrahim, and professionals from the larger digital ecosystem.
Since its establishment in 2016, NIC has been a vibrant centre for innovation that has attracted significant funding and influenced Pakistan’s socioeconomic development. With a history of producing more than 20,000 jobs, more than Rs 6.5 billion in sales revenue, and more than Rs 7 billion in investment for incubated firms, NIC has played a significant role in expediting its operations and encouraging entrepreneurial growth.
“Supporting innovation is key to success and survival,” Ahsan Iqbal said in a statement congratulating the graduating businesses.
For this reason, we have included new initiatives for Pakistani young worth Rs 80 billion in this budget, including a Rs 5 billion venture capital investment. In the following 25 years, Pakistan aims to be positioned as a hub for global innovation. We need to work together and forge incredibly positive synergies if we want to advance to that level of success.
The success of NIC in fostering and enabling these firms is a testament to the thriving entrepreneurial ecosystem in Pakistan, says Aamir Ibrahim, CEO of Jazz. Jazz is entirely committed to giving businesses the tools and support they need to have a big socioeconomic effect and help Pakistan’s digital economy thrive. Jazz is the largest contributor to the Ignite fund.
The startup environment will be made even more accessible and entrepreneurship will be promoted all around the nation thanks to our continuous cooperation with Ignite.
Bilal Abbasi, general manager of Ignite, addressed the graduates and said, “With tremendous assistance from the IT ministry, Jazz, Ignite, and Teamup, NIC’s visionary approach is building an ecosystem that encourages creativity, cooperation, and growth.
It has given Pakistani innovators access to top-notch mentors, business leaders, and resources that have helped them develop their concepts into viable enterprises and ultimately propel Pakistan towards economic development.
It is important to mention that Jazz xlr8, Pakistan’s top accelerator programme, is housed in NIC Islamabad and assists startups accepted into the programme in scaling and growing. Through Jazz Xlr8, 31 businesses have received incubation, and 11 startups have had the opportunity to present their ideas and products at the 4YFN Mobile World Congress in Barcelona.
The accomplishment of the incubation of 295 tech businesses demonstrates the dedication of Jazz and Ignite to promoting innovation, promoting economic growth, and generating employment prospects in Pakistan.
By enabling ambitious entrepreneurs to realise their potential and make a contribution to Pakistan’s digital future, the partnership between Jazz and NIC continues to pave the path for additional developments in the entrepreneurial scene.