Pak tech startups lauded

LAHORE: Pakistani technology startups took the spotlight as Courtney Powell, chief operating officer and managing partner, 500 Global, a USD 1.8 billion international venture capital firm, visited the National Incubation Centre Lahore (NICL) at LUMS.

According to a press release, the visit was facilitated by Paklaunch. Ms Powell was accompanied by Board Member Max Scheder-Bieschin and was hosted by NICL Chairman Saleem Ahmad. LUMS Rector Shahid Hussain; Vice-Chancellor Dr Arshad Ahmad and members of the Board of Trustees welcomed the team.

During the day-long engagement, Ms Powell and Mr Scheder-Bieschin discussed the role of NICL in preparing the future generation of startup founders.

Saleem Ahmad presented the NICL’s vision for venture incubation in high impact sectors, its rigorous focus on skills development and role as an innovation hub for industry, citing the example of electric mobility work that fits well with the organisation’s cleantech initiative. The visit coincided with the launch of the USAID-sponsored electric vehicle market assessment report chaired by US Consul General William Makaneole at NICL. The guests were shown round the NICL facilities, including the Makers Lab, a suite of state-of-the-art prototyping workshops; the Facebook Innovation Lab where virtual and augmented reality solutions come to life and a co-working space, featuring a plug-and-play set-up. They exchanged insights with entrepreneurs from NICL’s graduated startups as well as those currently in incubation, and participated in a roundtable discussion with the Foundation Council members, including Qasif Shahid (Finja), Usman Javaid (Ricult) and Ahmed Hussain (SSC).

“We’re truly impressed with the passion and potential we have seen so far,” said Ms Powell of her visit. “At 500 Global, we believe that there is talent everywhere and fantastic founders in every market, and it’s just access to education capital and network that is needed to see their companies succeed. At NICL today, we’re inspired to meet some of these talented founders and trailblasing entrepreneurs firsthand. We’re excited to be on the ground here to learn and formulate what our dedicated Pakistan strategy should be.”

Speaking on Pakistan’s emergent startup landscape, Ahmad said, “Pakistan’s nascent startup ecosystem is inflecting with rising international investor interest on the back of talented founders. We at NICL are attempting to generate a manifold growth in entrepreneurially-minded, highly skilled human capital that accelerates this positive trajectory. Technological leapfrogging, be it through new venture creation or innovation of industry, is the only way to attain the kind of growth needed to satiate the influx of our youthful population.”