HASSAN ABBAS

LAHORE: With focus on uplift of young entrepreneurs, the Punjab government is planning to launch innovation fund to strengthen the entrepreneurial ecosystem locally, Dr Umar Saif founding Vice Chancellor of Information Technology University (ITU) Punjab, said.

Talking to Business Recorder, Dr Saif, who is advisor to CM Punjab and Chairman PITB said that launching of this Fund is aimed at Punjab government's effort to promote social entrepreneurship. He is optimistic that Pakistan will become 'Asia's next start-up hub' due to persistent efforts of the Punjab government, PITB and active participation of private sector.

He said that purpose of establishing Innovation Fund is to promote social entrepreneurship. Start-ups with ideas that can solve important social and economic problems will be provided financial assistance through this fund.

Dr Saif said that Punjab Information Technology Policy will be presented in the next cabinet meeting for approval. He claimed that if 100,000 people work as a free lancer on 30 dollar per hour Pakistan can earn a foreign exchange of 10 billion dollars.

He said to promote free lancing culture Punjab government has introduced Chief Minister e-Rozgaar training program in 36 districts of Punjab.

He also said according to the estimates every year approximately 200,000 students graduated from universities. However, the industry is unable to cater to all of them. In such a scenario, internet based opportunities can help provide earning opportunities for the unutilized work-force. Pakistan ranks as the 4th largest provider of freelancers in the world. Earnings by Pakistani freelancers already account for more than $850 million of the country's software exports.

He said during the past five years PITB's project Plan9 incubated 160 startups, created 1000 jobs, raised $3 million in investments and are valued at an accumulated $ 70 million.

He further said: "When Plan9 was established, people came in with dreams which looked improbable but we are proud that we were able to establish a platform through which we can realize our dreams. This is a platform which allows, a common Pakistani a chance to make their mark in the world. I hope the entrepreneurial ecosystem flourishes and we get to see Pakistani start-ups making it big in the world."

Saif said that during the past five years PITB's plan X has incubated 37 start-ups, created more than 800 jobs and raised $3.8 million in investment.

He also said during past five years PITB has completed 240 IT projects in Punjab. The major projects completed in health sector include Disease Surveillance System, Dengue Tracking System, Basic Health Unit Clustering and Drug Inspection and Monitoring Evaluation System.

The PITB has also evolved a system of registering FIR electronically. The Board has completed the projects of Complaint Management System (CMS), Tenant Registration System and Automation of Lahore High Court.