Punjab Information Technology Board (PITB) and Sweden based Nutty Ventures AB have signed an MoU at Arfa Software Technology Park in order to work in collaboration for the promotion of local startups.
The ceremony was presided by Punjab Provincial Minister for Higher Education & Information Technology Raja Yassir Humayun Sarfraz along with Chairman PITB Azfar Manzoor. The MoU was signed by PITB DG e-Governance Sajid Latif and Nutty Ventures AB Strategic Advisor Naim-ul-Abd on behalf of their respective organizations. Senior officials from both organizations including PITB Joint Director Hammad Bin and Head of Freelancing Wing Ahmad Islam Syan were present at the event.
According to the MoU, PITB and Nutty Ventures AB will collaborate to provide increased exposure to Pakistani startups in Sweden, create tailor-based coaching opportunities for Pakistani startups, strengthen acceleration programs and build opportunities for international investors and venture capital funds for Pakistani startups.
While speaking at the ceremony, Raja Yassir Humayun Sarfraz said, “Government of the Punjab envisions technology as an engine of economic growth as ICT interventions are opening new frontiers every day especially for freelancers and aspiring entrepreneurs. Our aim is to provide best-in-class coaching to startups so they can compete at an international level for visibility and necessary funding for accelerating growth. I value this partnership because it will provide exciting opportunities to our local startups and will further strengthen PITB’s existing programs in entrepreneurship and freelancing domains.”
PITB is fully committed towards inculcating the culture of tech entrepreneurship and achieving sustainable growth by grooming early stage startups to transform into commercially viable technology companies. PITB is already running a number of initiatives aiming to empower young entrepreneurs, startups and freelancers through programs such as Plan 9, National Freelance Training Program, e-Rozgaar and e-Earn.
Chairman PITB Azfar Manzoor said, “Pakistani startups have made their mark in the global arena which is manifested through an increase of over 300% in the funding raised by local startups during 2021. In line with the vision of the government, PITB’s entrepreneurship and freelancing programs are not only facilitating the youth of Punjab through incubation and skills development programs but are also helping them in creating the much-needed linkages with the foreign investors and venture capitalists.”
“It is worth mentioning that PITB is running a range of successful incubation and freelancing programs not only in Punjab but in other provinces as well.” he added.
Nutty Ventures AB, which is currently running a Sweden-wide accelerator program, has extensive experience and network in the Swedish startup, impact, and funding ecosystems. “Since we are experiencing rapid change in global trends in the entrepreneurship ecosystem, we need to eliminate traditional hierarchies and structures which are huge bottlenecks. Nutty Ventures will leverage the power of global best practices to create meaningful impact for PITB-backed startups,” said Nutty Ventures AB founder and CEO Mehkar Sheikh.
Sweden is one of the leading countries in the world in innovation, startup activity. According to a latest report, Stockholm currently has the highest number of tech unicorns per capita in the world after Silicon Valley.