ISLAMABAD - IdeaGist the world’s largest incubator announced to increase its technology investment from US $ 55 million to $ 100 million for supporting Prime Minister Imran Khan’s vision on entrepreneurship and innovation in emerging technologies.  The additional amount of $45 million would be invested in incubating and accelerating new ventures in emerging technologies, said Hassan Syed, IdeaGist founder in a statement issued here on Sunday.

He congratulated the Prime Minister and the State Bank of Pakistan (SBP) on the successful launch of Rs 100 billion finance Program within months of its conception. The SBP on Saturday had launched a subsidized financing programme worth Rs100 billion for startups and small-to-medium enterprise to create self-employment and opportunities for others in the country. He said that it makes total commercial sense to invest strategically in Pakistan’s Innovation Ecosystem. He urged the Prime Minister and Minister of Science and Technology to find creative ways of investing in emerging technology ventures and promote a culture of innovation. IdeaGist has already launched an accelerator and incubator programme around seven key emerging technologies including 3D Printing, Artificial Intelligence, Intelligent Vehicles, Smart Robots, Blockchain, Internet of Things and Augmented Reality. Being world’s largest digital incubator and the largest supporter of the Prime Minister’s start-up programme, the IdeaGist is set to establish 590 incubation and accelerators across the country.

Govt, SBP felicitated on launch of Rs100b finance programme

Meanwhile, The CMMC earned Rs 36.2 million profit in financial year 2018-19, which would be almost doubled to Rs 68.2 million in the current fiscal year 2019-20. An official of the CMMC told APP that profit amount of the company was being estimated at Rs 71,865,100 and the expenditures were estimated at Rs 25,298,760 during the current financial year. This year, the company will earn profit from the cattle markets which was estimated at Rs 68,265,100, and Rs 3.5 million would be received from bank deposits and Rs 100,000 from other resources. Giving details of expenditures, he said that Rs 310,000 would be spent on shifting of company to the IT and Rs 25 million to be utilised for converting the markets into model cattle markets.