Program provides support to Pakistani entrepreneurs by connecting them with American investors and mentors,
“Societies thrive when their people have ample opportunity, and this is why the United States supports young entrepreneurs in Pakistan,” said U.S. Ambassador Richard Olson. On a recent visit to the Tech Incubation Center (TIC) at Pakistan’s National University of Sciences and Technology, or NUST, Ambassador Olson announced that the U.S. Ambassador’s Fund, which supports small-scale, high impact programs for communities throughout Pakistan, will now also focus on support to Pakistan’s entrepreneurs.
In a related effort, the U.S. embassy in Pakistan recently unveiled an entrepreneurship program that translates from Urdu to “Journey to Prosperity.” The program provides support to Pakistani entrepreneurs by connecting them with American investors and mentors, particularly from the Pakistani-American diaspora and academic institutions.
In addition, the United States launched the multi-year Pakistan Private Investment Initiative in 2012. Drawing on public-private partnerships, this initiative will spur job growth and economic development by expanding access to capital for Pakistan’s small- to medium-sized companies.
The NUST Tech Incubation Center, the first of sixsuch centers across Pakistan, helps technology-based business ideas prosper by bringing academia and the private sector together to create a platform for commercializing research. The NUST center currently provides support to 14 new companies, which focus on diverse industries such as logistics, education, and mobile technology.
The United States, through the U.S. Department of Commerce’s Commercial law and Development Program, supports the NUST center bringing staff to the United States to learn best practices of how to bring research out of the laboratory and into the market.
The willingness to take risks has the potential to unlock great economic prosperity in Pakistan. That’s why the United States, said Ambassador Olson, is committed to developing the next generation of entrepreneurs in Pakistan.