PITB signs MoUs with PBC Dubai, POC Global

LAHORE: In order to strengthen the entrepreneurial ecosystem in the province, the Punjab Information Technology Board (PITB) has signed two memorandums of understanding (MoUs) with the Pakistan Business Council (PBC) Dubai and the Pakistan Overseas Community (POC) Global.

As per the details shared by the PITB here on Wednesday, PITB Chairman Azfar Manzoor and representatives of the PBC and the POC inked the MoUs in Dubai during the ongoing Dubai Expo 2020. Under the arrangement between the PITB and Pakistan Business Council, a non-profitable organization under the patronage of Dubai Chamber of Commerce and Industry UAE, and the Pakistan Overseas Community, based in the United Kingdom, access to potential human resources will be provided to startups/businesses in Punjab. “Efforts will be made to provide a platform to all startups of PITB or referred by PITB through PBC and POC so that maximum Startups can get benefitted by accessing the venture capitalists, Middle East and Northern Africa (MENA) region and investors,” said PITB.

As per the MoU, the PBC and the POC will encourage, promote and invite PITB Incubation Wing in various public forums, networking, knowledge-sharing and mentoring events. Moreover, they will share the best practices and provide access to resources and knowledge repository on request within the institutional capacity for the better design of new programmes and policies in the area of innovation and startup ecosystem of Pakistan. They will also offer assistance for startups at the pilot stage, including marketing and commercialization assistance to the startups to launch their products and services in the MENA region.

Moreover, it will assist startups in sourcing venture capital from angel investors and venture capital funds. “Under the arrangement, efforts will be made to leverage relevant benefits available under various schemes of both PBC and POC, and provide information and assist in building a network of angel investors and venture capital,” said PITB.

The PITB will be the focal point for scouting category-specific startups from different domains and will provide the services in connection with the principal business, including access to a multi-domain pool of startups that includes all across 13 national incubation centres and nine regional incubations centres and the startups registered on Punjab Startup Portal.

It will share posters of events as media partners on different social media platforms and mutually work together to co-design new programmes for policy and programme interventions in line with supporting innovation and entrepreneurship in Punjab and in Pakistan. Commenting on the MoUs, PITB Chairman Azfar Manzoor said that the PITB is overseeing several initiatives aimed at grooming the startups and training of youth enabling them to set up successful businesses and benefit from the international freelancing platforms.