GIK, DoST and KPITB sign MoU for establishing a Venture Capital Fund for the Development and Growth of Startups in KP

Home > Carousel > GIK, DoST and KPITB sign MoU for establishing a Venture Capital Fund for the Development and Growth of Startups in KP

Dr. Najeeb Ullah, provincial caretaker Minister for Science and Technology and Information Technology, Sports, and Youth Affairs in his address at a ceremony at Ghulam Ishaq Khan Institute of Engineering Sciences and Technology said that a US-based Venture Capital firm, Tri Ri Asset Management (TRAM) would invest $100 for the development and growth of startup industries in Khyber Pakhtunkhwa. He was addressing a conference of all Vice Chancellors of the Universities of Khyber Pakhtunkhwa and a prize distribution ceremony was held at GIK Institute. It was chaired by Dr. Najeebullah Khan, Minister for Science and Technology and Information Technology, Khyber Pakhtunkhwa. On this occasion, two agreements were also signed between the GIK Institute, the Directorate General of Science and Technology and a US-based Venture Capital firm, Tri Ri Asset Management (TRAM) and the Director General Department of Science and Technology was also present on the occasion. The conference, in addition to the Vice Chancellors, was also attended by the Directors of Research and Innovation of the universities, Incubates, officers, faculty members of GIKI, foreign delegates and owners of the Venture Capital companies Justice Irshad Hussain Shah, Minister for Law and Human Right, KP, Mr. Salim Saifullah Khan, President SOPREST/GIKI, Executive Director SOPREST, MD IT Board, and Director General DOST. The Award Ceremony under the Undergraduate Research Support, Master Studentship and Networking of Hi-Tech Equipment Programme at GIK Institute was also held under which Offices of Research Innovation and Commercialization of the provincial universities were awarded for their initiatives for technological innovations. Asad Ali, Chief Investment Officer of TRAM and Dozy Mmobuosi CEO of Tingo Group Inc, DG DOST, MD KP IT Board also attended the gathering. The event was also attended by the Vice-Chancellors / Rectors of the universities in Khyber Pakhtunkhwa and various other dignitaries on the invitation by the DoST. President of GIK Institute parent body, Society for the Promotion of Engineering Sciences and Technology in Pakistan (SOPREST), Engr. Salim Saifullah Khan and Executive Director Shakil Durrani, Pro-Rectors, Deans, Heads of Departments, Directors ORIC and faculty members also attended the ceremony held in Agha Hassan Abedi Auditorium of GIK. On this occasion, a tripartite memorandum of understanding (MoU) among GIK Institute, DoST and KP Information Technology Board for establishing a Venture Capital Fund for the Development and Growth of Startup Industries in the Khyber Pakhtunkhwa was also inked which is aimed at strengthening startup industries in KP by investing in the Venture Capital Company. The Minister said that this was the first Venture Capital launched in KP through technological and financial interventions of its kind for the economic development of the province and the scope of activity will be expanded to the other provinces. The minister underscored the highly critical role of startups in the present rapidly changing technological world to achieve the dream of true progress and prosperity. He further stated that the KP government has planned to establish a 4 Billion National Centre for New Manufacturing at Peshawar University. Speaking on the occasion, Engr. Salim Saifullah Khan stated that it was a remarkable initiative while lauding the role of Dr Najeeb Ullah for such a huge initiative involving 100M) US Dollar mutually beneficial investment in the province that will provide funding to the technology-based startups not having access to traditional sources of capital in the market and GIKI being a modern Science and Technology based Centre of Excellence will render necessary support to the startups through its residential Incubation Centre developed with the support of the Provincial government. He emphasized greater effort for much-desired linkages between Academia and industry. Justice (r) Irshad Hussain Shah, provincial minister for Law Minorities and Human Affairs said that the universities should play their role in creating a conducive environment for investment, and teach advanced subjects and technical skills. Prof Dr Shahid Mahmood Baig, chairman Pakistan Science Foundation said that they were ready to play their due role in the new initiative. Earlier, while welcoming the guests, Prof Dr Fazal Ahmad Khalid, Rector of GIK Institute said that emerging technologies have strong prospects of employability on the one hand and can contribute to the economy on the other. He said: “Startup is very important for growth and development and GIK Institute is ready to collaborate with KP universities.

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