Punjab IT Board, PlanX is Pakistan’s leading technology accelerator. It has been a great platform for startups to get recognition. Recently a project of Punjab IT Board, PlanX signed a Memorandum of Understanding (MOU) with Small and Medium Enterprises Development Authority (SMEDA) here, on 17th February 2017. SMEDA was established in October 1998 to take on the challenge of developing Small & Medium Enterprises (SMEs) in Pakistan. SMEDA encourages the growth of SMEs in the country.
PlanX forged this partnership with SMEDA under this MOU so that both companies can mutually utilize their resources and expertise for the growth of Startups and Entrepreneurship in Pakistan. Their combined assets will promote and develop startups from all over the country. The MOU was signed by the PlanX and MIT Enterprise Forum Pakistan Project Director, Ms. Hafsa Shorish and Provincial Chief, Mr. Hassanien Javed for SMEDA.
PlanX has been on a prosperous venture so far as it has accelerated over 30 startups, created 500+ job and their startups have raised investment of $3.5 million (USD). In 2016, PlanX startups raised revenue of US $743,807.
This partnership took form so that the entrepreneurism of Pakistan can progress and bloom. This will happen due to the exchange of information and expertise about initiatives, programs and activities between PlanX and SMEDA, as both parties have their own capability to bestow. Both parties will jointly work together to find ways and means to develop and strengthen the entrepreneurship environment in Pakistan. They will design programs that will aid the business incubation and commercialization of business ideas.
The young generation of this country will benefit from this collaboration, as they will be more aware of the economy and workings of entrepreneurship. Promotion and broadcasting of facts and information of business and entrepreneurism will be done that will help the youth and Small & Medium Enterprises (SMEs) who are thinking of starting their business. Business support will be provided to these people as well as they are going to be facilitated by both parties who will deliver technical expertise, assistance and support in designing systems and programs for promotion of the Entrepreneurial culture among the young entrepreneurs and startups. Apart from all these benefits, freshmen will also receive guidance and counseling for the growth of their startups. The primary aim of this partnership is to help grow the culture of entrepreneurship in Pakistan and they will take all steps necessary to do so.
On this occasion Dr. Umar Saif, Chairman of PITB, MITEFP and Vice Chancellor of ITU mentioned that,
“This partnership would be beneficial for the startups and the entrepreneurial ecosystem through the sharing of technical expertise and resources.”
At the MOU signing Mr. Hassanien Javed told us that,
“SMEDA can benefit from the expertise that is available for grooming and nurturing startup companies by PlanX. The background, experience and networking of SMEDA can help PlanX in expanding their horizons and in reaching out to the maximum number of startups and SME’s. Thus creating an environment in Pakistan where startups are contributing towards the development of our economy.”
In the coming March, PlanX will participate in a SME Conference where it will present a presentation on the topic, ‘Entrepreneurship & Enterprise Development’. The conference will be attended by International SME development organizations of Turkey, Iran, Korea and other countries to share their SME development experiences.