Pakistan’s largest technology accelerator, PlanX has inked a Memorandum of Understanding (MoU) with Small and Medium Enterprises Development Authority (SMEDA). The collaboration between PlanX and SMEDA will empower both to capitalize over their resources for the advancement and expansion of startups and entrepreneurship in Pakistan.
The Project Director of the PlanX and MIT Enterprise Forum Pakistan, Ms. Hafsa Shorish and Provincial Chief for SMEDA, Mr. Hassanien Javed signed the memorandum on behalf of their respective companies.
It is noteworthy that PlanX has accelerated more than 30 startups so far. In addition, they have also created over 500 employment opportunities. Furthermore, their startups have raised a colossal amount of $3.5 million up till now. Last year, the project of Punjab IT Board, PlanX startups raised a massive sum of $743,807.
What Does the Contract State?
The collaboration between PlanX and SMEDA will facilitate exchange of information with each other about different initiatives, activities and programs. Additionally, both the organizations will also share information on entrepreneurship development through their respective sources. Under the partnership, both PlanX and SMEDA will work mutually to discover ways and methods to ripen, expand and strengthen the environment of entrepreneurship in the country. In addition to the aforementioned traits, they will also work together to develop programs to back business incubation and commercialization of business ideas.
The youth and SMEs will also get plenty of benefits from this partnership. They would be to know about the necessary means, promotion and broadcasting of entrepreneurial knowledge. Moreover, they can also initiate common business support programs to assist both PlanX and SMEDA. They can also offer technical expertise, facilitation and backing to both the parties in the form of shaping systems for the promotion of the entrepreneurial culture among the budding and aspiring startups.
Statement by Key Executives
While speaking on the occasion, the Chairman of PITB, Dr. Umar Saif stated:
“This partnership would be beneficial for the startups and the entrepreneurial ecosystem through the sharing of technical expertise and resources”
Mr. Hassanien Javed, who was also present at the time of signing the contract, said:
“SMEDA can benefit from the expertise that are 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”
Under this new partnership, PlanX will also take part in a SME Conference next month. The session will bring together International SME development organizations from Iran, Korea, Turkey and other countries on a single platform where they will share their SME development experiences. PlanX will also deliver a formal presentation which will entirely focus on ‘Entrepreneurship and Enterprise Development’.