Islamabad, Aug 23: Telenor Velocity, Telenor Pakistan’s leading startup accelerator, has formed a strong partnership with Invest2Innovate (i2i) in a calculated attempt to support the country’s expanding startup scene. Through this agreement, Telenor Pakistan’s technology infrastructure, industry knowledge, and market reach will be combined with i2i’s track record of fostering entrepreneurship to enable companies to grow quickly and compete on a global scale.
With 64% of the population under 30, Pakistan offers a huge opportunity for innovation due to its youthful demography. With 80% teledensity and a population of around 240 million, the nation is home to a thriving startup scene. Nevertheless, 70% of firms encounter difficulties with scaling despite this potential. In 2023, venture capital was secured by Pakistani companies in 38 deals for a total of $81.116 million, which indicates a substantial funding deficit when compared to their regional rivals.
In order to overcome these obstacles, Telenor Pakistan and i2i are working hard to build a strong environment that encourages entrepreneurship at every level. Telenor Pakistan will provide a range of priceless resources to i2i’s portfolio firms as a result of this partnership. Startups will receive the support they need to turn their ideas into successful businesses, from obtaining access to cutting-edge technological platforms to tapping into Telenor Pakistan’s large customer base of 44 million users.
Additionally, entrepreneurs will have the resources they need to flourish with the help of data-driven insights, full branding and marketing support, mentorship from seasoned industry professionals, and technology development support.
“Telenor Pakistan is dedicated to being at the forefront of Pakistan’s impending digital revolution,” said Areej Khan, Chief People Officer at the company. By collaborating with Invest2Innovate, we’re investing in our country’s future rather than just helping entrepreneurs. Together, we’re fostering an environment that encourages innovation and gives young people the tools they need to realize their goals and compete on a worldwide scale.
“We are incredibly excited to partner with Telenor Pakistan to empower the next generation of entrepreneurs,” said Sarah Munir, CEO of Invest2Innovate. At the core of this endeavor are community and collaboration, and we are dedicated to giving our entrepreneurs the support and atmosphere they need to flourish.
Through their combined strengths, Telenor Pakistan and Invest2Innovate have the potential to significantly influence Pakistan’s startup scene, fostering an entrepreneurial culture and stimulating economic growth. Telenor Pakistan’s dedication to fostering the startup environment is further demonstrated by this strategic cooperation. Telenor Pakistan reiterates its role as an innovator in the nation, building on the achievements of programs like the Startup Mentor’s Network and the collaboration with GSMA’s Innovation Fund.
