U.S. Consulate Karachi, Pakistan Software Houses Association (P@SHA), Google and Samsung teamed up to launch The NEST I/O — an exciting, innovative technology incubator. Together, Google, Samsung and the U.S. State Department contributed nearly $1.4 million to open the first such project in Pakistan. The NEST I/O will partner with 28 technology hub incubators — supported by Google — around the world.
U.S. Consul General Brian Heath, P@SHA President Jehan Ara, Google Head of Public Policy Ms. Ann Lavin and Samsung Managing Director J. H. Lee attended the event.
“Entrepreneurship and the spirit of competition are what drives economic growth,” said Mr. Heath. In the U.S., said Mr. Heath, more than 95 percent of all net new job creation comes from new companies; in fact, two-thirds of newly created jobs come from companies that are one to five years old. “That is why initiatives, such as P@SHA’s NEST I/O technology incubator, are so important — they create jobs,” said Mr. Heath.
The U.S. effort to assist Pakistan in entrepreneurship and employment is a broad-based one. Mr. Heath also pointed to the U.S. government’s “Khushali kah Safar – A Journey to Prosperity” initiative. “In concert with the government of Pakistan, we are providing coaching to Pakistani entrepreneurs in hopes of generating even more employment,” said Mr. Heath.
Finally, Mr. Heath cited the U.S. Agency for International Development’s (USAID) Pakistan Private Investment Initiative. “Three private funds are providing up to $100 million in equity financing to small and medium-sized enterprises in Pakistan. In addition, USAID is mentoring more than 5,000 women micro-entrepreneurs,” said Mr. Heath. “We are very confident that these efforts will lead to even more opportunities for economic growth and employment.”
P@SHA is a platform for promoting, protecting and developing the software industry in Pakistan. It is one of the leading trade associations focused on technology development in Pakistan.