LAHORE: Punjab Information Technology Board (PITB) and Sweden based Nutty Ventures signed a memorandum of agreement to collaborate for the promotion of local startups, a statement said on Friday.

Punjab Information Technology Board (PITB) and Sweden based Nutty Ventures AB have signed an MoU at Arfa Software Technology Park in order to work in collaboration for the promotion of local startups

PITB and Nutty Ventures will collaborate to provide increased exposure to Pakistani startups in Sweden, create tailor-based coaching opportunities, strengthen acceleration programmes and build opportunities for international investors and venture capital funds, it added.

PITB director general e-governance Sajid Latif and Nutty Ventures strategic adviser Naim-ul-Abd signed the document on behalf of their respective organisations.

Punjab Minister for higher education and information technology Raja Yassir Humayun Sarfraz and PITB chairman Azfar Manzoor presided over the MoU signing ceremony.

The Provincial Minister Raja Yassir Humayun Sarfraz said, “[The] government envisions technology as an engine of economic growth as ICT [Information Communication Technology] interventions are opening new frontiers every day especially for freelancers and aspiring entrepreneurs.”

“Our aim is to provide best-in-class coaching to startups so they can compete at an international level for visibility and necessary funding for accelerating growth.”

“I value this partnership because it will provide exciting opportunities to our local startups and will further strengthen PITB’s existing programmes in entrepreneurship and freelancing domains,” he added.

PITB chairman Azfar Manzoor said, “Pakistani startups have made their mark in the global arena which is manifested through an increase of over 300 per cent in the funding raised by local startups during 2021.”

In line with the vision of the government, PITB’s entrepreneurship and freelancing programmes are not only facilitating the youth of Punjab through incubation and skills development programmes but are also helping them in creating the much-needed linkages with the foreign investors and venture capitalists,” he added.

Nutty Ventures, which is currently running a Sweden-wide accelerator programme, has extensive experience and network in the Swedish startup, impact, and funding ecosystems.

“Since we are experiencing rapid change in global trends in the entrepreneurship ecosystem, we need to eliminate traditional hierarchies and structures which are huge bottlenecks,” Nutty Ventures AB founder and chief executive officer Mehkar Sheikh said.

“Nutty Ventures will leverage the power of global best practices to create meaningful impact for PITB-backed startups,” she added.