Islamabad, Pakistan – In a significant move to strengthen Pakistan’s burgeoning startup ecosystem, Telenor Velocity, the premier startup accelerator of Telenor Pakistan, has announced a strategic partnership with Invest2Innovate (i2i). This collaboration aims to empower startups across Pakistan by combining Telenor Pakistan’s extensive market reach, technological infrastructure, and industry expertise with i2i’s proven track record of nurturing entrepreneurial talent.
With a youthful demographic where 64% of the population is under 30, Pakistan is ripe for innovation. The country, with nearly 240 million people and an 80% teledensity, boasts a vibrant startup ecosystem. Despite this potential, around 70% of startups struggle to scale. In 2023, Pakistani startups secured $81.116 million in venture capital across 39 deals, indicating a significant funding gap when compared to regional peers.
Recognizing these challenges, Telenor Pakistan and i2i are committed to creating a robust ecosystem that supports entrepreneurship at every stage. Through this partnership, startups within i2i’s portfolio will gain access to Telenor Pakistan’s vast customer base of 44 million, alongside cutting-edge technology platforms and resources critical to transforming their ideas into thriving businesses.
Startups will also benefit from mentorship by seasoned industry experts, comprehensive branding and marketing assistance, data-driven insights, and technological development support. These resources are designed to equip entrepreneurs with the tools necessary for success in a competitive global market.
Areej Khan, Chief People Officer at Telenor Pakistan, emphasized the significance of this partnership, stating, “Pakistan is on the cusp of a digital revolution, and Telenor Pakistan is committed to being at its forefront. By joining forces with Invest2Innovate, we’re not just supporting startups; we’re investing in the future of our nation. Together, we’re creating a fertile ground for innovation to flourish, empowering young entrepreneurs to turn their dreams into reality and compete on the global stage.”
Sarah Munir, CEO of Invest2Innovate, echoed this sentiment, saying, “We are extremely excited to partner with Telenor Pakistan to empower the next generation of entrepreneurs. Community and collaboration are at the heart of this venture, and we are committed to providing our startups with an enabling environment and the support they require to succeed and grow.”
This strategic alliance between Telenor Pakistan and Invest2Innovate is set to leave a lasting impact on Pakistan’s startup landscape, promoting a culture of entrepreneurship and driving economic growth. Building on the success of initiatives like the Startup Mentor’s Network and the partnership with GSMA’s Innovation Fund, Telenor Pakistan continues to reaffirm its position as a catalyst for innovation in the country.
