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Aug 28 - Sep 03, 2000

PakVenCap.com, the first Information Technology specific Venture Fund being floated by Pak-Libya

PakVenCap.com (Pvt.) Limited, an IT company which is primarily being promoted by Pak-Libya, is in the process of launching an IT specific venture fund. The said fund would be the first of its kind in Pakistan.

PakVenCap.com wants to identify, incubate and groom the IT talent in Pakistan and provide opportunities which were not preciously available. This Venture Capital Fund has been launched as a national service with the main goal to promote the IT culture in Pakistan and to create avenues which could contribute to higher export earnings of the country, provide new employment opportunities and eventually make Pakistan a force to be reckon with in the IT world; a world which is moving forward towards globalization in the IT environment

Pak-Libya held an IT Talent Hunt Program from March 12 to April 30, 2000 to identify the said talent in Pakistan. In order to promote the IT Talent Hunt Program, Pak-Libya published a series of ads in the leading dailies of the country, thereby inviting the IT professionals and entrepreneurs to participate in the said program by submitting their proposals/ proposals online at www.paklibya.com.pk. The idea got a very encouraging response from the participants. Not only the number of the submitted proposals exceeded the initial estimates but the quality of the submitted proposals was outstanding too.

Initially it was expected that the program would draw around 100 proposals or so but by the time the program closed, the actual count of submitted proposals was 400. During the period the program was on, over 41,000 visits were recorded on that section of PakLibya's website, which was hosting the said program. Around 50% of the applicants were from Karachi, whereas 20% of the proposals came from Lahore and the remaining came from other cities. Over 63% of the proposals were submitted by applicants in the age bracket of 16-25 years, while 27% were in the 26-35 slot. 48% of the applicants had atleast a bachelor's degree under their belts. About 28% of the submitted proposals dealt with Internet Applications, whereas 22% of the proposals were about database applications.

PakVenCap.com has now short listed around 50 proposals for the final phase. The submitters of these proposals are being invited for a personal interview where they would get a chance to not only demonstrate their product to the technical advisor but also discuss their proposal in detail. The selected proposals would then go on to receive Venture Funding.

The proposals which would not qualify for Venture Funding at this stage would not be left behind however. PakVenCap.com intends to set up workshops and nurseries where these proposals would get professional support and consultation. With this consultation, these proposals would be improved upon in order to qualify for venture funding at a later stage.

The main idea behind holding the said Talent Hunt Program and the workshops was to have a ready pool of IT proposals for PakVenCap.com) so that by the time the company would start its operations, it would have a selection of viable IT proposals as well as proposals in pipeline to proceed further.

The Government of Pakistan has also shown its full support for this IT Venture Fund. Quite a few local financial institutions as well as some multinational companies hare been approached to express their interest to enter as partners in PakVenCap.com.