Engro Foundation, an organization devoted to improving the lifestyle of lower-income societies in Pakistan, has collaborated with the SEED Ventures, an enterprise development organization, which provides solutions to social challenges.
This collaboration will result in expanding and implementing structured programs for starting up a new business and the investments made into companies with the aim to produce a helpful societal impact. Furthermore, the two entities will be working together to develop the enterprise and social enterprise landscape of the country.
Both the parties have agreed to work collaboratively as partners through various programs that would promote and enhance the entrepreneurial capacity of various cities across Pakistan. The partners are also focusing on impact investments engaging local stakeholders and studying the landscapes of cities across Pakistan for the best possible interventions.
As a corporate foundation, Engro is focused on investing in the communities and the value chains to include the poor and the disadvantaged. This partnership with SEED will help Engro move from a philanthropic model to a social investment model that not only provides employment but looks to tackle social issues at the community level. SEED provides this expertise and Engro looks forward to learning from them on how to enable entrepreneurs and incubate enterprises.
It is of utmost importance to understand the need for creating an environment conducive for entrepreneurial growth, and in doing so, do not isolate the corporate sector, rather, involve and engage them as one of the most important stakeholders.
At the same time, SEED Ventures believe that the time is right for impact investments and venture capital firms to raise in Pakistan which will further pave way for a new breed of entrepreneurs and startups as well as bring about immense changes in the socio-economic landscape of Pakistan
The Memorandum of Understanding (MoU) was signed by Head of Engro Foundation Aman ul Haque and SEED Ventures’ Chief Executive Officer & Co-Founder Faraz Khan in Karachi, in the presence of Director & Co-Founder SEED Ventures Khusro Ansari, Director Engro Foundation Favad Soomro, and senior management from SEED.