ISLAMABAD: The Ministry of Planning, Development, and Special Initiatives, following the guidance of the Prime Minister of Pakistan and Planning Minister Mr. Ahsan Iqbal, has introduced the Pakistan Innovation Fund (PIF) worth Rs. 10 billion to encourage entrepreneurship and creativity throughout the country.
The PIF aims to provide initial funding ranging from Rs. 5 million to Rs. 20 million to pioneering startups and small enterprises in areas such as education, health, agriculture, women’s entrepreneurship, governance, and technology.
However, exceptional proposals from other fields will also be evaluated for their eligibility.
By promoting a culture of innovation and entrepreneurship, especially among the youth, the Pakistan Innovation Fund is expected to cultivate a dynamic ecosystem for innovative ideas and entrepreneurship in Pakistan.
The primary goal of the Pakistan Innovation Fund is to tackle vital economic concerns and extend support to innovators, startups, researchers, small-scale businesses, and SMEs in transforming their groundbreaking concepts into successful commercial enterprises.
The key objectives of PIF include backing the future drivers of economic expansion in Pakistan, generating local goods and services as a replacement for imports, and augmenting exports.
The Minister has urged startups, entrepreneurs, investors, and incubators to submit proposals and take advantage of this prospect.
The application form can be downloaded via https://www.pc.gov.pk/web/pif, and the completed form should be dispatched to “Member Governance, Room 320, Pak Secretariat, P Block, Islamabad”.
The applicants must also submit a copy of the proposals online at this link.
Moreover, both hard and soft copies must be received by the Planning Commission before 30th April 2023.
The Ministry is eager to collaborate with all stakeholders to set an example in establishing Pakistan as a knowledge-based economy.
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