According to the latest news, under the directions of the Prime Minister of Pakistan and Planning Minister Mr. Ahsan Iqbal, the Ministry of Planning, Development & Special Initiatives has launched the 10 Billion Pakistan Innovation Fund (PIF). The aim of PIF is to promote innovation and entrepreneurship in the country. The good part is that PIF will provide early-stage financing of Rs 5 million to Rs 20 million to all ingenious startups. Even though, small companies in the domains of education, health, agriculture, women entrepreneurship, governance, and technology can become a part of it. The point worth mentioning here is that innovative proposals from other sectors will be considered if they meet the evaluation criteria.
Pakistan Innovation Fund Aims To Create Thriving Ecosystem
PIF aims to handle critical economic issues and support individuals, startups, researchers, SMEs, and small-scale businesses by helping them bend their innovative ideas into commercial businesses. The main goals of PIF are to support the future engines of economic growth in Pakistan. This fund wants to create indigenous products and services for import substitution as well as to increase exports.
The Minister invites startups, entrepreneurs, incubators, and investors to submit proposals to get an advantage from this opportunity. Interested applicants can present their ideas by downloading the form through . Furthermore, send the filled-out form to โMember Governance, Room 320, Pak Secretariat, P Block, Islamabad. Keep in your mind that both soft and hard copies must reach the Planning Commission by 25 May 2023.
The launch of PIF is a significant step to boost the culture of innovation and risk-taking for business development in Pakistan. The Ministry looks ahead to working with all stakeholders in order to set a precedent in making Pakistan a knowledge-based economy.
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