NEWS DESK
ISLAMABAD: Young innovators and entrepreneurs in Pakistan are encouraged to apply for funding through the Prime Minister’s National Innovation Award by submitting an application to the Higher Education Commission (HEC).
On Friday, HEC said that by November 15, 2022, adolescents between the ages of 15 and 30 may submit their proposals via www.pmyp.gov.pk.
One of the main initiatives of the Prime Minister’s Youth Program, which is run by HEC, is the Prime Minister’s National Innovation Award.
The goal of the innovation award is to raise Pakistan’s standing in the global innovation index, encourage young people to be entrepreneurial, and turn ideas into profitable ventures.
All young people in Pakistan have the chance to submit creative ideas, receive money and technical advice from business professionals, and participate in a six-month incubation program to help turn those ideas into successful businesses.
For their unique ideas, 250 innovators will have the opportunity to participate in “Idea Pitching Training.” But only 50 proposals will be chosen to receive the reward. Up to Rs. 2 million in investment, divided into two instalments, may be given to a single firm.
The top 10 ideas will each receive an initial sum of Rs. 1 million, with the remaining 40 concepts receiving up to Rs. 0.5 million apiece in funding.
The additional funds will be distributed via the relevant BICs and will be contingent upon meeting the startup’s deliverables and the agreed budget.
The Prime Minister’s National Innovation Award would encourage young people to use their creative talents and so improve society and the economy of the nation. This will also aid in resolving the issues in the area.
All types of innovative concepts are eligible for the award, including but not limited to those relating to food security, sustainable water management, sustainable energy, urban planning, climate change and the environment, innovative governance and reforms, sociology and philosophy, medical and health sciences, and others.
Awards will be chosen using a competitive, merit-based, open, rigorous, and transparent procedure.