ISLAMABAD: The Pakistani government has shortlisted 95 candidates out of 1,000 applicants to pitch their ideas from different fields, including agriculture, education, technology, innovative mobile apps and health, and will award 60 of them up to Rs20 million seed funding to materialize their projects as part of a Rs10 billion program.
These grants will be awarded under the Pakistani planning ministry’s Pakistan Innovation Fund (PIF) program to promote innovation and entrepreneurship in the South Asian country. The PIF will provide inventive startups and small businesses with seed funding between Rs5 million and Rs20 million.
The government believes the PIF funding would help establish a robust ecosystem for innovation and entrepreneurship in Pakistan through the promotion of a culture of innovation and entrepreneurship among youth.
“All in all, Pakistan Innovation Fund is a major contribution towards recognizing the talent, energy and promise of our youth,” Planning Minister Ahsan Iqbal told Arab News, ahead of a panel interview of the shortlisted candidates for their final selection based on their ideas.
“The Pakistan Innovation Fund and awards are a part of 5e framework that government has developed to turn around Pakistan’s economy.”
Jury members, including Pakistan's Planning and Development Minister Ahsan Iqbal (center), gesture during the panel interview of the Pakistan Innovation Fund's "Innovation Hub" startup program in Islamabad on June 19, 2023. (AN Photo)
The government’s 5e framework includes promotion of exports, energy, environment, equity and empowerment for the country’s economic development.
Iqbal said about 60 young Pakistanis would be selected this year for the grant and each award would be up to Rs20 million. “We think this will be enough for them to translate their projects into reality and scale up their ideas,” he said.
The winners would be getting the seed money from the government in tranches to implement their ideas with their innovative marketing and business strategies to create job opportunities for the youth and help the country’s fragile economy.
The shortlisted innovators and businessmen have presented their ideas before a selection panel to win the grant and materialise their projects.
The candidates say the initiative will help young entrepreneurs come forward with their innovative ideas.
One of the projects by a candidate, Professor Ayesha Urooj, aims to revolutionise mental health support by developing an AI-based application, called “AI-Psychologist,” to address the relevant mental health issues, social stigma and limited access to services in Pakistan.
“By offering a safe and accessible platform, we empower individuals, particularly women, to seek help without fear of judgment,” she told Arab News. “Our goal is to break barriers, promote mental wellbeing and create a supportive environment for everyone.”
A contestant presents her startup idea during the panel interview of the Pakistan Innovation Fund's "Innovation Hub" program in Islamabad on June 19, 2023. (AN Photo)
Another innovator and a human rights lawyer, Sheeba Hasan, presented a mobile application, Falah, that would help digitalize the official processes, especially in litigations like rapes and domestic abuse of women, and provide pro bono legal aid to victims.
“If we are selected, we aim to work with the government to do something fruitful for the development of Pakistan,” she told Arab News.
Planning Minister Iqbal said the PIF would be a sustainable project as the government had involved civil society, private sector and academia as well to make it vibrant and effective.
“We live in an age of disruption and innovation is the new currency of development,” he told Arab News.
“I hope that with this funding we will be able to turn their dreams into reality and young professionals will be able to translate their ideas into projects which will have an impact on the economy of Pakistan.”
