ISLAMABAD, Dec. 01 (INP-WealthPK) — Fifteen startups were awarded a grant of $35,000 each by the Higher Education Commission of Pakistan under the Innovator Seed Fund (ISF) programme, WealthPK reports.
The winners of the grant were selected through the Pitching Competition organised by the Higher Education Commission (HEC). As many as 26 entrepreneurial teams, shortlisted out of 186 applicants, participated in the competition.
HEC Chairman Dr Mukhtar Ahmad told WealthPK at the grant-giving ceremony that the loan progarmme was launched by the World Bank in 2014. Initially Rs400 billion loan was provided to startups at the launch of that successful programme. He added that the World Bank decided to continue the programme owing to the achievement of the target in the first phase.
He said that in the second phase of the progarmme, HEC put extra emphasis on technology and innovation. He thanked the World Bank for showing trust in HEC and said that they are looking for the third phase of the scheme.
Dr Mukhtar said that HEC is funding 15 startups in the current year while it will give grants to 30 startups next year. He said that such a programme titled “Change Maker” will be initiated for universities in the country.
He termed the participants of the competition energetic and talented. He believed that they need more incentives and a better environment because they could deliver.
“We have more such projects in Prime Minister Youth Programme so I will advise the youth to come forward with more ideas as the sky is the limit. The people, who didn’t get the fund this time, should know that the important thing is competing,” said Dr Mukhtar.
He said that the youth should not worry about failures, especially in entrepreneurship and innovation. 80 to 90% of the projects might fail but it is not a thing to worry about. “We should celebrate our failure because we are better than those who do nothing,” he added.
Dr Mukhtar also stressed the need for creating a good working environment and ecosystem in Pakistan. He said that during his visit to universities in different countries, he was told about the talent and hard work of Pakistani students. The government, universities, relevant departments and vice-chancellors should ensure providing more facilities to students.
“The students should go beyond the boundaries of institution, region and country,” he added.
The ISF is a part of the Higher Education Development in Pakistan (HEDP) to engage entrepreneurs and aspirants, who want to convert their business ideas into action. Under ISF, a package of support and seed funding is awarded to early-stage startups through HEC-recognised business incubation centres (BICs) at universities.
The grant winners, in addition to seed funding, will be extended support through BICs in the form of entrepreneurial training, legal training, financial education, business development service provision and investment readiness training. Besides, successful startups will be connected to a range of funding sources that can help them to meet their capital needs during the scale-up phase of the programme, according to information gathered by WealthPK.
