ISLAMABAD: The Higher Education Commission (HEC) has invited innovative start-ups owned by students, alumni, faculty members, or researchers from public or private sector universities to apply for the Innovator Seed Fund (ISF) Grant.
In a statement, the HEC noted that Innovator Seed Fund (ISF) Grant – envisioned for the development of innovation and start-up ecosystem in Pakistan – is a flagship initiative of the commission under the Higher Education Development in Pakistan Project (HEDP).
The ISF is anticipated to support the development of fledgling start-ups having innovative ideas through the provision of seed funding grants, to transform them into successful and sustainable enterprises.
The grant package includes up to $35,000 in seed funding, stretched over start-ups proposed budgetary requirements for activities, including but not limited to entrepreneurial training, legal or financial, or marketing training and support, among other services.
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About the applicant eligibility, the HEC conveyed that the lead applicant must either be a student, alumni or faculty member, or researcher of the higher education institutions (public or private) and must have endorsement from one of the HEC-established 35 Business Incubation Centers across the country.
The lead applicant must have an SECP-registered business concern, ensuring the legal status and promising potential of the start-up.
The priority sectors for ISF support include but are not limited to Agriculture, Food Resources and Agri Tech, Banking; Microfinance and FinTech; Creative, Digital Media, Arts and Culture; Education and EdTech; E-commerce and Smart Retail; Emerging Technologies; Health Care and Health Tech; Housing, Construction and Manufacturing; Sustainable Development, Climate, and Energy; Transportation and Logistics.
The innovative ideas or concept notes on the prescribed application template must be submitted through HEC online portal http://www.rfi.hec.gov.pk. The deadline for submission of the application submission is January 06, 2023.
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