The Higher Education Commission (HEC) has awarded $525,000 to fifteen start-ups through the Innovator Seed Fund (ISF) program intending to boost entrepreneurship.
According to the information available, 15 start-ups won grants of up to $35,000 each in the Pitching competition. Initially, 26 entrepreneurial teams were shortlisted from 186 applicants who entered the competition.
Dr. Mukhtar Ahmed, Chairman of the Higher Education Commission, praised the talent and potential of university students, graduates, and researchers in presenting solutions to local challenges.
HEC chairman, however, emphasized that while Pakistan undoubtedly faces problems, it is certain that problems bring opportunities, noting that various achievements of Pakistani academia and industry in the fields of technology and innovation, he emphasized that the young generation was endowed with the ability to solve the country’s problems.
While recalling the start-up program, Dr. Ahmed noted that Pakistan’s start-ups had a record-breaking year of fund-raising in 2021, receiving over $350 million in funding. He stated that with concerted and persistent efforts, this nascent ecosystem could grow and protect Pakistani entrepreneurs through regulatory, networking, and funding opportunities.
Earlier in the pitching ceremony, Dr. Shaista Sohail stated that Pakistan has the youngest people in its history, making it one of the world’s youngest countries. “This massive generation of young people has the potential to be the country’s greatest asset if we can harness its potential by empowering and uplifting them.”
Moreover, she also emphasized the importance of providing youth with the necessary education and skills, and opportunities to fulfill their roles as responsible, productive citizens and drivers of economic growth.
She stated that startups and entrepreneurship play a significant role in job creation in many countries.
She noted that Pakistans startup ecosystem is still developing compared to other countries of the world. There is a dire need to propel our efforts towards promoting technology and innovation-based Startups in the country and to boost the overall Startup ecosystem, Dr. Shaista highlighted.