The Higher Education Commission has issued the official announcement of call for the applications regarding Innovator Seed Fund (ISF) 2023. The Higher Education Commission (HEC), Pakistan invites startups owned by students, alumni and/or faculty members/researchers (affiliated with public and private sector universities/degree awarding institutions) to apply for Innovator Seed Fund (ISF) grant, envisioned for development of startup ecosystem in Pakistan.
Innovator Seed Fund 2023 Key Features
The ISF is part of the Higher Education Development in Pakistan Project (HEDP) supported by the World Bank and implemented by HEC, Pakistan. ISF is anticipated to support development of startups through provision of ISF grants to those having innovative ideas, which can be transformed into successful enterprises, through customized support extended by the Business Incubation Centres (BICs) at 29 higher education institutions (HEIS) (https://bit.ly/3DwyLUt).
The grant package, involving seed funding of up to USD 35,000, will be stretched over the startups’ proposed budgetary requirements for approved activities, including rigorous entrepreneurial training, legal training and support, and financial education and training among other services.
ISF 2023 Applicant Eligibility Criteria
The lead applicant must:
- Be a startup owner/team lead–either be a student, alumni and/or faculty member/researcher of HEls (public and private)
- Have endorsement from one of the HEC established BICs
- Have an SECP [Securities & Exchange Commission) registration number or equivalent registration as per Pakistan’s law and a business plan that demonstrates opportunity for growth and impact.
The priority sectors for ISF support include;
- Agriculture, Food Resources and Agricultural Technology
- Housing, Construction and Manufacturing
- Banking, Microfinance and Financial Technology
- Health Care and Health Technology
- Transportation and Logistics
- Education and Educational Technology
- E-Commerce and Smart Retail
- Sustainable Development, Climate and Energy
- Emerging Technologies
- Creative, Digital Media, Arts and Culture
- Metallurgy and related subjects
- Other sectors that have potential for growth and impact
ISF Startup Idea Submission Procedure 2023
The Startup Innovative Ideas/Concept Notes on prescribed application template must be submitted via HEC online portal: ric.hec.gov.pk.
Deadline for Application Submission: Friday, January 06, 2023 (11:59 PM)
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