HEC grants $525,000 to 15 startup businesses to boost entrepreneurship

The Higher Education Commission (HEC) has awarded $525,000 to fifteen start-ups under the Innovator Seed Fund (ISF) program with the aim of improving entrepreneurship, the Daily Times reported.

According to the information received, 15 startups received funding of up to $35,000 each in the Pitching competition. Initially, as many as 26 business teams were registered among the 186 applicants who participated in the competition.

The HEC President Dr. Mukhtar Ahmed applauded the talent and capacity of university students, graduates and researchers for offering solutions to local challenges.

He, however, stressed that Pakistan is indeed facing problems, but problems certainly bring opportunities with them, adding that the various achievements of Pakistani academia and industry in the field of technology and reforms, he emphasized that the youth are blessed with skills. to organize solutions to the problems facing the country.

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Recalling the startup program, Dr Ahmed highlighted that Pakistan startups have seen a fundraising year in 2021 with more than $350 million in funding. He noted that with collective and sustained efforts, this emerging ecosystem can further flourish and protect Pakistani entrepreneurs through facilitation, networking and financing.

During the previous voting ceremony, said Dr. Shaista Sohail that Pakistan has the most youth population today, which makes it one of the youngest countries in the world. “This young generation can be the country’s greatest asset, if we can harness their potential by empowering and uplifting them.” He stressed the need to provide the youth with the right kind of education and skills as well as the ability to fulfill their role as responsible and productive citizens and stimulate economic growth.

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He noted that in many countries, start-ups and entrepreneurship play an important role in job creation. He also noted that Pakistan’s startup ecosystem is still in its infancy compared to other countries in the world. “It is very important to push our efforts to promote technology and innovation based on Startups in the country and to promote the Startup environment in general,” he emphasized.

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Startups that received the grant included ezGeyser, mimAR Studios, Funkshan Tech Pvt. Ltd., and truID Technologies Pvt. Ltd. from the National University of Sciences & Technology (NUST); Savvy Engineers Pvt. Ltd. and Arm Rehab Technologies from International Islamic University Islamabad (IIUI); Avero Life Sciences from Institute of Management Sciences, Peshawar; Wonder Women from Punjab University; Orko Pvt. Ltd., Boltay Huroof, and Poter Pakistan from NED University of Engineering & Technology (UET), Karachi; VisionRD and Oxbridge Innovative Solutions Pvt. Ltd. from Bahria University Islamabad; 110 Update from IBA-Sukkur; and Shahruh Technologies Pvt. Ltd. from UET, Lahore.

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