HEC launches a PKR 2.91 billion fund to develop the entrepreneurial ecosystem in Pakistan

Responding to the growing startup trend in Pakistan, the government announced a PKR 2.91 Billion fund to accelerate the growth and innovation process for startups. The establishment of the fund will be done through Higher Education Commission of Pakistan (HEC).

The aim of the fund is to help innovative, knowledge intensive initiatives to secure funding and resources. This will stimulate the supply of funds to the deserving entrepreneurs and startups across Pakistan. It will also enable universities to refine good ideas and turn them into sustainable businesses.

The project will provide a framework for collaboration between the academic sector and the private sector in areas of business development for the local economy.

The execution process of this initiative may also highlight the gaps in both sectors and act as an instrument for capacity. Encouraging such funds may also lead to high impact partnerships for commercializing academic research and technology advancement.

ecosystem1

As technology advances, new ways to communicate with students becomes essential. The previous record of the universities shows that they have struggled immensely to promote the right models for enterprise development but the current dynamic team at HEC may bring a permanent change.

The inability of the universities and SMEs to develop effective partnerships and gain information is critical to business survival in Pakistan. The growing rate of unemployment in the face of an increase in youth population of the youth are reasons enough to encourage improvement in decision making by the government and this may just be the action point of a long awaited journey.

HEC had previously advised the universities to establish ORIC (Office for Research, Innovation and Commercialization) Centers to promote entrepreneurial culture among students. Dr. Arshad Ali, the new executive director of HEC, has formed a steering committee to redirect the goals of ORIC and align them with the goals of the new fund.

The committee includes reputable members and stakeholders from the business community. The innovation steering wing is also in the process of finalizing the execution strategy for the new fund. The aim of the stakeholders involved is to provide better strategic dimension and coordination of support services for student led initiatives.

In Pakistan, there are several programs, incubators, accelerators and financial advisory services that assist the startups and small businesses. However, in order to generate a greater impact, more initiatives are required at different levels of the economy for the deserving entrepreneurs.

The growing trend of self-employment and the need to start ones’ own business may benefit the Pakistani economy and change some important economic figures like domestic demand and unemployment rate. Access to such funds can result in developed human capital and an advanced technology- together they can undoubtedly serve as agents for economic revolution in Pakistan.


News of the day

9 minutes Read 49 views

95% women journalists say online violence has an...

November 6, 2019

A report
launched by Media Matters for Democracy (MMfD) shows that all female
journalists within the country face some type…

View All
17 minutes Read 124 views

Are Ali Express items being sold in Sunday...

October 18, 2019
Islamabad: A “lucky draw” has caught the attention of the inhabitants of the twin city since 15 September…

View All
7 minutes Read 390 views

Pakistan’s first online hostels booking platform is now...

July 29, 2019

The prevalent problem among students and working professionals today is that people living out of their hometown and…

View All
6 minutes Read 382 views

Summer Camp for Teens! CAMP AMAZE!

May 27, 2019

Innovation District 92 is hosting Camp Amaze, a Summer Camp for students aged 14-18 years in…

View All
11 minutes Read 441 views

ATX+PAK Advance GMAP Finalists Announced

May 6, 2019

Ten startup companies to launch accelerated global expansion plans via Austin, Texas

The City of Austin Texas, Innovation District…

View All

Latest Videos

1 minute Read 1,135 views

Saad Mahmood, The Technology Guy

March 13, 2018

Saad Mahmood is currently working at Microsoft.He is Microsoft Most Valuable Professional (MVP) and loves technology. Saad has…

View All
1 minute Read 1,081 views

Saad Mahmood’s Perspective About Women Empowerment !!

March 8, 2018

Saad Mahmood is currently working at Microsoft.He is Microsoft Most Valuable Professional (MVP) and loves technology. Saad has…

View All
Less than a minute Read 1,915 views

CEO VizRah, Mohammad Adeel Javed, talking about Vizrah...

August 20, 2017

We asked Adeel Javed about his initiative VizRah and how he aims to positively impact the society through…

View All
Less than a minute Read 2,588 views

Yellow Plate Restaurant introducing fast food with unique...

August 10, 2017

Our team visited Yellow plate restaurant at Shah Jamal market Lahore to tantalize our taste buds. The Owner…

View All
Less than a minute Read 1,846 views

Views of Khuram Bukhari (Co-Founder Ravvish) about Life,...

August 10, 2017

We conducted a written dialogue about life and success with Co-Founder Ravvish, Khuram Bukhari

View All