Under the direction of Prime Minister of Pakistan and Planning Minister Mr. Ahsan Iqbal, the Ministry of Planning, Development, and Special Initiatives has introduced the 10 Billion Pakistan Innovation Fund (PIF) to promote innovation and entrepreneurship in the country. PIF will provide inventive startups and small businesses in the fields of education, health, agriculture, women’s entrepreneurship, governance, and technology with seed funding between 5 and 25 million rupees. However, proposals from other sectors that satisfy the evaluation criteria will also be considered.
With the assistance of the Pakistan Innovation Fund, a robust ecosystem for innovation and entrepreneurship will be established in Pakistan through the promotion of a culture of innovation and entrepreneurship among youth. The purpose of the fund is to address critical economic issues and assist individuals, startups, researchers, SMEs, and small businesses in commercialising their innovative concepts. The primary goals of the Pakistan Investment Fund (PIF) are to support the economic growth engines of the future in Pakistan, develop domestic goods and services for import substitution, and increase exports.
To take advantage of this opportunity, the Minister has invited innovators, entrepreneurs, incubators, and investors to submit proposals. Downloading the form from https://www.pc.gov.pk/web/pif and mailing the completed form to “Member Governance, Room 320, Pak Secretariat, P Block, Islamabad” allows applicants to submit their ideas. The establishment of PIF is a crucial move in fostering a culture of innovation and risk-taking for business growth in Pakistan. The Ministry looks forward to collaborating with all relevant parties to establish Pakistan as a knowledge-based economy. Let’s turn Pakistan around.