ISLAMABAD: The incubation phase for Round 1 and 2 awardees of the Prime Minister’s National Innovation Award (PMNIA) was launched on Tuesday with the formal signing of a tripartite contract involving the awardees, Host Incubator, and the Higher Education Commission (HEC).
The signing ceremonies took place at various institutions, including the Institute of Management Sciences, Peshawar; Pak-Austria Fachhochschule Institute of Applied Sciences and Technology (PAF IAST); National University of Sciences and Technology (NUST), Islamabad; University of the Punjab; Government College University; and University of Engineering and Technology (UET) Lahore, according to a press release.
PMNIA, a key component of the Prime Minister’s Youth Programme executed by the HEC, serves as a catalyst for fostering a culture of innovation and entrepreneurship. It empowers young entrepreneurs to translate their ideas into tangible solutions. Through a rigorous selection process in two rounds, 100 startup ideas earned cash prizes, with the top 10 startups in each round securing a substantial prize of Rs 1 million each and the remaining 40 receiving support of Rs 0.5 million each.
In this next phase, awardees will receive a seed grant of Rs 1 million upon agreeing to a 6-month incubation program at designated incubators. A network of 18 incubators nationwide, in collaboration with HEC, is poised to provide comprehensive incubation services, including training, mentorship, and networking opportunities with potential clients and investors.
The Prime Minister’s National Innovation Award demonstrates its commitment to nurturing a culture of creativity, innovation, and a knowledge economy. This initiative offers crucial opportunities and support to young entrepreneurs, aligning with HEC’s dedication to scaling innovative ventures through technical and financial backing.
