PM’s National Innovation Award Ushers in Incubation Phase for Awardees

PM's National Innovation Award Ushers in Incubation Phase for Awardees

Islamabad, Jan 9 /DNA/ – The Prime Minister’s National Innovation Award (PMNIA) takes a significant stride forward as it initiates the incubation phase for Round 1 and 2 awardees.

The commencement was marked by the formal signing of a Tripartite Contract involving the awardees, Host Incubator, and the Higher Education Commission (HEC).

Notable signing ceremonies unfolded at 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.

PMNIA, a cornerstone of the Prime Minister’s Youth Programme executed by the HEC, acts as a unique catalyst fostering a culture of innovation and entrepreneurship. It empowers young entrepreneurs to transform their ideas into tangible solutions, with 100 startup ideas earning cash prizes, through a rigorous selection process in two rounds, the top 10 startups in each round secured a substantial prize of PKR 1 million each, while the remaining 40 received support of 0.5 million each.

In this next phase, awardees are set to receive a seed grant of PKR 1 million upon consenting to a 6-month incubation programme at designated incubators. A network of 18 incubators nationwide, in collaboration with HEC, is poised to deliver comprehensive incubation services, encompassing training, mentorship, and networking opportunities with potential clients and investors.

The Prime Minister’s National Innovation Award underscores its commitment to nurturing a culture of creativity, innovation, and a knowledge economy. This initiative provides crucial opportunities and support to young entrepreneurs, aligning with HEC’s dedication to scaling innovative ventures through technical and financial backing.