ISLAMABAD, DEC 2 /DNA/ – More than 11,096 applications have been received for the Prime Minister’s National Innovation Award (PMNIA), a flagship initiative of the Prime Minister’s Youth Programme.
The scrutiny process for these applications will start in the coming week. The scrutiny committee will comprise industry and development sector experts and academicians. The applications will be scrutinized purely on merit basis. Applications for this programme were received from aspiring youth aged 15 to 30 years through a dedicated online portal: www.pmyp.gov.pk till November 30, 2022.
The objective of the PMNIA is to improve Pakistan’s ranking in the Global Innovation Index, foster entrepreneurial culture among the youth, and transform ideas into successful businesses. It is an open opportunity for Pakistani youth to propose innovative ideas; get funding, and technical support from industry experts along with a 6-months incubation facility to augment their ideas into a flourishing business.
A total of 250 innovators will be finalized and given rigorous pitching training from January to February in 2023. Also, a pitching competition process will be held simultaneously. In this process, 50 ideas will be finalized for the award, and the maximum funding provided to a single startup will be Rs. 02 million which is divided into two portions. Initially, an amount of up to Rs. 01 million will be provided to the top 10 selected ideas, while the rest of the 40 ideas will be provided up to Rs. 0.5 million.
In the corresponding phase, all 50 winners may also request supplementary funds of up to Rs. 1 million in addition to the award money as per their requirements through Business Incubation Centers (BICs) and will be linked to startup deliverables.
PMNIA intends to motivate the youth to use their innovative and novel ideas to help society resolve its problems through sustainable solutions improving the country’s glaring economical uncertain situation. This will also help in resolving the local challenges faced by Pakistan through creative ideas.
The award is open to all kinds of innovative ideas including but not limited to information technology, sustainable energy, food security, water management, etc. The selection of awards will be made through an open, rigorous, transparent, competitive, and merit-based process.
HEC with an aim of shaping the future of youth through financial empowerment, engagement in healthy activities, and skill development is executing five different youth-centric projects under its umbrella including the National Innovation Award, Talent Hunt Youth Sports League, Establishment of Sports Academies and Resource Centres, Green Youth Movement, and Digital Youth Development Centres.