Pasha Fund has received around 200 proposals from individuals and groups of entrepreneurs of ICT sector to be evaluated and granted with Rs. 1 million initial capital to 25 individuals or groups for their respective projects.
A number of young and talented professionals and students are keen to avail funding from Pasha Fund for Social Innovation, which received better-than-expected applications from all over Pakistan in three months, a member of advisory council told ProPakistani.
The competition is tough among the applicants because the proposals are innovative, interesting and beneficial for the social aspects, a member further said while referring to the media’s role in the awareness of the fund and efforts of Pasha representatives through their visit to different universities.
Currently, the evaluation committee is busy in selection of 25 most innovative and practically sound ideas or proposals to finalize the financing process as soon as possible.
Later, the fund will be launched with the announcement of selected individuals or companies in November or October.
Pakistan Software Houses Association (P@SHA) in collaboration with Google Inc on launched a $ 250,000 worth Social Innovative Fund in June in the search of innovators, who are capable to make difference in the society with their, idea, intelligence and technology.
The basic theme of the proposal was asked to design on social innovation that refers to an ICT based services or products that would benefit to a segment of society or to society as a whole – especially to downtrodden, deprived and victimized individuals such as those suffering from poverty, physical disability, lack of empowerment, lack of access to health, communication, employment and business opportunities, literacy, citizen services, etc.
After selection of the innovators, Pasha Funds’ board members will give technical and financial expertise to entrepreneurs and students for pursuing their project in best economical way.
The entrepreneurs will be allocated maximum of one million rupees for the project in the first phase but the extra amount could be released if there will be any need to pursue a specific project.
Thanks for the coverage. A few minor corrections. The number of applications received went up in the final week to around 300. Winning applicants will receive upto US$10,000 each. Some may require less. It all depends on the scope of the idea. Some have actually asked for a small sum but more mentoring and expertise.
In the first phase P@SHA will announce 10 innovate ideas – in 2 weeks. Then we will reopen the application process for the next 10 – 15.
The media has indeed played an immense role in spreading the word and we are very grateful to them. The Advisory Council and our Outreach Gurus and mentors too have played an important part in taking the project forward.
I am waiting for results :) and hoping for my idea