HEC Clarifies Typo, Will Provide Rs. 2.9 Billion Instead of Rs. 2.9M to Tech Funds

In a meeting at HEC today, it has been clarified that the Higher Education Commission of Pakistan will provide funding for new startups to the tune of Rs 2.91 billion and not Rs 2.95 million as was erroneously notified earlier. The Commission, after getting official approval, will use the funding as part of HEC’s Technology Funds for deserving startups and entrepreneurs throughout Pakistan.

The typo in the original notification notwithstanding, enhancing the size of HEC Technology Funds is a welcome move and consistent with expectations of Pakistani entrepreneurs and startups.

The move is expected to enhance entrepreneurial ventures throughout the country, helping deserving candidates from Pakistani universities get access to funding. The goal is also to increase faculty sizes in universities and induct manpower that can encourage students and researchers to come forward with out-of-the-box entrepreneurial ideas.

In addition to this, the new Executive Director of HEC Dr. Arshad Ali has formed a Steering Committee to help steer the direction deficient & lost ORIC (Office for Research, Innovation and Commercialization) in 41 Universities. The Steering Committee features many stakeholders from the Industry which include reputable names from Soft & Hard (physical) technologies and service sector.

“These graduates are a national asset and we need to work together to develop a roadmap linking our youth to the solution of rising national requirements”, he said. Dr Arshad added that HEC is looking forward to increasing the positive role of the business community to help straighten Pakistan’s economy.

It is hoped that with the clarified figures of Rs. 2.9 billion in funding, Pakistan’s Higher Education Commission empowers business-savvy students to help create jobs and innovative products, also putting Pakistan’s name on the map for providing a good conductive climate for startups officially.