The Ministry of IT and Telecommunication (MoITT) will establish a dedicated Project Management Unit at Ignite to execute Pakistan Innovation Grants.
According to the document available with ProPakistani, the project management unit will carry out the operations of different phases of the project. The ignite employees will provide advisory support to the PMU to make the program successful.
A committee composed of experts from the startup ecosystem will be formed, the committee will help in assessing the submitted proposals of startups and shortlisting them.
The experts for the committee will be selected through an open and transparent criterion based on their expertise and experience in Pakistan’s startup ecosystem.
A nationwide campaign will be initiated to announce the call for proposals under different thematic areas. The proposals submitted by startups will pass through different stages of scrutiny by the industry experts after which the best proposals will be selected and awarded grants through the PM initiative for startups and venture capital.
According to MoITT, the experts’ committee along with Ignite Technology Fund will devise a methodology for the selection of proposals based on market fit, investment potential, team composition, diversity, etc. Initial scrutiny of the proposals will be done by the Project Management Unit established at Ignite, the expert committee will make an assessment of the proposals.
After the review by Ignite National Technology Fund, the CEO of Ignite will give the final approval of the proposals for awarding grants.
Prime Minister Shahbaz Sharif launched the Pakistan Innovation Grant worth Rs. 700 million a few days ago. The Government of Pakistan created the fund in recognition of the role played by startups in driving economic growth, fostering innovation, and creating employment opportunities.
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