To carry out Pakistan Innovation Grants, the Ministry of IT and Telecommunication (MoITT) will create a special Project Management Unit (PMU) at Ignite.
The project management unit (PMU) will carry out the operations of the various phases of the project, according to the document that is supported by sources. To ensure that the program is successful, the ignite staff will advise the PMU.
The formation of a committee made up of professionals from the startup ecosystem would aid in the evaluation and shortlisting of company proposals that have been submitted.
The committee’s experts will be chosen via an open and transparent selection process based on their knowledge of and experience with Pakistan’s startup ecosystem.
The call for suggestions under various themes will be announced via a national campaign. The startup ideas will be examined by industry experts at several stages before the top ones are chosen and granted funds as part of the PM initiative for startups and venture capital.
The experts’ committee and Ignite Technology Fund will develop a process for choosing applications based on factors including market fit, potential for investment, team composition, diversity, etc., according to MoITT.
PMU Duties at Ignite
The Project Management Unit (PMU) created at Ignite will conduct an initial review of the ideas before the expert committee evaluates them.
The CEO of Ignite will offer the final approval of the grant proposal once Ignite National Technology Fund reviews it.
A few days ago, Pakistan Innovation Grant, worth Rs. 700 million, was introduced by Prime Minister Shahbaz Sharif.
The fund was established by the Pakistani government in recognition of the important role startups play in stimulating economic growth, promoting innovation, and generating job opportunities.
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