ISLAMABAD (Monday, January 23, 2023): A total of 256 applicants shortlisted, out of 13,000 applications received under round 1, for the first phase, i.e. for Bootcamp on idea pitching, of the Prime Minister’s National Innovation Award (PMNIA). The shortlisting was done by a scrutiny committee comprising industry experts/ entrepreneurs from relevant fields. The applicants scrutinized purely on merit will undergo extensive, regional 5-day Bootcamps on idea pitching by 5 partner universities.
Applications for this program were received in the month of October and November 2022 from aspiring youth aged 15 to 30 years. The applications were open for 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.
The objective of 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 mentors with a 6-months incubation facility to augment their ideas into a flourishing business.
The process of pitching training for these shortlisted applicants will be followed by the national-level pitching competition which will start tentatively in February/ March. In this process, 50 ideas will be finalized for the award. the top 10 selected ideas will receive award of Rs. 1 million PKR each, while each one of the 40 ideas will receive Rs. 0.5 million PKR.
In the corresponding phase for six months of incubation, all 50 winners, in addition to the award money, will be eligible for supplementary funds, up to Rs. 1 million linked to startup deliverables.