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Ministry of Planning, Development, and Special Initiatives Launches Rs. 10 Billion Innovation Fund (PIF)

Ministry of Planning, Development, and Special Initiatives, under the directions of Prime Minister of Pakistan and Planning Minister Mr. Ahsan Iqbal, has launched the 10 Billion Pakistan Innovation Fund (PIF) to promote innovation and entrepreneurship in the country.

PIF will provide early-stage financing of Rs. 5 million to Rs. 20 million to innovative startups and small companies in the domains of education, health, agriculture, women entrepreneurship, governance, and technology. However, innovative proposals from other sectors will also be considered if they meet the evaluation criteria.

With the help of the Pakistan Innovation Fund, a thriving ecosystem for innovation and entrepreneurship is set to be created in Pakistan by promoting a culture of innovation and entrepreneurship, especially among youth.

The fund aims to address critical economic issues and support individuals, startups, researchers, SMEs, and small-scale businesses by helping them turn their innovative ideas into commercial businesses.

The main objectives of PIF are to support the future engines of economic growth in Pakistan and create indigenous products and services for import substitution as well as increase exports.

The Minister has invited startups, entrepreneurs, incubators, and investors to submit proposals to benefit from this opportunity. Interested applicants can submit their ideas by downloading the form through https://www.pc.gov.pk/web/pif and sending the filled-out form to “Member Governance, Room 320, Pak Secretariat, P Block, Islamabad”.

The applicants must also submit a copy of the proposals online at this link.

Please note that both soft and hard copies must reach the Planning Commission by 30th April 2023.

The launch of PIF is an important step to promote the culture of innovation and risk-taking for business development in Pakistan. The Ministry looks forward to working with all stakeholders to set a precedent in making Pakistan a knowledge-based economy.

Let’s turn around Pakistan!

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