- Pakistan Engineering Council (PEC) announces ‘Seed Funding Scheme for Engineering Startups’ for sustainable technology development in Agri-tech and Smart-tech
- Business proposals must address key challenges and opportunities in the engineering sector, focusing on Agri-tech and Smart-tech themes
- Agri-tech aims to enhance productivity, efficiency, and sustainability in agriculture through technology integration and waste reduction
- Smart-tech revolutionizes sectors by optimizing resource management, fostering convenience, sustainability, and economic growth
- Eligibility requires an interdisciplinary team led by PEC registered engineers with a minimum capital investment of PKR 300,000; selected teams receive interest-free loans up to PKR one million with training and mentorship opportunities
Exploring the Seed Funding Scheme for Engineering Startups
Pakistan Engineering Council (PEC) recently announced its ‘Seed Funding Scheme for Engineering Startups’ aimed at fostering innovation and entrepreneurship within the engineering sector. This initiative, spearheaded by the Innovation and Entrepreneurship Committee (ICE) of PEC, is a significant step towards supporting engineering startups in Pakistan.
Key Highlights of the Seed Funding Scheme
Under the Seed Funding Scheme, engineering startups are encouraged to submit business proposals that address critical challenges and opportunities in the engineering domain. The focus areas for these proposals revolve around sustainable technology development in Agri-tech and Smart-tech sectors. This strategic emphasis on sustainable technology underscores the importance of leveraging innovation to drive positive change in key industries.
Thematic Focus on Agri-tech and Smart-tech
Agri-tech, one of the thematic areas of the Seed Funding Scheme, plays a pivotal role in enhancing productivity, efficiency, and sustainability in agriculture. With a growing demand for agricultural products and the need for environmental sustainability, integrating technology in agriculture becomes imperative. The evolution of technology in agriculture offers new avenues for innovation, ranging from improving farming practices to implementing waste-to-product and waste-to-energy approaches for reducing environmental impact.
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On the other hand, Smart-tech emerges as a transformative force in modern society, revolutionizing various sectors through its efficiency and innovation. By facilitating interconnected devices and optimizing resource management, Smart-tech promotes convenience, sustainability, and economic growth. Through data-driven insights and automation, Smart-tech not only streamlines daily tasks but also sets the stage for a more interconnected and sustainable future.
Eligibility Criteria and Benefits for Participants
To be eligible for the Seed Funding Scheme, an interdisciplinary team led by PEC registered engineers can submit proposals. The startup should have a minimum capital investment of PKR 300,000 and the proposed product or solution must directly address one of the thematic issues, namely Agri-tech or Smart-tech. Selected engineers stand to receive interest-free loans of up to PKR one million with a repayment period of seven years, including a two-year grace period. Additionally, a 10 percent waiver is offered on lumpsum or balloon repayments. The chosen teams will also benefit from continued training and mentorship to enhance their entrepreneurial journey.
For those interested in participating, preparing a comprehensive proposal outlining the uniqueness, feasibility, and potential impact of their business idea is essential. Proposals can be submitted online until the deadline of April 7. Shortlisted candidates will have the opportunity to present their proposals to regional panels of experts in five provincial capitals. Regional winners will advance to national-level presentations and showcase events, providing a platform to showcase their innovative solutions.
The Seed Funding Scheme for Engineering Startups by PEC presents a valuable opportunity for aspiring engineers to turn their innovative ideas into reality. By focusing on sustainable technology development in key sectors like Agri-tech and Smart-tech, this scheme not only supports entrepreneurship but also drives positive change through innovation. With a robust framework in place, this initiative is set to empower engineering startups and pave the way for a brighter future in the engineering landscape of Pakistan.
Links to additional Resources: 1. https://www.pec.org.pk/ 2. https://www.ice.org.pk/ 3. https://www.startuppakistan.gov.pk/