PEC Announces Seed Funding Scheme For Engineering Startups – UrduPoint
ISLAMABAD, (UrduPoint / Pakistan Point News – 24th Mar, 2024) Pakistan Engineering Council (PEC) Innovation and Entrepreneurship Committee (ICE) has invited engineering startups to submit business proposals under its ‘Seed Funding Scheme for Engineering Startups’.
The business proposals addressing key challenges and opportunities in the engineering sector with a focus on sustainable technology development in Agri-tech and Smart-tech are sought from the engineers.
Agri-tech is crucial to enhance productivity, efficiency, and sustainability in the sector of agriculture such as food security, environmental sustainability, and increasing demand for agricultural products, integration of technology in agriculture continues to evolve, offering new opportunities for innovation and improvement in farming practices.
It also emphasizes the adoption of waste-to-product and waste-to-energy approaches to reduce environmental impact.
Smart-tech plays a pivotal role in modern society, revolutionizing various sectors with its efficiency and innovation.
From enhancing communication through interconnected devices to optimizing resource management.
Smart-tech fosters convenience, sustainability, and economic growth.
By harnessing data-driven insights and automation,
Smart-tech not only streamlines daily tasks but also paves the way for a more interconnected and sustainable future.
About the eligibility, the official informed that the interdisciplinary team led by PEC registered engineers will be eligible to submit proposals and the startup must have a capital investment of at least PKR 300,000. The product /solution must directly address one of the thematic issues.
The selected engineers will be given interest-free loans up to PKR one million with a repayment period of seven years with two years grace period. While a 10 percent waiver will be given on lumpsum/balloon repayments. The selected team will also be given continued training and mentorship.
For participation, the intending candidates must prepare a comprehensive proposal outlining their business idea, and highlight its uniqueness, feasibility, and potential impact.
The proposals can be submitted through the web link: http://forms.gle/32ojCaYoyDjNxV78 till the last day for proposal submission of April 7.
The shortlisted candidates will be invited to present their proposals to a relevant regional panel of experts (5 x Provincial Capitals). The regional winners will qualify for national-level presentations and showcase events.
