HEC Innovation Seed Fund ISF 2024 included in the prescribed template for application should be submitted through the HEC on the web portal. The deadline for the application is January 6, 2024.
In regards to the eligibility requirements of HEC Innovation Seed Fund ISF 2024 for applicants regarding eligibility, the HEC informed that the applicant’s lead must be a scholar or faculty member, alumni, or researcher from these higher-education institutions (public as well as private) and have received endorsement from one of the HEC’s 35 business Incubation Centers across the country. The principal applicant must possess an SECP-registered company and be able to prove the legality and potential of the startup.
HEC Innovation Seed Fund ISF 2024 US 35000 Dollars Funding
Qualification Criteria to be Eligible for HEC ISF
To be eligible for this year’s HEC Innovation Seed Fund ISF 2024, applicants who meet the requirements are qualified.
- Start as a team owner/team director
- Be endorsed by any of the HEC-recognized BICs
- Include an SECP Registration Number and an outline of your business plan
HEC Innovation Seed Fund ISF 2024 Grant Package
A Grant Package that includes Seed funds for the ISF (Innovator Seed Fund) program can be as high as USD 35,000 (stretchable over startups’ budgetary requirements for approved projects).
High-Priority Topics to be used in HEC Innovation Seed Fund ISF 2024
These are top topics/ideas that should be considered to be considered for Innovator Seed Fund (ISF) programs.
- Agriculture, Food Resource, and Agriculture Technology
- Housing, Construction, and Manufacturing
- Microfinance, Banking as well as Financial Technology
- Transportation and Logistics
- Education and Educational Technology
- Electronic Commerce and Smart Retail
- Sustainability Development, Climate, and Energy
- Emerging Technologies
- Creative, Digital Media, Art, and Culture
- Metallurgical and related topics
- Other sectors with the potential for growth and impact
Application Process to HEC Innovation Seed Fund ISF 2024
- Candidates are required to submit ideas or notes on content to be considered for the Innovator Seed Fund (ISF) program in accordance with the format available on the HEC website. (ric.hec.gov.pk).
- The final date of the HEC ISF Program is 15 January 2024.
Priority Fields
Although all ideas for startups are welcome while keeping in mind Pakistan’s present situation certain fields will be given prioritization. The fields that are considered to be priority include:
- Agriculture, Food Resources, and Agricultural Technology
- Construction, Housing Manufacturing, and Housing
- Banks, Microfinance Technology, Financial Technology
- Health Care and Health Technology
- Transportation and Logistics
- Education and Educational Technology
- E-Commerce as well as Smart Retail
- Sustainable Development, Climate, and Energy
- Emerging Technologies
- Creativity, Digital Media, Arts, and Culture
- The metallurgy field and its related topics
- Other industries that have the potential for expansion and influence
If you’re not a student, but want to help students to achieve their goals you can also take the chance to serve as their mentor. Of course, this is an exclusive opportunity for those in the pool of mentors. If you’re in the pool, you must send a 500-word motivation letter along with other documents to the HEC and then wait to be chosen.
Here’s everything you must know about ISF 2024-23
Eligibility Criteria of HEC Innovation Seed Fund ISF 2024
Applicant must
- You can get an endorsement from one of the HEC-owned Business incubator centers (BICs) across the country.
- Are you a Securities and Exchange Commission of Pakistan (SECP) authorized business?
- You must be willing to sign an agreement that is tri-party between the company as well as the BIC and the HEC.
How to Apply for HEC Innovation Seed Fund ISF 2024?
Candidates can apply to participate in the ISF 2024-23 program on the HEC’s start-up site. It is important to mention that HEC will deny applications that are not approved through BIC. BIC within the timeframe specified. In addition, applicants are advised to download the ” guidelines for submitting proposals on the HEC’s website prior to applying.
FAQs
Q. Where do I apply for the ISF Program?
Ans: You can register on the ISF Portal http://ric.hec.gov.pk
Q. Who can apply for the ISF Program?
Ans: It is the ISF Program is looking to sign up three types of participants:
Startups: Minimum requirements: Securities and Exchange Commission of Pakistan (SECP) or equivalent registrar or registered Startup and not have received any prior commercial sources of funding.
Mentors: You’ll be an experienced/seasoned executive in the business.
Business Development Service Provider (BDSP): You will be a professional with experience or a business company operating in the areas of) Marketing and Sales Management II) HR & General Management Support III) Technical Support) Marketing Research v) Transaction & Capital Advisory vi) Company Registration, Tax, and Audit vii) Other.
Q. Who will be the Lead /CEO for the Startups?
Ans: The CEO/Lead of the Startup must be an undergraduate, recent graduate, or professor or researcher from one of the Higher Education Institutions (public and private).
Q. Should my startup be associated with a Higher Education Commission (HEC) established Business Incubation Center (BICs)?
Ans: HEC-founded Business Incubation Centers (BICs) to be qualified to participate in ISF. ISF Program, as in the event that you are awarded your business will be their incubator.
Q. Where can I find details about HEC Established BICs?
Ans: HEC Established Business Incubation Centers (BICs) information is available on the HEC BIC website, i.e https://hec.gov.pk/english/services/universities/EBIC/Pages/Established-BICs.aspx
Q. How can I register my startup with the Securities and Exchange Commission of Pakistan (SECP)?
Ans: You can ask your incubator manager for help or find details on SECP company registration here at this link: https://www.secp.gov.pk/company-formation/registration-of-company/
You can find details on how to create your SECP E-Login on the following link: https://www.secp.gov.pk/eservices/getting-started/
We recommend using a professional for the registration of your business with the SECP and the cost can range usually between PKR 17,000 and 22,000-.
Q. Will I be required to send any templates to apply for ISF?
Ans: Once you register on the ISF portal (http://ric.hec.gov.pk) as a Startup, you’ll have to send us a Concept Note.ISF Concept Note Template ISF Concept Note Template is available under the “Downloads” Section. It needs to be uploaded via an online form.
Q. What is the deadline for submission of ISF Applications?
Ans: The deadline is January 06, 2024, at 11:59 pm (PST)
Q. How much funding is anticipated through ISF Program?
Ans: ISF Funding for new ideas and startups in the early stages can be up to $35,000 or equivalent, which is paid in Pakistani rupiah.
Q. Do you accept the ideas/business plans already registered for a patent?
Ans: If the patent is an idea for an idea, yes. However, If it’s just patent, then it is not.
Q. Do you accept the registered trademark for ISF?
Ans: Yes, if the trademark is part of a business venture, but not for trademark registration.
Q. Do you accept the business plan only for the registered startups or also for startups in the process of registration?
Ans: Only registered
Q. The ideas/Business plans/Startups in the BICs of private sector universities also acceptable for you?
Ans: If they are approved and approved by the mentioned BICs (public).
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