ISLAMABAD, Mar 24 (APP):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.
About the thematic areas for this scheme, the official of PEC said that the themes for the proposals are Agri-tech and Smart-Tech.
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 wi
ll 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 se
lected engineers wi
ll 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 wi
ll be given on lumpsum/balloon repayments. The se
lected 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 wi
ll be invited to present t
heir proposals to a relevant regional panel of experts (5 x Provincial Capitals). The regional winners will qualify for national-level presentations and showcase events.
