Ignite's meeting approves launch of innovation, acceleration of funds for Pakistani startups.

ISLAMABAD -- The board meeting of Ignite National Technology Fund-- a public sector company associated with the Ministry of Information Technology and Telecommunication approved the annual budget for 2022-23 and the revamped Research and Innovation Framework presented by the management.

The 91st meeting was chaired by Aisha Humera Chaudhry, Additional Secretary, MoITT, said a news release issued here.

The proposed framework supports all of the stages of innovation from R and D on the scientific underpinnings of breakthrough technologies, to concept validation and demonstration of breakthrough technologies and innovations to meet real-world needs.

The evaluation of proposals will be conducted utilizing a structure of high-level scientific panels comprising industry and academic experts.

Financial support is provided through three main instruments: the 'Challenge-driven Innovation Fund' for solving societal challenges by applying breakthrough technologies, and the 'Technology Transition Fund' for transforming research results into innovation opportunities.

Ignite will also plan and launch an acceleration fund for pre-seed funding of early-stage startups. This will address the access to capital issue for...

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