KP Govt To Support Up To US $ 15,000 To Promote Female Led Startups Businesses

Minister of Science and Technology, Khyber Pakhtunkhwa, would support initially 30 women led startups businesses with the financial support of US $ 5000 to US $ 15000 to generate opportunities for women under digital jobs initiative

PESHAWAR, (UrduPoint / Pakistan Point News - 6th Oct, 2021 ) :Minister of Science and Technology, Khyber Pakhtunkhwa, would support initially 30 women led startups businesses with the financial support of US $ 5000 to US $ 15000 to generate opportunities for women under digital jobs initiative.

The initiative had been taken on the special directives of Minister for Science and Technology and Information Technology, KP, Atif Khan.

He said the financial supported would be granted under "Seed Fund" a component of digital jobs in KP, to be launched soon.

It would aim to integrate women into the digital economy and make them more empowered to make them economically independent, said an official communiqu issued here on Wednesday.

Under the first phase of "Digital Jobs in KP" KPITB took measures to ensure that the Incubation Centres (Durshals) established by KPITB across different districts remain inclusive spaces for women and other marginalized communities.

By establishing a seed fund primarily targeting the early-stage start-up women led businesses, KPITB had taken a step further to accelerate the growth of these start-ups.

This sub-component of digital jobs in KP is outsourced to a specialist fund management firm.

The firm would be required to determine a fund structure that was aligned with global the best practices and had the ability to sustain through the returns on investments made.

The specialist firm would define the selection criteria of the tech start-ups for the award of seed fund, fund management, investment model and value of maximum and minimum investments, disbursement mechanisms and monitoring methodology.

Typically a competitive process would be followed to select the beneficiaries through an open call for evidence-based proposals.

Seed fund allocations would be made depending on the individual requirements of the start-up. After the funds were allocated to successful start-ups, the firm would be required to coach the start-ups and transform their products into commercially viable ones, eventually generating revenue.

However, the fund allotment mechanism could change upon the recommendations of consulting firm, it said.