ISLAMABAD: The Higher Education Commission (HEC) has established an Innovation Steering Committee to further strengthen innovation and entrepreneurship activities in Pakistani universities that will ultimately help in creation of job opportunities as well as country’s economic empowerment. Though some institutions and individuals have performed very well in the recent years, yet there is a dire need to encourage maximum number of faculty members, researchers and students to embrace innovative and entrepreneurial endeavors. The meeting unanimously selected Imtiaz Rastghar as chairman of the Innovation Steering Committee. The committee decided to review and further develop parametres to assess Office of Research Innovation and Commercialisation (ORIC), develop a start-up academy as well as will take steps to encourage female entrepreneurs. Each participant presented SWOT analysis regarding his or her interaction with the universities. Dr Arshad Ali appreciated continuous support of the industry and informed them that HEC will welcome their suggestions to improve progress of ORIC to move towards creating a knowledge economy. He said that having worked on the other side of the canvas, he is now in a position to identify the gray areas. He showed his concern on increase in youth population and establishment of new universities. He said, “These graduates are a national asset and we need to work together to develop a road map linking our youth to the solution of rising national requirements.” Dr Arshad further said that the HEC looks forward to the positive role of business community for strengthening country’s economy. He also informed that the HEC has also planned to convene meeting of ORIC directors to listen to their problems to identify areas where they could be helped to achieve their objectives. HEC (R&D) Adviser Dr Muhammad Latif briefed the forum about HEC’s new project on Technology Development Fund (TDF) for PhD scholars. The adviser informed the gathering that the new project is specifically designed to support researchers for prototype development and marketing their research project to benefit the community and economy at large. The executive director said that the establishment of the committee would serve as a backbone to the newly approved HEC’s Technology Development Fund for which the government has approved funds worth of Rs 2.95 million.