Startups

National Incubation Center Karachi to begin operations next month

Ministry of IT and Ignite’s flagship initiative National Incubation Center (NIC) will kickstart in Karachi, next month. After the establishment of NICs in Islamabad, Lahore, and Peshawar, NIC Karachi becomes the fourth incubation center that is funded by Ignite, the national technology fund (formerly known as the National ICT R&D Fund). It is soon to be followed by NIC Quetta.

The $6 million project will be jointly executed by LMKT, Habib Bank Limited, PTCL, Pakistan Poverty Alleviation Fund, Founder Institute, Invest2Innovation and will be based out of NED University of Engineering & Technology. The incubation center expands over 20,000 square feet at one of the top engineering universities of Pakistan. NIC Karachi will mentor over 40 companies yearly, providing them access to a design studio, a Fintech center, NED University’s Maker’s Lab and venture capitalists.

Over the next five years, NIC plans to facilitate over 200 budding startup companies that have the potential to create high growth businesses that are also sustainable. NIC Karachi will execute a series of programs that will comprise of boot camps and accelerators, focusing on thirteen major areas. While the incubation center is looking for startups working in areas of fintech, real estate, e-commerce, cyber security and robotics, it is also on a lookout for social innovation ventures that can increase social inclusion and use technology for good.

Ignite’s CEO, Yusuf Hussain is optimistic about the impact that will be produced by national incubators across the country. He said,

“In India, startups receive $7 billion in annual funding compared to a paltry $70 million in Pakistan, which is not even one-tenth of the former. India moved into tech much earlier and attracted foreign investors while Pakistan lagged behind because of its fight against terrorism. But now, the country is well positioned to grow. Now we want Pakistan to produce Googles, Apples, and Amazons of the world.”

NIC Karachi is setting up tough eligibility criteria to incubate startups that are not only highly competent but also have experienced a certain growth, aiming to scale up. The selected class of young entrepreneurs will get an opportunity to learn from relevant field experts and mentors and also gain access to investors.

NIC Karachi will not only focus on building new technology, services, instruments, and tools but will enable startups to find an innovative way to rebuild the infrastructure of Karachi and transform how the city & government collaborate to improve quality of life for all citizens.

Sponsored
Asra Rizwan

I profile people and startups contributing to the Pakistani technology entrepreneurial ecosystem. Share a story with me, asra@techjuice.pk

Share
Published by
Asra Rizwan

Recent Posts

First AI-Powered Teacher Launched in Pakistan’s Private School

Karachi: A private school in Karachi has unveiled Pakistan’s first AI-powered teacher, a groundbreaking move…

38 mins ago

Yahoo Surprises Users with Its Latest Android Launcher

Third-party apps have long been a staple of the Android ecosystem, but their appeal has…

2 hours ago

Phase-II Review of PTCL-Telenor Deal Finalized by CCP

ISLAMABAD: The Competition Commission of Pakistan (CCP) has completed its Phase-II review of Pakistan Telecommunication…

2 hours ago

Xiaomi’s SU7 Achieves New Production Record, Driving Q3 Growth

Xiaomi has shattered records by producing 100,000 vehicles in just 230 days. This is nearly…

4 hours ago

Teachers Can Now Access OpenAI’s Free AI Course

OpenAI, in collaboration with nonprofit organization Common Sense Media, announced on Wednesday the launch of…

5 hours ago

WhatsApp-Inspired Updates Under Testing in Google Messages

Google is exploring a revamped image-sharing interface in its Messages app, taking cues from WhatsApp…

5 hours ago