LAHORE: The National Incubation Centre (NIC) was inaugurated in a ceremony attended by Minister of State for Information Technology and Telecommunication Anusha Rahman at the Lahore University of Management Sciences (LUMS) on Saturday.
LUMS Vice Chancellor Dr Sohail Naqvi, Pro-Chancellor Syed Babar Ali, Fatima Ventures CEO Ali Mukhtar and 47 Ventures Investment Country Director Khurram Zafar were also present on the occasion.
The NIC Lahore is an upgraded version of the LUMS Centre for Entrepreneurship (LCE), established in May 2014, with the mission to discover, groom, and develop high-growth and high-impact companies.
LCE has incubated 78 companies, 17 of which have raised US$4 million in seed funding and are currently valued at US$20 million. Through these companies, the LCE has created 1,500 direct employment opportunities and another 5,000 jobs were created through vendors and suppliers.
While speaking on the occasion, Vice Chancellor Dr Sohail Naqvi said “The establishment of NIC at LUMS is a tremendous milestone on a journey we at LUMS embarked on when the LUMS Centre of Entrepreneurship was established in 2014.” He said that back then we dared to set a vision for ourselves to become the largest breeding ground of sustainable, high-growth commercial and high-impact social ventures in Pakistan. “The establishment of the NIC allows us an accelerated implementation of this vision. Building on the success of LCE, we are extremely excited to provide young Pakistani entrepreneurs an enhanced and expanded opportunity to nurture their business ambitions,” he said.
Yusuf Hussain, CEO Ignite, spoke of the role of NIC in the knowledge economy of Pakistan, and how it would become breeding grounds for sustainable growth and drive Pakistan’s economy forward with 4th Industrial wave technologies. Sharing his thoughts, he said, “For corporations, this is a singular opportunity to transform and thrive in this age of global competition and change by partnering with and investing in start-ups that solve meaningful problems. With the track record of its management team, Makerspace, Design Lab, deep R&D resources, and organic VC linkages, NIC Lahore is poised to graduate true 10x start-ups and become one of the best incubators in Asia.”
NIC Lahore director Faisal Jalil Sherjan shared the vision and mission of the centre and took the audience through the facilities available in-house. He highlighted that NIC Lahore will house the first ever Makers Lab in Pakistan, a modern facility equipped with latest technologies and smart equipment to bring ideas to life.
Further, he added that the 23,000 square feet space will not only house the incubator and accelerator but will also provide business acceleration services to incubated companies, a Smart Lab, a Design Thinking Lab, a Usability Lab, various libraries and an in-house auditorium.
Federal Minister Anusha Rahman, concluded the ceremony, saying, “The launch of yet another National Incubation Centre at LUMS after the first was set up in Islamabad is a testament to the Government of Pakistan’s resolve to bring a digital revolution in Pakistan. This launch provides young entrepreneurs, who are ready to make their mark on the world economy, an opportunity to further their business ambitions. My ministry along with Ignite, LUMS and other consortium partners will make that a reality. Having achieved an important milestone, I would like to appreciate the efforts of all our partners who have made this possible. I wish all the start-ups joining the National Incubation Centre Lahore the very best in achieving their dreams.”
Published in Daily Times, December 24th 2017.