NetSol Technologies has signed a contract with IGNITE - National Technology Fund, a company under the Ministry of IT & Telecom, to set up and manage the operations of the National Incubation Center (NIC) in Lahore.
The company, involved in the development and sale of computer software, shared the development in a notice to the Pakistan Stock Exchange (PSX) on Friday
“The NIC Lahore will be operated by a NETSOL-led consortium that includes Habib Bank Limited (HBL), Beaconhouse National University, PlugNPlay Tech Center, Daftarkhwan, Accelerate Prosperity, UET Lahore, and WCCI Lahore,” read the notice.
The company, which is already operating the National Incubation Center for Aerospace Technologies (NICAT) in Rawalpindi, said the initial contract term is five years.
“This consortium aims to empower startups focused on Al, IoT, Cleantech, Climatetech, and ICT, serving as gateways to sustainable development, global impact, and inclusive growth,” it said.
Caretaker govt formally launches ‘Pakistan Startup Fund’
NetSol Technologies-led consortium will host 50 startups annually in its incubation program and 10 startups annually in its acceleration program, with each startup receiving Rs5 million in funding in the acceleration program from the Ignite National Technology Fund.
“With the premier international accelerator Plug N Play Tech Center as a partner, startups will have the opportunity to participate in international accelerator programs worldwide,” it said.
The company said at least 25% of the inducted startups at NIC Lahore will be female-led.
“We are excited to be part of this consortium and see great potential in the startups that will emerge from the NIC Lahore,” said Abrar Mir, Chief Digital, Innovation & Financial Inclusion Officer-HBL.
“Our commitment to investing in these innovative ventures underscores our belief in their ability to drive significant economic and technological advancements in Pakistan,” he said.
On behalf of Beaconhouse National University (BNU), Dr Moeed Yusuf (Vice Chancellor) emphasised empowerment of youth development.“By supporting young entrepreneurs with the resources and guidance they need, we can help them transform their innovative ideas into successful ventures, driving the future growth and prosperity of Pakistan.”
In conclusion, Salim Ghauri, CEO and Founder of NETSOL Technologies, endorsed the NIC Lahore stating: “By providing the necessary support and infrastructure, we aim to cultivate a new generation of tech leaders who will push the boundaries of what’s possible and contribute to the global tech landscape.”
Comments