ISLAMABAD: The National Incubation Centers (NICs) funded by the Ignite National Technology Fund, and the Ministry of IT and Telecom have generated Rs9.13 billion while creating 117,000 jobs throughout the country.
This was informed by project manager Zeeshan Abid during a briefing at NIC Faisalabad.
The impact and success of the NICs have shown how nurturing creativity and innovation can yield massive dividends.
Among the seven NICs in Pakistan, NIC Faisalabad stands out as the nation's first vertical-centric incubator. It is a purpose-built creative space managed by Fauji Fertilizer Ltd, in partnership with Change Mechanics and Cyber Vision International, and collaboratively supported by Founder Institute and GroundUp.
NIC Faisalabad established at South Asia’s oldest agriculture university, the renowned University of Agriculture Faisalabad will cultivate a strong resource pool to support the innovators and startups of NICF.
Focused on the Agri Tech and Textile Tech sectors, NIC Faisalabad aims to promote disruptive innovations that positively impact lives and elevate living standards. The incubator adopts a competitive selection process to induct 25 startups through two cohorts annually, with an ambitious goal of graduating 125 startups within five years.
Since its establishment on September 10, 2022, NIC Faisalabad has made remarkable progress. The first cohort was inducted by September 20th, 2022, followed by the second cohort in March 2023.
Currently, there are 17 startups in Cohort 1 and 12 startups in Cohort 2, representing various verticals such as Agriculture farming, Nutrition, Food Tech, Data Analytics, Big Data, IoT, and Textile Innovation.
The collective efforts of our startups have resulted in the creation of 334 jobs, contributing to the growth and prosperity of the local workforce. Moreover, these ventures have achieved an impressive revenue of PKR 91,295,835 and have secured a committed investment of PKR 16,100,000, showcasing their potential and attractiveness to investors.
NIC Faisalabad provides unparalleled support to its startups, offering top-notch mentorship from industry experts, personalized coaching, networking opportunities, co-working space, exposure visits, and access to grants and competitions – all free of charge.
With its unyielding commitment to fostering innovation and empowering startups in Agri Tech and Textile Tech sectors, NIC Faisalabad is truly commendable. Its well-crafted ecosystem and extensive support have ignited a spirit of entrepreneurship and promise significant advancements in Pakistan's startup landscape.
Copyright Business Recorder, 2023