A majority of Pakistani population is youth, which often finds it difficult to get professional guidance and support to work on their ideas and accelerate. To fill this gap, LMKT – in collaboration with NED University and with the support of PTCL, HBL and PPAF – is building the first National Incubation Centre (NIC) in Karachi.
The NIC is public private partnership between Ministry of IT and Telecom and IGNITE Fund for supporting promising startups with quality incubation programs; mentor and investor networks; and access to technical, financial and professional resources. The program has already been introduced in Islamabad, Lahore and Peshawar and is running successfully.
LMKT, a full service tech company, build the first centre in Peshawar and just recently received the contract for NIC Karachi. Now the youth in Karachi, the biggest city of country, won’t need to relocate to Islamabad to avail the service or have virtual incubation.
NIC Karachi is on a mission to discover and back Karachi’s most talented entrepreneurs, help them create successful companies at scale, and build a thriving ecosystem.
The general goals aimed at by the NIC Karachi are as follows:
• Develop strategies and procedures at local, national and international levels for development and the growth of young businesses;
• Identify, adapt and test the methodologies and tools for business’ development to uncover winning strategies in the city in a practical context;
• Contribute to more training, awareness building and capacity building of institutions, industry and entrepreneurs at the national and local levels;
• Promote a more entrepreneurial culture and use local resources at the national, regional and local levels towards contributing to the development of a thriving innovation ecosystem and to enable startups to succeed by running educational programs, events and conferences, and partnerships with corporations and government as well as partners around the world.
• Create the conditions that ensure there is a continuation of these activities at scale.
The team at LMKT will be leading the design and execution of the incubator. The grant from IGNITE Fund will provide the capital expenditure and operational costs of the NIC for 5 years during which NIC is expected to incubate and accelerate 200 tech startups. For more details and updates, visit http://nicpakistan.pk.
The operations are projected to start this year, indeed a great opportunity for startups, Incubators and accelerators to grow.