Introduction
BIC is mainly focused on innovative ideas and engineering projects, which generate far more value than other categories of startups. With most wealth generated by technology companies as of today, BIC seeks to improve Pakistan’s economic standing by leading future tech startups within this country.
Furthermore, with the influx of Fourth Industrial Revolution Technologies, BIC aims to capitalize on these along with the large engineering talent available at NED UET’s disposal and lead the future industry trends in the country.
Dreaming and aiming for an innovation-based economy, NED UET is providing services to the following areas of technology through our Business Incubation centre:
- Agri Tech
- Tech Tech
- Auto Tech
- FinTech
- Energy Tech
- Health Tech
- Smart Tech
Being in the centre of leading universities and institutes with thousands of students, a large number of expert faculty and PhD scholars makes it an attractive and highly productive startup hub of Pakistan. The state-of-the-art laboratories and equipment’s available at the NED University of Engineering and Technology provides startups, a demanding proposition for research and product development purposes.
Enrollment at Business Incubation Centre
If you have an idea, business plan, a ready to commercialize prototype and you are looking for incubation at one of the leading engineering universities of Pakistan, Apply at our Startup Incubation Programme. [form link here]
The programme runs two times a year. Every three months, the submitted applications will be evaluated and an invitation for pitching will be sent to the preliminarily accepted teams.
The incubation programme is consisted of 12 months and offers the following services:
- Access to technical subject matter advisory
- Free of cost incubation space with Furnished Office Space, Meeting and Conference Halls, Uninterrupted Electricity and Hi-Speed Internet
- Access to engineering labs for research and product development
- Training and mentoring through a pool of professionals and mentors
- Socializing and networking
- Marketing and business consultancy
- Financial and legal support
- Opportunities of investments and liaison with Leading Local and Foreign Investors
- Showcasing and representation of startups on a different national and international platform
- Telephonic lines, flexible timing, parking space,
- Presence on NED UET websites
Pre Incubation Registration process
- Registration in Pre-incubation phase
- Review applications
- Team interviews
- Pre Incubation Pitching
- Announcement of shortlisted startups for Incubation
- Orientation and contract signing
- Physical / Virtual Incubation for a period of one year
Eligibility Criteria
NED University of Engineering and technology‘s Business Incubation centre is all about finding and supporting innovative startups with high commercialization potential. Therefore, for the project to be adequate for incubation, the project must score well on the following set of criteria:
- CT-based or ICT-related: The project should be serving any of the broad ICT categories or related to any of its vast inclusions.
- Innovativeness: The project must be original, new and advanced to any of the solutions readily available in the marketplace or industry.
- Readiness: The project must be supported by a working prototype
- Entrepreneur-led: The project must be created, conceptualized and led by young entrepreneurs or those who have entrepreneurial traits. Undergraduates and fresh graduates are encouraged to apply. Moreover, the team should be dedicating their full time/efforts to lead the project.
- Solving a real problem: The idea must be offering either a smarter, cheaper, upgraded or better solution to a real market problem than the existing solutions or solving a future problem or need.
- Using Information Technology as a core product or as an enabler to provide a service: the project needs to be focusing on developing a technology-related product or providing a service related to any sector but through developing a tool using information technology as an enabler such as developing a mobile/web application, a platform or software etc.
- Commercialization Potential: The project must be commercializeable in nature and supported by a clear vision on how to penetrate the target market(s) and how it shall grow from there.
- Economic Viability: The project should offer an economically compelling proposition for investors or incubators.
- Scalability: The project should have the potential to grow among significant market sectors and within multiple verticals or layers.
- Status: Either entrepreneurs with prototypes/ proof of concept or startups that have been in business in less than one year can apply.
- Dedication: The project/startup cannot be incubated in another incubator or accelerator at the same time of its incubation at Business Incubation Centre –NED University.
Evaluation criteria
- The uniqueness of the proposed service/product and its commercialization potential.
- Clearly defined target markets preferably large markets with high growth potential.
- A well-defined competitor’s analysis.
- The competitive advantage of the service/ product.
- The skills and expertise of the management team.
- The prototype maturity
- The submitted applications should at least include a clear understanding of the following:
- - Problem and/or gap in the market and/or need and/or opportunity.
- - The Solution with all its features/ description and its current status.
- - The prototype current status (include all images and links).
- - Market size, core and adjacent markets and the targeted market.
- - Competitors and the startup competitive edge.
- - Teams skills, experience and qualifications.
- - The business model, revenue streams and value proposition.
- - Got to market, sales and marketing strategies and channels and the plan to acquire the targeted market.
- - Financial projection.
- - At least one-year business and technical comprehensive milestones.
Entrepreneurship Clinics:
Entrepreneurship clinics will provide free business advice and services for NED University of Engineering and Technology-based entrepreneurs. The Entrepreneurship Clinic provides assistance with overall business strategy, customer-driven models, operations, founder issues, sales & marketing, resources needed, financial services, and competitive analysis.
»Helping researchers, students, and university affiliates start new businesses
»Expanding business support for entrepreneurs in the local community, starting with researchers at NED University
»Expanding applied learning opportunities for engineering students at the intersection of their respective fields and in the domain of entrepreneurship.
Post-Incubation Support:
The BIC will maintain a two-way relationship with its graduated startups. This will include but not limited to:
- Providing support in business management and mentoring to graduated startups for initial two nascent years of life, including facilitation and guidance regarding firm registration, registration with tax regulatory bodies, marketing, business development, HR, etc.
- Periodically meeting with the startups so as to ascertain the diverse needs and challenges to be addressed by the BIC through its incubation program.
- The graduated startups and companies may also provide internship / employment opportunities for BIC incubatees / NEDUET fresh graduates.
- Involve and disseminate venture-capital/seed-funding/angel investment opportunities for the graduated companies and actively assist them in raising of funding resources.
- Establish a network of graduated startups and organise periodical meetings with existing incubatees for their grooming and mentoring thus creating a dynamic environment through which all stakeholders can benefit.
Exit policy from BIC:
A startup will cease to be an incubate under any of the following circumstances:
- The employee strength reaches more than 5.
- Completion of minimum 12 months.
- Infeasibility / under performance of the business idea put forth by the company.
- Irresolvable disputes between promoters / founders of the company.
- Any other reasons on grounds of which BIC management determines the incubating company has to leave.
- The startup should have 75% attendance in the workshops and mentoring sessions to graduate from the incubation cycle
