Lahore August 9 2024: NETSOL Technologies Limited has signed a contract with IGNITE – National Technology Fund, a company under the Ministry of IT & Telecom, for setting up and managing the operations of the National Incubation Center (NIC) in Lahore.
The Company is already leading and operating the National Incubation Center for Aerospace Technologies (NICAT) in Rawalpindi. With the addition of NIC Lahore, the Company will now bolster startup ecosystems in two regions of Pakistan, offering physical support to startups nationwide.
The NIC Lahore will be operated by a NETSOL-led consortium that includes Habib Bank Limited (HBL), Beaconhouse National University, Plug and Play Tech Center, Daftarkhwan, Accelerate Prosperity, UET Lahore, and WCCI Lahore. The initial contract term is five years. This consortium aims to empower startups focused on AI, IoT, Cleantech, ClimateTech, and ICT, serving as gateways to sustainable development, global impact, and inclusive growth.
The NETSOL-led consortium will host fifty startups annually in its incubation program and ten startups annually in its acceleration program, with each startup receiving PKR 5 million in funding in the acceleration program from the Ignite National Technology Fund. With the premier international accelerator Plug and Play Tech Center as a partner, startups will have the opportunity to participate in international accelerator programs worldwide. As a commitment to supporting women entrepreneurs across Pakistan, at least 25% of the inducted startups at NIC Lahore will be women-led. Through this, the NETSOL-led consortium has also increased its footprint in the prestigious and impactful NICs network and will continue to contribute meaningfully and grow the development of Pakistan’s entrepreneurial and technology ecosystem.
At the contract signing ceremony, Mr. Abrar Mir, Chief Digital, Innovation & Financial Inclusion Officer at HBL, expressed his belief in the innovation and talent of Pakistani youth with the message: “We are excited to be part of this consortium and see great potential in the startups that will emerge from the National Incubation Center Lahore. Our commitment to investing in these innovative ventures underscores our belief in their ability to drive significant economic and technological advancements in Pakistan.”
On behalf of Beaconhouse National University (BNU), Dr. Moeed Yusuf (Vice Chancellor) emphasized the empowerment of youth with his words: “We are proud to be part of the National Incubation Center Lahore, as it aligns with our commitment to youth development and education. 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, Mr. Salim Ghauri, CEO and Founder of NETSOL Technologies, endorsed the NIC Lahore with his words: “This initiative is a testament to our dedication to empowering the youth to drive innovation in high-tech fields and AI.”
