LUMS is now taking applications for the fourth batch of startups at The Foundation, a 4-month long business incubation and acceleration program. The institute is inviting entrepreneurs with promising business ideas to step forth and initiate their own business through its Center for Entrepreneurship.
The Foundation eliminates most of the administrative hassles so that founders can develop their ventures with ease and comfort. Mutually determined milestones are set in order evaluate the progress and development of the startup throughout the course of the 4-month incubation cycle. The program is also open to founders of young existing companies that are looking to avail its mentoring and investment networking platform for the acceleration of their growth.
Who can apply?
Applications are open to all Pakistani nationals who are proposing either a high-growth commercial business or a high-impact, sustainable social venture in any domain or industry. Furthermore, the program particularly encourages women entrepreneurship and will give special preference to all women-led startups.
What is the criteria for selection?
Candidates will be selected on the basis of the information provided in their application form. Those who are shortlisted will be notified regarding further proceedings via email.
What benefits can selected entrepreneurs expect?
The selected candidates will be required to relocate to the business incubator in Lahore, where they can expect the following benefits:
- Up to 4 months of access to co-working office facility at LUMS
- Unlimited access to utilities including power, internet and phone
- Shared access to IT and administrative infrastructure & resources
- State of the art video conferencing system
- Access to LUMS labs, library, gym & other common access facilities
- Access to the faculty at LUMS
- Continuous support from the management of LCE
- Marketing and PR support from LCE
- Regular mentoring and advice from seasoned leaders
- Access to investors at the Startup Summit
- Sustenance stipend for up to 4 co-founders
While the startup founders will not have to pay for these services, they will however be required to part with equity/share in the company, which ranges from 2.5% to 7.5%. Those who opt to part with 2.5% equity will only gain access to LCE’s mentoring sessions, talks, some marketing/PR support and pitching rights at the Startup Summit. Meanwhile, those opting to part with 7.5% equity will have access to all of the services listed above.
What is the deadline?
The application process has already commenced and will last until July 30, 2015. Those who are interested may apply here.