TechCity would be Pakistan’s first government backed incubation center.
After winning the contract, TeamUP and Mobilink will together setup, maintain and run the whole facility for a term of five years.
A contract signing ceremony, in this regard, held yesterday where Mr. Zouhair Khaliq and Mr. Parvez Abbasi from TeamUp, Mr. Aamir Ibrahim from Mobilink and Dr. Ismail Shah, the acting CEO of ICT R&D Fund, were present.
TechCity will be the capital’s own Incubation and Acceleration Center where at least 40 startups — from all across Pakistan — will be mentored every year.
After winning the contract, both TeamUp and Mobilink are now already in process of setting up the place that they have been allotted at NITB building in Islamabad.
TeamUp said that TechCity will be up and running in three months from today.
Along with a minimum number of startups to be mentored every year, there are various other KPIs that TeamUp and Mobilink will have to deliver, including the a minimum number of revenues that startups should start making with-in first year of their graduation and certain number of funding that a minimum number of graduated startups should get.
Not to be mentioned, two other shortlisted parties for the contract included a consortium of TIE and Accumen and NUST Islamabad’s incubation center. TeamUp and Mobilink were awarded the contract for having a better technical and financial feasibility for the program.