LUMS, one of the country’s top business universities, has opened applications for Batch 6 of The Foundation. Startups and entrepreneurs are encouraged to apply to the incubator today.
What is The Foundation?
Based in Lahore, LUMS is a destination that the best students of the country consider as their second home. Their incubator and accelerator program is called The Foundation and it is looking forward to Pakistani companies and entrepreneurs who wish to pitch their high-impact/high-growth ideas to a community that’s renowned for their business acumen and technical prowess.
Details of the Program
From the LUMS Center for Entrepreneurship (LCE) website:
The Foundation is a 4-month long, intense, business incubation and acceleration program offered at the LUMS Center for Entrepreneurship to the most promising startups scouted from all across Pakistan and scrutinized by the Foundation Council. Only the best startups led by passionate founders pursuing a sustainable, high-growth or high-impact venture make it to the program.
The Foundation hosts 3 batches of startups in a year. They offer them the following benefits:
- 4 months access to co-working space at LUMS
- all utilities and facilities provided 24×7
- Access to their IT and administrative resources and infrastructure
- Video conferencing system
- LUMS labs, library, gym, etc
- Marketing and PR support from LCE
- World-class management courtesy of LCE
- Networking opportunities to investors at the Startup Summit
- Sustenance stipend for up to 4 co-founders
Equity Requirements for Startups
The university doesn’t charge startups or entrepreneurs for the services offered. However, based on their requirements, the program requires equity from participating startups varying from 2.5% to 7.5%.
2.5% equity required for startups that want to be part of the non-resident accelerator program. This program is suitable for those who only want access to LCE’s mentoring sessions, talks, limited marketing/PR support and the rights to pitch their idea at the Startup Summit.
5.0% equity required for startups who wish to avail everything except the cash stipend. They can be part of the resident incubation program with all services and LUMS facilities.
7.5% equity for required startups who want everything that The Foundation has to offer in order to reach their maximum potential.
Deadline for Applications
The deadline for submission of applications is 20th August 2016.
For any additional queries, you can reach them out at [email protected].
You can find more information for the The Foundation incubator and accelerator program here.