According to sources, Ignite has decided to establish two new National Incubation Centers (NICs) in Hyderabad and Faisalabad. After the approval of the Ignite board, Request for Proposals (RFPs) was floated per Public Procurement Regulatory Authority (PPRA) rules.
Pakistan Telecommunication Company Limited (PTCL) won the contract for the establishment of NIC in Hyderabad, whereas Fauji Fertilizer Company (FFC) won the contract for the establishment of NIC in Faisalabad. Five NICs are already operational in the country, and with the establishment of these two, the total number of NICs will reach seven. Contracts for the establishment of the new centers will be awarded soon.
According to Ignite officials, after the contract awarding ceremony both parties will establish Incubation Centres within 3 to 6 months on a reimbursement model. Buildings have been identified for both new centers; NIC Hyderabad will be established in the University of Sindh, whereas NIC Faisalabad will be established in the University of Agriculture Faisalabad, the officials informed. Both PTCL and FFC have submitted their five-year financial model to run these incubation centers.
More than 130 mentors are providing training to youth and new startups in the currently operational five incubation centers located in different cities across Pakistan. Since 2016, 931 startups have been inducted in total, and 486 have graduated. Moreover, 113,000 jobs have been created, and more than 1,900 women have been empowered through these NICs. Furthermore, revenue worth Rs. 4.74 billion has been generated, and Rs. 10.39 billion investments committed.
Among the leading investors, Bykea committed Rs. 2.98 billion of investment in new startups, whereas PakVitae has agreed to invest Rs. 2.90 billion. Integry and Digi Khata have also committed Rs. 665 million and Rs. 333 million, respectively.
