• Download the Constitution of Pakistan
  • Advertise
WRITE FOR US
Economy.pk
No Result
View All Result
  • Economy
  • Politics
  • Technology
  • Education
  • Life & Style
  • Health
  • World
  • Videos
  • Economy
  • Politics
  • Technology
  • Education
  • Life & Style
  • Health
  • World
  • Videos
No Result
View All Result
Economy.pk
No Result
View All Result
Home Education

HEC approves establishment of Business Incubation Centers in 5 Universities

by Suneela Zulfiqar
July 14, 2022
in Education
Reading Time: 2 mins read
HEC Approves Establishment of BIC in 5 Universities
Share on FacebookShare on Twitter

The Higher Education Commission has approved the establishment of business incubation centers in five additional universities. This will provide entrepreneurs with the resources and support they need to start and grow their businesses.

HEC officials have announced that the commission has approved the establishment of BICs at Mehran University of Engineering and Technology, Jamshoro, Fatima Jinnah Woman University, Rawalpindi, Kinnaird College, Lahore, Lahore College for Women University, and the Muhammad Nawaz Sharif University of Agriculture Multan. With this addition, the total number of BICs will be 34.

Officials added that the Higher Education Commission supports the establishment of Business Incubation Centers in Higher Education Institutions throughout Pakistan.

These Centers provide basic infrastructure and facilities for researchers and young entrepreneurs who are interested in developing early-stage business ventures.

Business incubators are support systems for new and startup companies during their initial development stage.

These businesses provide an array of targeted resources and services, which are developed or arranged by the business incubator and offered by it directly or through its network of contacts.

The overarching goal of business incubators is to produce successful firms that will leave the program financially viable and freestanding.

Graduates of the business incubator program create jobs, revitalize neighborhoods, commercialize new technologies, and strengthen local and national economies.

“Instead of creating job seekers, we are turning new graduates into job providers,” an HEC official remarked.

In 2021, the Higher Education Commission introduced a policy on business incubation centers (BICs), which allows for the establishment of BICs in public sector higher education institutions (HEIs) where the Office of Research, Innovation, and Commercialization (ORIC) is already operating.

The university may also partner with other HEIs (public as well as private) to take advantage of the benefits associated with business incubators.

In addition to an independent incubation center, HEIs may form a consortium of universities (preferably four to five HEIs within a fair radius of each other) for the establishment of a BIC.

According to the HEC policy, funds for the establishment of BICs are arranged by the HEC and the HEI based on a 60:40 ratio for only two years.

The funds are released to the HEI (or the leading HEI in the consortium) through the BIC Steering Committee on an installment basis and are dependent on the agreed-upon deliverables and output.

The Business Incubator Manager is responsible for overseeing the daily operations of the business incubator, including marketing the facility and recruiting new tenants, providing support to existing tenants, facilitating training for tenants and aspiring entrepreneurs, and developing infrastructure.

Tags: business incubation centersHigher Education CommissionlatestUniversities
Suneela Zulfiqar

Suneela Zulfiqar

Related Posts

HEC shares scholarships for post-graduate studies in Germany

HEC shares scholarships for post-graduate studies in Germany

Students who want to study in Germany can now apply for a scholarship from the German support agency Deutscher Akademischer...

45,000 Google scholarships for Pakistani students this year

45,000 Google scholarships for Pakistani students this year

Syed Aminul Haq, Federal Minister for Information Technology and Telecommunications, announced an arrangement with Google for 45,000 scholarships, which will...

Govt to re-launch laptop scheme for youth, announces SAPM Shaza

Govt to re-launch laptop scheme for youth, announces SAPM Shaza

According to Special Assistant to the Prime Minister (SAPM) on Youth Affairs Shaza Fatima Khawaja, the government will relaunch the...

Pakistani Madrassa Broke World Record by Producing 1 Million Hafiz e Quran

Pakistani Madrassa Broke World Record by Producing 1 Million Hafiz e Quran

Wafaq ul Madaris, a Madrassa in Pakistan, has accomplished an incredible feat by creating over 1 million Hafiz e Qurans...

Automatic school enrolment system in the works to resolve out-of-school children crises

Automatic school enrolment system in the works to resolve out-of-school children crises

The Ministry of Planning, the Ministry of Federal Education, and all provincial governments have committed to developing a national action...

Sindh bans objectionable material in O-level syllabus

Sindh bans objectionable material in O-level syllabus

The Sindh Education Department has prohibited the inclusion of undesirable material in the O-level syllabus. According to Rafia Javed, Additional...

Next Post
Stage set to bring Pakistan out of economic difficulty, says PM Shehbaz after IMF nod

Stage set to bring Pakistan out of economic difficulty, says PM Shehbaz after IMF nod

Recent Posts

  • Will Asia Cup take place without Pakistan?
  • PTI President Parvez Elahi arrested in Lahore
  • CM Murad Ali Shah reviews progress on KCR project
  • After space, China going into depths of earth drilling 10,000m deep hole
  • PM Shehbaz Sharif to attend Erdogan’s inauguration ceremony

Advertisement

Twitter

Economy.pk

Economy.pk is a source of economic, political, business, finance, health and sports updates.

Categories

  • Economy
  • Politics
  • Technology
  • Education
  • Life & Style
  • Health
  • World
  • Videos

Privacy & Legal

  • Privacy Policy
  • Cookies

Social Media

  • Facebook
  • Instagram
  • Twitter
  • Linkedin
  • About
  • Advertise
  • Contact

© 2023 Economy.pk

No Result
View All Result
  • VIDEOS
  • World
    • Europe
    • Americas
    • Asia
    • Oceania
    • Africa
    • Middle East
  • Finance
  • Politics
  • Business
    • Economy
    • Finance
    • Entrepreneurship
    • Real Estate
  • Technology
    • Cyber Security
    • Mobiles
    • Social Media
  • Education
  • Sports
  • Life & Style
    • Personalities
    • Art
    • Culture
    • History
    • Entertainment
    • Fashion
    • Food
    • Health
      • Environment
      • Fitness
  • Sponsored

© 2023 Economy.pk