In the past few years, Pakistan has seen a surge in popularity for the startup fantasy, and a rise in the number of new and emerging startups. One of the biggest problems facing new talent is the lack of mentorship and funding, which more often than not is the cause of failure for startups that otherwise may have a lot of promise.
There are many incubators in Pakistan now that offer accelerator programs, mentorship and guidance, access to investors, and some even provide facilities. One new and notable incubator is the Lahore University of Management Science (LUMS) Entrepreneurial Center.
LUMS Entrepreneurial Center
This is a new institute that has begun in LUMS, and it is a separate and independent institute within the university. The LUMS Entrepreneurial Center describes its mission to “become the largest breeding ground of sustainable, high-growth commercial and high-impact social ventures in Pakistan.”
The vision for this Center is an all-inclusive platform from which to launch talented teams and individuals. To this end, “LCE aims to build a comprehensive entrepreneurial ecosystem, with LUMS at its epicentre, that will bring together everything and everyone required to maximize the growth potential of Pakistani entrepreneurs.”
The impact of this Center remains to be seen, but given its location and resources, it is bound to become the new focus for startup development and support in the area. With the kind of facilities and experienced staff it has, the Center will be able to offer new startups many networking opportunities as well as exposure.
LUMS and Entrepreneurship
LUMS, however, is not new to entrepreneurial ventures. There are several programs affiliated with the university that promote the growth of new business ideas and embody the entrepreneurial spirit, and LUMS Center for Entrepreneurship is just the newest one of these.
LUMS Entrepreneurial Society (LES) hosts a Young Leaders and Entrepreneur’s Summit (YLES) every year. ENVISION is another event led by LES, and other tech events such as Hackathon and Start Up Weekend have also been held on the LUMS campus. For more details about these and other events, click here.
Importance of Incubators
Incubators play an important role in supporting budding businesses and helping new ideas grow into their potential. While some people worry that revealing or sharing their ideas before developing them fully might diminish their worth somewhat, ultimately getting a boost from an incubator is one of the best ways to safeguard against failure.
For a more detailed list of incubators present in Pakistan, check out this article at TechInAsia.
Getting a Spot In The Foundation
The business incubator project of the LUMS Entrepreneurial Center is called The Foundation. The Foundation has a program of mentorship, which will provide participants with advice and assistance from experienced professionals.
Teams from all over Pakistan are welcome to apply to for a spot at The Foundation. There are to be three cycles every year in which people will apply and participate, with each cycle lasting approximately four months. This means the program will be running all year long, and its speed will ensure that as many people as possible will be accommodated and benefitted.
The submissions for the first round of applications for The Foundation have passed, though interested people need not worry because applications will likely be open again soon for the next round.
Participants will benefit from continuous support and feedback, with an overall review at the end, which will determine the level of support successful startups will require. Upon The Foundation’s recommendations, select teams will receive exposure to investors and will be assisted in acquiring the resources they need to get their businesses going.
An added benefit is that qualifying teams will be provided with temporary office space to give them a professional working area and a head start on developing an organised setup.
This is a great new opportunity for anyone with good ideas, and especially for startups struggling to find some support.
Connect With LUMS Entrepreneurial Center
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