Introduction and Objectives:
Business Incubation is a business support process to accelerate the successful development of start-up and fledgling companies by providing entrepreneurs with an array of targeted resources and services. By integrating students, entrepreneurs, and universities; business incubators have the most significant impact on the economy when tied to universities.
Prepare a generation as Job Provider rather Job Seekers
To establish an entrepreneurial hub for; Development of an innovative ecosystems, fostering an entrepreneurial spirit within academia to ensure consistent supply of investable projects.
Ideas can nestle; dreams can jostle.
Services Offered at Business Incubation Centre:
Providing, mentoring and guiding startups, including but not limiting to refining business strategies, IP protection, etc.
- Engaging students as internees or in part time jobs with startups and effectively utilizing their knowledge / skills for growth of startups.
- Providing facilitation ranging from access in laboratories to seed funding, etc.
- Developing liaison with industries and government organizations, etc.
- Connecting INVESTORS with Ideas (Internal & external).
- Connecting IDEAS with investors (Internal & external).
- Skill Enhancement (Internal & External).
The following set of services are envisioned at the BIC;
- To provide guidance, including lectures, mentoring, access to materials, and technical advice on launching startups, selecting business strategies, protecting their intellectual property, mobilizing resources, and generally converting innovative ideas into successful enterprises.
- To facilitate access in libraries, ICT-facilities, technical workforce, subject matter experts, and seed-funding opportunities.
- To ensure that the startups can generate opportunities for students to get internships or part-time jobs, as well as to apply their knowledge to real business problems as case studies.
- To transfer the skills and lessons from the incubators to the universities, in order to enhance the competitiveness and societal relevance of university, by enabling them to attract and retain entrepreneurial students as well as employees, and forging connections with industrial and governmental organizations.
Performance of Business Incubation Centre:
The following Key Performance Indicators on a yearly basis shall be and which can be validated through annual onsite visits and become the basis of performance of Business Incubation Centre;
- Number of Faculty Startups Encouraged / Opportunities Discussed.
- Number of Faculty Startups Created / Startup Revenue Earned by Faculty Startups.
- Number of Jobs Created and Retained over 2 years of Faculty Startup Founding.
- Number of Student / Alumni Startups Created.
- Startup Revenue Earned by Student / Alumni Startups.
- Number of Students Placed in University Startups.
- Funding Secured for Faculty / Student / Alumni Startups.
- Business Incubation Centre’s available facilities and human resource.
- Startup Business Plan / Pitching Competition / Boot-camps.
- Number of License Agreements, NDA, MTAs, Consultancy Agreements, IP Rights signed by Startups.
- Venture Capitalist / Angel Investment / Seed Funding ensured by Startups.
- University Awareness Seminars / Entrepreneurial Awareness Campaigns / Investor.
- Connect Events / Open Houses for promotion of Entrepreneurial Spirit among students, researchers and faculty members.
- These Key Performance Indicators (KPIs) include a mix of input, process, output, and outcome measures. This list shall evolve every 3 years to account for new and emerging needs of the Business Incubation Centre.
Post Incubation Guidelines:
The BIC will maintain a two-way relationship with its graduated startups. This will include but not limited to:
- Providing support in business management and mentoring to graduated startups for initial two years of live environment, including facilitation and guidance regarding firm registration, registration with tax regulatory bodies, marketing, business development, HR, etc.
- Periodically meeting with the startups so as to ascertain the diverse needs and challenges to be addressed by the BIC through its incubation program.
- The graduated startups and companies may also provide internship / employment opportunities for BIC incubatee / fresh graduates.
- Involve and disseminate venture-capital / seed-funding / angle investment opportunities for the graduated companies and actively assist them in raising of funding resources.
- Establishment of network of graduated startups and organizing periodical meetings with existing incubatee for their grooming and mentoring thus creating a dynamic environment through which all stakeholders can benefit.
Startup Guidelines for Faculty:
In case of a startup where the original c originates with a faculty members of The University of Faisalabad, following guidelines will be adopted;
- The BIC will help in determining whether granting rights to the startup is the best mode for commercialization as opposed to a licensing agreement with a third-party.
- The University of Faisalabad shall develop and introduce Intellectual Property Right-IPR protection/spin-off policies and guidelines to safeguard the interest of its researchers and faculty-members.
- The startup will ensure that the entrepreneurial activity must be balanced and should be initiated after careful review of proposed relationships.
- The University of Faisalabad and its faculty member will have the responsibility to optimize technology transfer and mitigate any conflict of interest, conflict of commitment when licensing IPR to a startup is being considered.
- The faculty-members will categorically disclose any interest in the startup and will serve only in advisory or consultative roles in the company. Moreover, the faculty member will also be responsible for separating university duties from personal financial interests in the startup company.
- The faculty-led startup company may also, under very specific circumstances, support relevant research projects at The University of Faisalabad, subject to the terms and conditions of The University of Faisalabad.