Business incubation is a business support process that helps speed up the successful development of newly formed and emergent companies by providing entrepreneurs with a selection of pro-active concentrated guidance, value-added support, and access to critical tools, information, coaching/training, networking opportunities, resources and services. These services are especially developed and coordinated by the IIUI-BIC management and offered through its network of contacts. Business incubator’s main goal is to produce successful firms that will leave the program financially viable and freestanding. The graduates of IIUI-BICs will have the potential to create jobs, revitalize neighborhoods, commercialize new technologies, and strengthen local and national economies.
Crucial to the definition of a BIC is the provision of management guidance, technical assistance and consulting tailored to the needs of the young growing companies. BICs usually also provide clients access to appropriate rental space and flexible leases, shared basic business services and equipment, technology support services and assistance in obtaining the finance necessary for company growth. All this assistance would be provided by IIUI-BIC at International Islamic University, Islamabad. Ideally, a company would be ready for graduation form IIUI-BIC in 6-18 months.
To accelerate the creation of sustainable and innovative businesses.
We intend to become a hub for IIUI startups and provide value-added services required to support the incubated companies’ success. We plan to help the startup companies gain access to the best available mentors, training, high-tech labs, professional assistance, and other value added services that will move them onto the fast track to success.
The primary objectives of IIUI-BIC are:
- Create new start-ups comprising IIUI of students, faculty and alumni
- Create internship opportunities for IIUI students
- Leverage IIUI’s research and professional expertise
- Create job opportunities in the region
- Reduce barriers to entry for enthusiastic entrepreneurs with bright ideas and high energy
- Boost a culture of entrepreneurship among IIUI fraternity
- Aligning the objectives with IIUI’s, HEC’s and Government of Pakistan’s vision to help create a knowledge-based economy in Pakistan
- Create a strong infrastructure for technology transfer in IIUI by developing an entrepreneurial eco-system
- Applications will be received on approved form in hard as well as soft form along with relevant fee.
- After initial scrutiny by the BIC coordination office, the applications along with relevant annexures will be presented to the Startup Application Review Committee (SARC), and applicants will be required to present their business idea in a 10 minutes presentation. The presentation must include and not be limited to; i) an introduction to the business/idea, ii) capital expense (layout of key financials), iii) planned marketing strategy, iv) detail of producUservice/solution that will be developed (if any), v) human resource plan (qualification/experience of employed and potential employees), vi) objectives that you wish to achieve at llUl-BlC, and vii) potential benefit to IIUI/IIUI-BIC.
- IIUI-BIC's Startup Application Review Committee (SARC) will evaluate the applications on Startup lnduction Form. The minimum quorum for organizing the SARC meeting is 3. SARC meeting should be conducted within 5 working days of receiving a startup application.
- The SARC may evaluate and determine suitability of the applying Startup for the llUl-BlC and record their assessment on the Startup lnduction Score Card. lf an evaluator is of the opinion that the startup is unable to produce sufficient grounds to establish suitability for induction, the evaluator may choose to declare the startup unsuitable upon which the total marks awarded by the evaluator will stand equated to zero and will be counted towards the average marks of the startup.
- The marks of all evaluators in respect of applying startups will be added and the startups will be ranked according to the total awarded marks. lf an application is rejected on the basis of low marks in evaluation the applicant may reapply after making improvements.
- Absence from presentation will result in zero marks and therefore result in abdication of application. lf the applicant is unable to present to the SARC due to force majeure, the same will be allowed to present in the subsequent round of presentations scheduled at a later date. lncase an applicant does not show cause for absence in the presentation session, the applicant may be barred from reapplying.
- The decision of the SARC will be final and the applying startup will be informed of the decision within 2 working days.
- The selected applicant will be allowed a period of 2 weeks to complete legal formalities, sign the Startup Lease Agreement (SLA) and take possession of the premises, after submitting relevant dues, failing which, the applicant, next in line will be invited to do the same.
- ln case the applicants fail to complete formalities, the space will be deferred to the subsequent round of applications.
- Applicants considered suitable by the committee, for whom a space is not available will be invited to start their company in the shared space, if such space is available. lf however no such space is available then the applicant will be informed to re-apply in the next round of applications.
- All employees, students and Alumni of llUl are eligible to apply for a startup at IIUI-BIC
- A startup will be awarded a completion certificate by llU-BlC on successfully meeting the (Key performance lndicators) KPls laid out in this document.
A startup meeting with at least two of the following KPIs will be considered as a successful incubate
- Startup has spent at least six (6) months at IIUI-BIC
- Startup has successfully developed a prototype and has found an investor or a venture capitalist to either buy it or take it to the production stage
- Startup reaches monthly revenue of Rs: 0.3 million along with positive cash flow
- Startup makes a successful public or private stock offering of more than Rs: 500,000
- Startup has merged with another successful company
- The startup has hired an experienced management team and has retained for at least 3 months.
The following is criteria for Graduation & Exit from IIUI Business Incubation Center
- lncubate has spent 18 months at the incubator and the project hasn't completed yet. An additional 2-6 months could be given by the incubator management if they feel that the project can be completed by then. ln case of further extension requests, beyond 24 months, made by lncubate, the case will be processed by BIC administration for the approval of President llUl being the competent authority to allow extension on merit if deem appropriate.
- lncubate has successfully developed the prototype and has found an investor or Venture Capitalist to either buy it or take it to the production stage
- lf incubate fails to meet the quarterly targets twice in a calendar year
- lf the review committee decides that the project is no longer viable
- lf incubate violates the tenancy agreement.
You can get your independent office in IIUI-BIC.
Shared Working Spaces
If you are one man company shared working space is suitable for you.
Mentorship, Trainings, Networking & Much More..
ISLAM AND ENTREPRENEURSHIP
BENEFITS OF ENTREPRENEURSHIP
Becoming an entrepreneur is the new trend that has spread among the millennials around the global, especially Muslims. The new innovations and technology improvements in today’s world helped a lot of those millennials in the streaming process of creative ideas to benefit not only themselves but the society at large. What’s good about most of the millennials is that they are optimistic and have ambition towards fulfilling their career aspirations.
There are many benefits of having your own business, such as being your own boss, having flexible working hours and possessing a full control over the decisions made in the company.
- PROVIDES FINANCIAL FREEDOM
- GIVES YOU TIME TO DO MORE IBADAH (WORSHIP)
- SPEND MORE TIME WITH FAMILY
- DO OTHER THINGS YOU LOVE