The National Incubation Center facilitate and provide all key support required by startups to succeed, including mentorship and networking by leading entrepreneurs, corporate chieftains, top professionals, investors and global entrepreneurial organizations through numerous events and meet-ups.
The Ministry of Information Technology plans a third-party evaluation and impact assessment of the National Incubation Center (NICs), which would provide key information regarding the progress of its existing NICs to evaluate its performance, and will also enable in devising the key strategy and model for future expansion of such centers.
A sum of Rs5 million had already been earmarked for the project.
To accelerate digitalisation and transformation of Pakistan into a knowledge-based economy to spur economic growth through innovation and entrepreneurship, the ministry established five NICs in the Federal Capital and all four provincial capitals.
The key objective of this National Incubation Centre programme is to facilitate talented entrepreneurs and provide them all necessary support for the transformation of their innovative idea in to a sustainable business.
The NICs facilitate and provide all key support required by startups to succeed, including mentorship and networking by leading entrepreneurs, corporate chieftains, top professionals, investors and global entrepreneurial organisations through numerous events and meet-ups.
Over a period of three years, around 380 startups have graduated from these spaces, had already received commitments of around Rs8.77 billion ($56 million approximately), and also generated revenue of around Rs3.98 billion ($24.87 million approximately).
Annually, 170 promising technology startups graduated from these spaces, which makes them a very attractive space for all national and international investors.
The ministry is in the process of hiring a consultant for the evaluation and impact assessment, which would serve the key purpose of learning and accountability and will seek to identify the key problems and constraints of the project till September 30, 2021 and to formulate necessary corrective actions and appropriate recommendations for effective implementation of the remaining project time.
This evaluation and impact assessment will review the efficiency of project implementation in terms of achieving the key envisaged objectives, outcomes and delivering outputs. It will also provide key insights, learning and rationale about the project’s overall impact on the startup ecosystem, for assessing the efficacy and effectiveness of the existing model for development of future strategy for NIC expansion.
Originally published at Bol news