Karakoram University Business Incubation Centre (KUBIC) is a project of HEC to encourage universities to impart the basic entrepreneurial thinking to the students while they are studying. Soon after its inception by the end of 2015, KUBIC established linkages with leading NGOs of the area working on the similar themes and started programs related to Entrepreneurship with a focus on creating an entrepreneurial eco-system in the university. KUBIC is now actively engaged with the students and market actors through seminars, consultative workshops, and training programs.
“To transform the socio-economic conditions of the mountain communities through the spirit of entrepreneurship”
“To train the future generation of entrepreneurs in Gilgit-Baltistan by providing required skills in a conducive environment that fosters creativity and innovation”.
Series of seminars have been conducted so far to promote entrepreneurial thinking among the students in collaboration with leading organizations like YES Pakistan, University of Oregon USA, Agha Khan Development Network, Aurat Foundation etc. During their visit to KIU, the team of ISRA University also conducted workshops on basics of enterprise development which was highly appreciated by the participants.
A grand event where entrepreneurs from across the ten districts of Gilgit-Baltistan participated and shared their success stories with the students of KIU. Agfa Khan Rural Support program awarded each successful start-up with cash prizes up to fifty thousand.
The first-ever Business Plan Competition was held at KIU to appreciate the best business ideas. It was a three-level competition and 12 ideas were shortlisted for the final. All the start-up ideas received cash prizes and best ideas were recommended for further support to another mega program run by a private sector organization. Local business community, managers of financial institutions, enterprise development experts and representatives of Chamber & Commerce attended this mega event.
Business incubation is a business support process that accelerates the successful development of start-up and fledgling companies by providing entrepreneurs with an array of targeted resources and services. These services are usually developed or orchestrated by incubator management and offered both in the business incubator and through its network of contacts. A business incubator’s main goal is to produce successful firms that will leave the program financially viable and freestanding. These incubator graduates have the potential to create jobs, revitalize neighborhoods, commercialize new technologies, and strengthen local and national economies.
Critical to the definition of an incubator is the provision of management guidance, technical assistance and consulting tailored to young growing companies. Incubators 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 financing necessary for company growth.
First batch of incubates at KUBIC
The first batch of incubates has been inducted by KUBIC in the first week of March 2017. Through a standard procedure and after a Business Plan Competition Eight ideas were offered placement in the KUBIC. These incubates are working under the supervision of mentors to turn their raw ideas into successful start-ups.