Business Incubation Center

Business Incubation Center, FJMU

Incharge — Business Incubation Center

Dr. Taskeen Zahra

MBBS, FCPS

Phone: +92-42-99211145-53, Ext: 191
E-mail: [email protected]

Introduction

Fatima Jinnah Medical University (FJMU) took a significant initiative in June 2022 by establishing a Business Incubation Center (BIC) in collaboration with the Higher Education Commission (HEC). Operating at the intersection of academia and entrepreneurship, the BIC provides a comprehensive environment for young entrepreneurs to establish successful businesses.

Serving as a dynamic hub, the BIC offers a range of services including training, consultancy, marketing and financial assistance, technology expertise, and a skilled workforce, all aimed at nurturing and growing new business ventures. By leveraging FJMU’s knowledge base and faculty, the BIC facilitates industry–academia linkages, fostering collaboration between the institution and the local business community. It not only offers practical exposure to students but also harnesses university research to address challenges faced by emerging entrepreneurs. In essence, the BIC serves as a vital source for entrepreneurial training, job creation, community development, business retention, and overall economic expansion at the local level.

Objectives & Goals

Objectives

  • Enhancing the productivity of young entrepreneurs and startup enterprises to propel their success.
  • Creating opportunities for networking that catalyse successful business growth.
  • Offering mentorship and training programmes designed for startup companies and entrepreneurs, fostering the development of innovative ventures.
  • Providing students with practical exposure through internship and job opportunities, forging a direct link between academic learning and real-world applications.
  • Promoting a commercial research culture through a strong university–industry partnership.

Goals

  • To encourage a research & development atmosphere
  • To encourage an entrepreneurial culture in society
  • To mobilise capital in the economy
  • To create jobs in the economy
  • To make the university financially viable

Services & Facilities

The Business Incubation Center at FJMU provides a diverse range of resources to its incubatees, encompassing:

  • Business development services covering management, finance and marketing
  • Entrepreneurial training sessions and workshops
  • Access to knowledgeable consultants and subject matter experts at a shared cost
  • Networking opportunities for enhanced collaboration
  • Well-appointed office spaces
  • Availability of conference and meeting rooms
  • Full access to shared office facilities at nominal charges
  • IT and management services for operational support

Selection Process

The following criteria are taken into consideration when selecting incubating companies.

  1. Application submission — entrepreneurs submit detailed applications outlining their business ideas, plans and objectives.
  2. Initial screening — review of applications to ensure they align with BIC criteria and objectives.
  3. Shortlisting — selection of promising candidates based on the viability and potential of their business concepts.
  4. Pitch presentation — shortlisted candidates present their business ideas to a panel, highlighting innovation, market potential and feasibility.
  5. Evaluation — thorough assessment of each proposal, considering market analysis, financial viability and scalability.
  6. Interviews — in-depth interviews to gauge commitment, passion and understanding of the industry.
  7. Due diligence — verification of the applicant’s background, business plan and financial projections.
  8. Selection committee review — a committee reviews shortlisted candidates, considering all aspects of their proposals and interviews.
  9. Final selection — successful candidates are notified and agreements are established for inclusion in the BIC programme.
  10. Orientation and onboarding — induction sessions familiarise selected entrepreneurs with BIC services, facilities and expectations.

The selection process is designed to identify innovative and high-potential ventures, ensuring a conducive environment for growth and success within the incubation programme.