Business Incubation Center - Student Startup Business Center

Introduction

Entrepreneurship and innovation contribute towards economic and social development of a country. University-based entrepreneurship ecosystem plays a vital role for building entrepreneurship culture among students. The University of Agriculture, Faisalabad has established a Student Startup Business Center (SSBC) with the collaboration of the Promotion of Education in Pakistan (PEP) Foundation Inc. New York and Higher Education Commission (HEC) of Pakistan. Student Startup Business Centre (SSBC) provides mentorship and initial financing to various startups. The major goal of SSBC is to produce successful startups that will leave the program financially viable and freestanding. SSBC provides opportunities to strengthen ties between the educational institutions and the local business community.

Background

Pakistan must prepare its students to compete in a highly challenging and globalized economy. In addition to academic knowledge, it is necessary to provide students with practical skills, promote student entrepreneurship and support student startups both with knowledge and financial means. Students’ innovative ideas can be transformed into successful businesses with the right guidance and financial assistance. Students are ideally positioned to utilize their stay at the university to come up with breakthrough ideas that can become powerful drivers of economies.

Objectives

  • To encourage and support students for establishing their own startup initiatives
  • To promote entrepreneurship through awareness workshops and innovation challenges
  • To identify and attract sources of financial assistance from businesses, donors, angel investors and venture capitalist to assist students in their startups
  • To provide training for students in basic skills such as business plan development and developing elevator pitches
  • To design and implement programs that will link successful startups with relevant industries and business investors
  • To provide finance to the students for starting their own enterprises
  • To follow up the pace of on-going business

Student Startup Business Center Model

Services Offered

  • Free co-working space
  • Seed Grants
  • Access to all UAF facilities
  • Networking
  • Mentoring and Coaching
  • Opportunity to participate in national/
  • international start-up events
  • Specialized curriculum
  • Branding through UAF

Eligibility Criteria

  • Should be a student of University of Agriculture, Faisalabad
  • Having viable startup idea and detailed business plan
  • The applicant has good repute and reasonable experience in the relevant sector
  • The applicant should not be defaulter of any financial institution or any government duties or taxes
  • The applicant has not been convicted in any civil or criminal case

For more information, visit Student Startup Business Center, Office of Research Innovation and Commercialization (ORIC)/BIC, UAF


Payback Plan

  • Awardee will make the university a 10% equity holder in the company or return voluntarily an amount twice equivalent (received) to SSBC within 10 years of successfully establishing his/her business and thereafter donate 5% of total sale/earnings to SSBC in perpetuity
  • Arrangement of payback amount shall be the sole responsibility of the Awardee
  • The awardee shall keep the exterior and interior of the building and other structures comprised in the space in good and licensable condition and is liable to make good the loss if any in this respect
  • Awardee shall submit a quarterly progress report to SSBC officials

Graduation of Policy

The Awardee will be graduated out of the SSBC once it meets the following criteria:
  • Awardee has spent agreed duration at the incubator
  • Awardee has achieved milestones agreed in the business plan
  • Space requirement of the Awardee exceeds incubator capacity
  • If awardee fails to meet the quarterly targets thrice in a calendar year
  • If the review committee decides that the project is no longer viable
  • If awardee violates the tenancy agreement
If following conditions arise, then UAF shall have the right to terminate the contract:
  • Violation of Student Startup Business Agreement
  • Failure to provide regular quarterly progress
  • Non-payment of dues (if any)
  • Professional misconduct or unethical practices
  • The maturity / gradation certificate will be issued after completing the tenure or as determined by UAF

Success Stories

Green Heavens Landscape

The startup company is providing services of landscaping to adjacent areas of Faisalabad. In recent times the incubatee company has completed various projects with collaboration of different private and government bodies. Due to their hard work they have built very good and strong track record.

Green Heavens Landscape is currently providing following services:

  • Sketching and Carrying out the Landscape Edifice
  • Scheming the Garden
  • Night light design
  • Landscape Management etc

G.M Fattening Farm

The startup company is engaged in business of fattening livestock. In this connection the company buy calves at very early stage from the market of Bahawalpur and Cholistan. After bringing these animals to fattening farm, they rear them on silage and potato feed. The company keeps animals for four months at farm to increase their weight afterwards they sell this flock to meat processing companies and in the market.

G.M Fattening Farm is currently providing following services:

  • Provides supply of Animal to meat processing units
  • Delivers Animal to Butchers
  • Offers Animal to general public for Eid-ul-Azha
  • Export of beef to Gulf Countries

Paradise Hostel

The startup company is providing hostel facility to students, teachers and working individuals who have moved to Faisalabad for their study or business. The Paradise Hostel provides them comfortable and safe environment at convenient location.

The subject company is currently providing following services:

  • Comfortable space at convenient location
  • Quality Food
  • Well-furnished rooms
  • Internet facility
  • Backup Generator etc.

H.N Mineral Mixture (Livestock Compound Feed)

The startup company has developed a livestock compound feed that is high in minerals and nutrients. The compound feed helps in increasing milk productivity of cows. The company has already introduced subject product to different farmers and received excellent feedback.

H.N Minerals Mixture is currently providing following services:

  • Cost effective balanced animal feed
  • Consultancy to dairy farmers
  • Create awareness among diary specialist for increasing efficiency

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