Student start-ups : Proposed centres to support, fund entrepreneurs

Nine public sector universities signatory to agreement

ISLAMABAD: An agreement to set-up ‘student start-up business centres’ in major universities across the country was signed at the Higher Education Commission (HEC) Secretariat on Tuesday.

The memorandum of understanding was signed between the HEC, the Promotion of Education in Pakistan (PEP) Foundation, and nine public-sector universities.

The centres aim to promote student entrepreneurship in higher education system, and provide students with necessary support to launch their own businesses.

The centres will identify and attract sources of financial assistance from the business community and donors, as well as set-up a ‘student entrepreneurship fund’ to assist high potential start-ups.

Speaking at the ceremony, HEC Chairman Dr Mukhtar Ahmed said the commission had invested Rs50 million for the establishment of a ‘student advancement endowment fund’ in 50 public-sectors universities.



PEP Foundation President Dr Khalid Iqbal said higher education in the country has seen remarkable developments in the last decade, adding that investing in students to provide them with business opportunities was crucial.

Under the agreement, the HEC, PEP Foundation, and each respective university will contribute Rs2 million to each business centre. The universities, in turn, will fund no less than five student start-ups per year.

Students will be required to prepare proposals containing detailed business plans and budgets. The business centres will guide and assist students to prepare these proposals.

HEC will organise mentoring workshops from time to time. The final selection of business plans will be carried out by a selection committee comprising of business experts, as well as representatives from the HEC, respective university and PEP Foundation.

The signatories to the agreement include: National University of Sciences and Technology, Islamabad; Virtual University, Lahore; Pakistan Institute of Fashion and Design, Lahore; University of Agriculture, Faisalabad; Mehran University of Engineering and Technology, Jamshoro; University of Science and Technology, Bannu; Shah Abdul Latif University, Khairpur; Government College University, Faisalabad; and COMSATS Institute of Information Technology, Islamabad.

Published in The Express Tribune, September 16^th,  2015.