The Office of Research, Innovation and Commercialization (ORIC) at University of Central Punjab has created a university incubator, named, Tech 2.0, to provide an atmosphere where high potential business ideas can develop into successful entrepreneurial ventures. The main objective of Tech 2.0 is to nurture young entrepreneurs by providing them different support services, management assistance and a platform to do networking. This centre shall play a vital role as a conduit of innovation at University. This centre shall provide a platform for UCP faculty/students, to produce and commercialize their own new entrepreneurial ventures.
This centre will also facilitate in changing their technology-based business ideas into reality. It further targets to assist the accessibility of UCP resources to the incubatees in a useful way by networking with private/public sector funding sources, industrial associations, government agencies and industries to provide assistance and networking for incubatee businesses. This centre shall provide its candidates with the necessary support system to form their own company, such as legal assistance, technical assistance and most importantly, business mentoring. Because mentoring forms an important part of incubation, where mentors from different fields interact with the participants and provide guidance during the formation of their start-up. UCP professionals will help the participants in getting a good grip on the basics of business and shall help them to avoid the common start-up blunders. Thus incubator graduates would have the potential to create jobs, commercialize new technologies and strengthen national economy.
This centre shall target those individuals and businesses that have not yet started formally/ officially. This centre shall give support in the form of business planning, research, training, management development, personal development and assistance raising finance. Furthermore, it shall also assist potential entrepreneurs in understanding the advantages and challenges of new entrepreneurial venture.
“To facilitate and promote technology and innovation based entrepreneurship at University of Central Punjab.”
“To become leading technology and innovation based incubation centre in the country.”
Following are the three primary objectives of TECH 2.0.
The TECH 2.0 shall support and stimulates economic and community growth by increasing levels of innovation and commercialization by engaging in following activities;
As the objective of the ORIC is to efficiently and effectively develop, expand, enhance and manage the university’s research programs and to link research activities directly to the educational, social and economic priorities of the university and its broader community. For this, ORIC focuses on running an incubation centre that will select, nurture and mentor the best ideas with highest potential of commercialization. In this way the incubation centre will help in training and building capacities of graduates and (to-be) young entrepreneurs for future and existing ventures.
The TECH 2.0 shall act as an institution that would have the advisory support services to facilitate business ideas and transform them into successful ventures. The incubatees may include be the trainees from ORIC’s Certificate in Entrepreneurship programme with innovative ideas and an accompanying business plan, students of business school UCP or individuals running businesses that have gone through the startup phase but now need support to reach proliferation but lack the know-how about their business expansion.
The UCP TECH 2.0 shall assist the entrepreneurs by providing them with affordable and flexible work space having area of 189 square feet (length is 20′− 10″, width is 21′ and height is 9′− 4″) along with shared office services and equipment space. Few of them are listed below:
The services related to building facilities such as conference rooms, cafeteria, building security and other amenities are also available.
These services shall include assistance in developing business plans, business counseling, help in conducting feasibility studies and providing business ideas.
UCP TECH 2.0 shall also provide business support to the entrepreneurs by providing a wide range of supporting services such as technical, marketing, legal, human resource, product development and networking by setting up a business clinic every month. The business clinic will evaluate the proposed businesses and shall provide recommendations and solutions for it.
The business clinic at UCP shall enrich incubatees’ education in following ways:
UCP TECH 2.0 shall provide following technical services to the incubatees:
UCP TECH 2.0 shall provide following business/legal services to the incubatees:
Therefore, incubation centres are an important mechanism for nurturing the entrepreneurship share through a well-designed venture creation process at the university. It is a potential component designed to foster entrepreneurship more systematically and comprehensively through tailored support to newly formed companies. TECH 2.0 aims to engage semi-skilled and unskilled workforce of Pakistan in a productive manner by encouraging them to set up their own business ventures.
To apply for incubation at the TECH 2.0, please fill out the following form.