Ignite Signs Agreement with Netsol Technologies Limited led Consortium to Operate NIC Lahore – Startup Pakistan

In a major boost for Pakistan’s burgeoning technology and startup ecosystem, Ignite – National Technology Fund, a company incorporated under the Ministry of IT & Telecom, has signed an agreement with a consortium led by Netsol Technologies Limited to establish and operate the National Incubation Center (NIC) Lahore for the next five years. This consortium includes prominent partners like HBL, Beaconhouse National University, PlugNPlay Tech Center, Daftarkhwan, Accelerate Prosperity, UET Lahore, and WCCI Lahore. The consortium aims to empower startups focused on AI, IoT, Cleantech, climatetech, and ICT, serving as gateways to sustainable development, global impact, and inclusive growth.

The NIC Lahore will be relocated to Daftarkhwan Vogue on MM Alam Road in the heart of Lahore. It will host 50 startups annually in its incubation program and 10 startups annually in its acceleration program, with each startup receiving PKR 5 million in funding in the acceleration program from the Ignite National Technology Fund. With the premier international accelerator PlugNPlay Tech Center as a partner, startups will have the opportunity to participate in international accelerator programs worldwide. As commitment to support women entrepreneurs across Pakistan, at least 25% of the inducted startups at NIC Lahore will be women-led.

Adeel Aijaz Shaikh, CEO Ignite stated, ” We are thrilled to back the National Incubation Center Lahore as it enters an exciting new stage of growth and innovation. Our dedication to nurturing a vibrant startup ecosystem in Pakistan is demonstrated through our continuous support for incubation programs nationwide. We are confident that the center will remain a catalyst for economic development, job creation, and pioneering technological advancements with wide-ranging influence.”

During the ceremony Ayub Ghauri, Executive Director at Netsol Technologies said “At Netsol Technologies, we are thrilled to lead the National Incubation Center Lahore. This initiative advances our commitment to fostering innovation and entrepreneurship in Pakistan. By partnering with esteemed organizations and focusing on cleantech and AI, we aim to drive sustainable development and inclusive growth. We believe this center will nurture groundbreaking startups, contribute to economic progress, and create valuable employment opportunities for our youth.”

Abrar A. Mir, Chief Innovation & Financial Inclusion Officer – HBL, said on the occasion, “We are excited to be part of this consortium and see great potential in the startups that will emerge from the National Incubation Center Lahore. As Pakistan’s leading bank, HBL’s commitment to investing in these innovative ventures underscores our belief in their ability to drive significant economic and technological advancements in Pakistan. For HBL, digitalization is a means to a greater end: the financial inclusion of unbanked and under-banked communities. HBL’s digital transformation journey has revolutionized the way the Bank connects with its clients, enabling them to manage their finances with ease.”

Dr. Moeed Yusuf, Vice Chancellor Beaconhouse National University (BNU) said, “BNU is proud to be part of the National Incubation Center Lahore, as it aligns with the university’s commitment to youth development and education. For BNU, this is not a mere project, it represents passion. Our goal is not to produce any product, we want to work with our consortium partners to ensure Pakistan produces unicorns. Bringing our faculty’s diverse expertise and inter-disciplinary ethos to the NIC, we hope to help young entrepreneurs transform their innovative ideas into successful ventures, driving the future growth and prosperity of our country.”

In conclusion, Salim Ghauri, CEO and Founder of Netsol Technologies, endorsed the NIC Lahore with his words, “This initiative is a testament to our dedication to empowering the youth to drive innovation in high-tech fields and AI. By providing the necessary support and infrastructure, we aim to cultivate a new generation of tech leaders who will push the boundaries of what’s possible and contribute to the global tech landscape.”