The Higher Education Commission (HEC) has invited applications for recognition of Business Incubation Centers (BICs) aimed at facilitating young and budding entrepreneurs through administrative, consulting, and networking services with provision of in-expensive startup spaces.
The HEC official sources said on Monday that the applications are called from higher education institutions (private sector) to recognise their BICs.
As per details, the institution should have an operational BIC in line with the minimum requirements as per HEC BIC Policy 2021. They also have an HEC-recognised/funded BIC under the consortia model.
Furthermore, the institutions must have proven and tangible research commercialization and entrepreneurial ecosystem.
It is worth mention here that recognition of BICs does not involve any funding and financial commitment from the commission.
The official sources added that HEC encouraged development of innovative companies, startups, and spin-offs to stimulate and support economic growth through rigorous incubation process.
The BICs were active players for creation of new jobs, and revival of innovative communities.
The commission was offering two routes for interested universities to establish their BICs.
