The Government College University Lahore has established a Business Incubation Centre (BIC) with a cost of Rs16.42 million to promote self-employment among youth.
GCU Vice Chancellor Prof Dr Hassan Amir Shah inaugurated the centre which will provide basic infrastructure and allied facilities for researchers and young entrepreneurs who are interested in developing early-stage business ventures.
Prof Dr Ikramul Haq said that out of the total cost, Rs10.91 million were funded by the Higher Education Commission (HEC) over the period of two years. However, he said that this was initial funding while the BIC’s basic goal was to produce successful firms that would make the programme financially viable and free-standing.
VC Prof Shah said the IBC was an independent setup which would support new and startup ideas of the students in their initial development stage by providing an array of targeted resources and services. He said these services would be developed or arranged by the BIC and offered by it directly or through its network of contacts. The VC hoped the centre would soon start contributing to economic growth of the country by employment generation and creation of small and medium start-up companies.
GCU Registrar Saboor Ahmed Khan, IBC Director Muhammad Usman and other senior faculty members of the university also attended the inauguration ceremony.