International Center for Chemical and Biological Sciences (ICCBS), University of Karachi (UoK), has inked a Memorandum of Understanding (MoU) with 10XC, a technology accelerator and seed funding venture of Planet N Group of Companies as a seed investment partner for its entrepreneurial and incubated projects.
This agreement aims to set forth the mutual goals and respective roles between the international center and 10XC during the course of our relationship with respect to education, entrepreneurship and employment. The duration of this mutual understanding has been agreed to cover a period of 12 Months upon signing, after which both parties can decide whether or not to renew this MoU.
The MoU was signed in a meeting held at the Dr. Panjwani Center for Molecular Medicine and Drugs Research (PCMD), University of Karachi before this Eid. Director ICCBS-UoK Prof. Dr. M. Iqbal Chaudhary and Chief Executive Officer 10XC Saif Akhter signed the MoU on behalf of their institutions.
On the occasion, officials from ICCBS including Dr Hina Siddiqui and Syed Azfar Hussain Manager Technology Incubator & Industrial Park were also present.
Prof. Iqbal Chaudhary emphasized the need of technology based entrepreneurship in the country. He suggested that there needs to be more investment in Research and development in the country. All technological advanced countries in the world have progressed because of their investment in R&D and special facilitation and incentives to researchers and academia for product development, he added.
Saif Akhter said that 10XC is a Seed Fund, a member of Planet N Group, which provides start-up funding, advice and resources to new entrepreneurs via a four months Pre-Seed program focused on product development and distribution.
This is a technology company investing in technological new businesses (startups). The company has invested in 16-35 year-old students, incubator, accelerator graduates and startups, he added.