NETSOL secures major contract with IGNITE to launch NIC in Lahore

August 09, 2024 (MLN): NETSOL Technologies Limited (PSX: NETSOL) has signed a contract with IGNITE-National Technology Fund to establish and manage the operations of the National Incubation Center in Lahore.

NETSOL notified market participants of this development through a notice issued to the local exchange today.

The company further informed that it is already leading and operating the National Incubation Center for Aerospace Technologies (MCAT) in Rawalpindi.

With the addition of NIC Lahore, the company will now bolster startup ecosystems in two regions of Pakistan, offering physical support to startups nationwide.

The NIC Lahore will be operated by a NETSOL-led consortium that includes Habib Bank Limited (HBL), Beaconhouse National University, PlugNPlay Tech Center, Daftarkhwan, Accelerate Prosperity, UET Lahore, and WCCI Lahore.

The initial contract term is five years. This consortium aims to empower startups focused on Al, loT, Cleantech, Climatetech, and ICT, serving as gateways to sustainable development, global impact, and inclusive growth.

The NETSOL-led consortium will host fifty startups annually in its incubation program and ten startups annually in its acceleration program, with each startup receiving Rs5 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 a commitment to support women entrepreneurs across Pakistan, at least 25% of the inducted startups at NIC Lahore will be women-led.

Through this, the NETSOL-led consortium has also increased its footprint in the prestigious and very impactful NICs network and will continue to contribute meaningfully and grow to the development of Pakistan's Entrepreneurial and Technology eco-system.

At the contract signing ceremony, Abrar Mir, Chief Digital, Innovation & Financial Inclusion Officer-HBL expressed his belief in innovation and talent in Pakistani youth.

"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. Our commitment to investing in these innovative ventures underscores our belief in their ability to drive significant economic and technological advancements in Pakistan," he said.

On behalf of Beaconhouse National University (BNU), Dr. Moeed Yusuf (Vice Chancellor) emphasized in empowerment of youth development with his words "We are proud to be part of the National Incubation Center Lahore, as it aligns with our commitment to youth development and education."

"By supporting young entrepreneurs with the resources and guidance they need, we can help them transform their innovative ideas into successful ventures, driving the future growth and prosperity of Pakistan," he added.

In conclusion, Salim Ghauri, CEO and Founder of NETSOL said: "This initiative is a testament to our dedication to empowering the youth to drive innovation in high-tech fields and Al. 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.

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