arhaan Riaz, whose credits include 15-odd ventures spanning a decade and half, is presently running TICK, a tech incubator at the University of Engineering and Technology, Lahore. He claims to have “incubated over 170 startups that generated over 600 jobs and around $2m in bootstrapped revenue.”

Having studied business incubation management at the University of Queensland, Riaz was selected for the US State Department’s International Visitor Leadership Programme. Later, he represented Pakistan at various international forums, including the AUTM 2023 Conference in Austin, Texas. At UET, Lahore, he says, the incubator is trying to create an innovation ecosystem, mentoring startups through their early stages and helping them scale up.

According to Riaz, two of TICK’s startups have attracted noteworthy investments from venture capitalists. “Startups require more than just funding; they need a supportive ecosystem,” he tells The News on Sunday.

Lahore now has a number of public and private incubators. Public universities like the UET and the PU have got their own incubation centres. Private entities like Plan9 and PlanX continue to thrive. Together, these centres have supported hundreds of startups, contributing to job creation and economic growth.

UET Lahore’s incubator has been declared the 4th best in Pakistan and 13th best in Asia by CAREC. PU and other universities are similarly promoting entrepreneurship.

In Riaz’s opinion, scaling the incubation centres, especially in tier-two cities, and provision of seed funding can address the challenges the startups face in getting access to resources and mentorship.

Most students who graduate from universities are seeking jobs. The incubators drive them towards creating jobs. This “requires unique ideas, doable ideas and sustainable ideas.”

He acknowledges the efforts made by the government in promoting the culture of startup. He makes a special mention of initiatives such as the National Incubation Centre and the Prime Minister’s National Innovation Awards, but adds that more needs to be done.

PU’s incubation success

Prof Dr Sania Zahra Malik, who heads the University of the Punjab’s Business Incubation Centre, says that over the past three years, the centre has incubated 50 startups. She says 10 percent of those have achieved revenue-generating success. These startups span various sectors, from tech to social enterprises, and have demonstrated sustainable business models.

PU’s recent successes include the winner of Ignite’s Idea Seed Fund, which benefited from seed funding and expert guidance.

A PhD in business management from University of Glasgow, Dr Malik stresses the need to integrate entrepreneurship in curriculum. “Universities need to move beyond their traditional degrees and inspire an entrepreneurial mindset,” she says, adding that most of the students who graduate are seeking jobs. The incubators drive them towards creating jobs. This “requires unique ideas, doable ideas, and sustainable ideas.”

Dr Malik adds, “At one level, we are not resource constrained; we lack determination and ideas. Many startup seekers are too focused on seed funding; they haven’t got any strategy to grow and sustain their projects.”

She rejects the popular notion that there is a dearth of resources: “The reality is that lots of funds are available from the Higher Education Department as well as the prime minister’s programme. Besides, the incubator [at PU] collaborates with industry partners to support their startups, reflecting a promising future for public-sector partnership.”

Women Resource Centre & Incubators

Women Resource Centre & Incubators of the Punjab government encourages and empowers women to take up entrepreneurship. Sohaib Zafar, a project director at the WRCI, says that the Centre has already trained 225 women entrepreneurs. Of these, 78 percent have launched their businesses.

The WRCI offers mentorship, financial counseling and office facilities. However, budgetary constraints and inflation are frequent hurdles. Many participants struggle to stay consistent with pricing. “Funding delays hamper our ability to provide consistent support,” Zafar notes.

Despite such challenges, the WRCI continues to build women-led businesses, contributing to economic uplift and gender inclusion.

Experts like Riaz and Dr Malik are of the view that policy-level interventions and public-private partnerships can change the game. Expanding incubation centres, providing them seed capital and integrating entrepreneurship in academics can address the key issues. As for popularising the startup culture, social media and other public platforms must be engaged.

Ahsan Malik is a media veteran interested in politics, consumer rights and entrepreneurship