Supporting the young entrepreneurs, LUMS, a name in Pakistan business world, also came forward and opened its application for the 6th cycle. They are offering many facilities to empower the young entrepreneurial minds to furnish their future.
LUMS named its incubation and accelerator program as The Foundation. It is established with the vision to give a platform to Pakistani startups and entrepreneurs who want to take initiatives on their high growth ideas. Their website throw the light on this program as:
The Foundation is a 4-month long, intense, business incubation and acceleration program offered at the LUMS Center for Entrepreneurship to the most promising startups scouted from all across Pakistan and scrutinized by the Foundation Council. Only the best startups led by passionate founders pursuing a sustainable, high-growth or high-impact venture make it to the program.
The Foundation hosts three batches of startups a year and offers the following:
The good thing is that The Foundation is not taking anything from the startups against their services. However, they will have equity in their businesses. It will give sufficient time to the business to grow. As this is the phenomena of every business that you have to invest first, then it will provide you with the return. So, LUMS is investing on your idea by just having a small equity in your business. There are 3 equity plans, which are as follow:
For startups, this will be the part of non-resident acceleration program. It is beneficial for those who want to get access to LUMS Center of Entrepreneurship mentoring sessions, talks, some marketing/PR support and pitching rights at the Startup Summit.
In this package, startups will receive everything except the cash stipend. It comprises of the full access to the LUMS facilities and services and is the part of the resident incubation program.
This package includes monthly stipend of Rs. 25,000 to each team member of a startup along with mentoring sessions and residential offices.
The deadline for submission of applications for LUMS Center of Entrepreneurship is 20th August 2016. For any further query, you can email them at [email protected].
To apply to the “The Foundation” program, click HERE.