Social Innovation Lab (SIL) is an initiative designed for young entrepreneurs to provide them with a platform for their ideas. It offers them a testing ground where they can groom themselves. The startup was founded back in October 2013 to boost the social enterprise in Pakistan. SIL at Lahore University of Management Sciences (LUMS) is now calling all aspiring and motivated entrepreneurs for its 5th incubation cycle.
The incubator behind Social Innovation Lab is ‘The Hatchery’. It aims towards the needs of passionate and social innovators. They have got a specially designed curriculum and mentorship program in this regard. The approach is to bring humanistic perspectives on poverty alleviation, rural development and inclusive marketing on sustainable business practices. Though, The Hatchery lacks in the means and experience necessary to realize their vision.
So, how does the incubation cycle at Social Innovation Lab under The Hatcher progress? Well, the full cycle is of four phases to nurture the growth of startups’ plans from ideation to implementation.
- First Phase: Introductory sessions on Organizational Development, Design Thinking and Idea Generation for incubatees
- Second Phase: Markets Research and Prototypes by incubatees on their proposed ideas
- Third Phase: Sessions on Organizational Registration, Cash Flow Forecasting and Advertising to prepare the incubatees for practical business experience
- Fourth Phase: Preparation of incubatees for Investors Meet where they can earn funding/investment
Social Innovations Lab (SIL) performs the major role in preparing young startups. This cycle not only comprises of learning sessions but also real-time experience i.e. marketing, branding, logo design, office space, seed money, international collaborations and more.
In order to apply for the 5th incubation cycle, click here. You can learn more about SIL here. Deadline to apply is 27th August. Best of luck, entrepreneurs!
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