NETSOL Technologies Limited has signed a contract with IGNITE – National Technology Fund, a company under the Ministry of IT & Telecom, for setting up and managing the operations of the National Incubation Center in Lahore.
NETSOL shared this development with the Pakistan Stock Exchange (PSX) through a notice on Friday in accordance with Section 96 of the Securities Act, 2015 and Clause 5.6.1(a) of PSX Regulations.
The company said that it was already leading and operating the National Incubation Center for Aerospace Technologies (NICAT) 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 AI, IoT, Cleantech, Climatech, and ICT, serving as gateways to sustainable development, global impact, and inclusive growth.
“The NETSOL-led consortium will host 50 startups annually in its incubation program and 10 startups annually in its acceleration program, with each startup receiving PKR 5 million in funding in the acceleration program from the Ignite National Technology Fund,” read the notice.
It further said that 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 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, Mr. Abrar Mir, Chief Digital, Innovation & Financial Inclusion Officer-HBL expressed his belief in innovation and said that the best and brightest startups from Lahore can be part of this consortium and see great potential in the startups that will emerge from the National Incubation Center Lahore.
“Our commitment is to invest in these innovative ventures to ensure our belief in their ability to drive significant technological advancements in Pakistan,” Mir remarked.
On behalf of Beaconhouse National University (BNU), Dr. Moeed Yusuf (Vice Chancellor) emphasised the empowerment of youth through high-end education. As one of the partners of NIC Lahore, he stated that BNU is eager to contribute to the development of an innovation-driven ecosystem that empowers Pakistan and its youth and ensures progress and prosperity for all.
Representing UET Lahore, Mr Shoaib Iqbal Syed, Head of Electrical Engineering, endorsed the NIC Lahore with his words: “This initiative will add great value to UET Lahore’s role as a national leader in high-tech fields and AI. By providing the necessary infrastructure and mentorship, we are confident that the new generation of tech leaders will push the boundaries of what’s possible and contribute to the global leadership in technology.”
