Bussiness Incubator at loBM towards corporate excellence

Karachi: When Talib Karim, loBM President says that this Institute envisions and encourages students to pursue entrepreneurial projects to become job creators and not job seekers, loBM Office of Research Innovation and Commercialization (ORIC) comes into action in organizing and brainstorming on viable ideas, insights and initiatives on the role of Incubation Centers in Entrepreneurship Creation, says a Press release.

The Office of Research Innovation and Commercialization, Institute of Business Management (ORIC-loBm) organized a Workshop on “Role of incubation Centers in Entrepreneurship Creation” at the Entrepreneurship and Management Excellence Center (EMEC), lobm on Tuesday.

Resource persons at this Workshop were Syed Afzar  Hussain, Manager and head of Technology Park and Technology Incubation Center, International Center for Chemical and Biological Sciences (ICCBS) and Muhammad Talha, Manager Incubation and Outreach Activities at IBA. Besides the presence of loBM’s Talib Karim, President, Dr. Ejaz Ahmed , Rector,Dr. Syed Irfan Hyder, Dean CBM and CES; Dr. Amanat Ali Jalbani, Director, ORIC-loBM: Muhammad Tariq, Manager, Research Operation and Development, this Workshop was largely attended by loBM HoDs, faculty and external participants.

This Workshop focused on Formation of incubation Centers; Sources of Funds for startups; Structure and Functions of Incubation Centers; Industrial Liaison through Incubation Centers; Promotion and Management of Incubation Centers and Spin-off and Graduation of Startups. A Business Incubator, therefore, is a company that helps new and startup companies to develop by providing services such as management training or office space.

These services are developed or arranged by the business incubator and offered it directly or through its network of contacts. Critical to this definition of an incubator is the provision of management guidance, technical assistance and consulting tailored to young, growing companies. Graduates of the business incubator program create jobs, revitalize neighborhoods, commercialize new technologies, and strengthen local and national economies.

Addressing queries from and answering questions of Director ORIC and the participants, the panelists emphasized upon the need for a congenial atmosphere for the startups; teamwork and collaboration from all departments; motivating faculty and attracting industry; company spin-offs amid university research; marketing and selling of the prototypes from the blossoming hatcheries of the mentoring accelerator levels.