Agreement Signed Among Universities To Establish Business Incubation Centre

A memorandum of Agreement among International Islamic University, Islamabad (IIUI), University of Wah and COMSATS was signed here at the new campus of IIUI on Tuesday under which it has been agreed that a consortium shall be made to establish a Business Incubation Centre (BIC) at University of Wah (UoW)

ISLAMABAD, (UrduPoint / Pakistan Point News - 28th Dec, 2021 ) :A memorandum of Agreement among International Islamic University, Islamabad (IIUI), University of Wah and COMSATS was signed here at the new campus of IIUI on Tuesday under which it has been agreed that a consortium shall be made to establish a Business Incubation Centre (BIC) at University of Wah (UoW).

The IIUI will be providing a lead consultancy as part of the consortium in the tune of over Rs. 2.3 million for the development and capacity building of BIC at UoW.

In the signing ceremony, Dr. Hathal Homoud Alotaibi, President IIUI, Dr. Jameel un Nabi, Vice Chancellor UoW and Dr. Sajid Madni, Registrar COMSATS signed the agreement. It was also attended by Dr. Ahmed Shuja Syed, Vice President Research and Enterprise and Director BIC-IIUI, Engr. Muhammad Ahsen Mirza.

In this consortium, IIUI shall provide support and services as a lead partner to the UoW for capacity building. The IIUI's Directorate of Research and Enterprise through its two components BIC and ORIC shall guide and support the UoW for establishment of BIC. The IIUI shall also support UoW in Post establishment Capacity building, Trainings of staff and startups through Start and Improve Your Business (SIYB).

COMSATS under this agreement shall provide support to the UoW for development of strategic and sustainability plans. COMSATS shall also support for Communications and marketing of BIC at UoW and Industry/startup connect for BIC at UoW.

All three parties agreed to cooperate for the establishment of BIC at UoW sharing resources, training, capacity building and dissemination of knowledge and information.

It has also been agreed to establish a collaborative entrepreneurship club for all three institutes. All three organizations agreed to conduct Entrepreneurial Workshops, mentorship sessions, business plan competitions/ hackathons as well as startup challenge/ showcasing and investor connect events.

Speaking on the occasion, Dr. Hathal said that the university , through its new strategic plan, has been put on the track of progress and development.

He said that the university has also launched its online portal and through virtual learning the university has a target of enrolling 1 million students in the long term plan. He said that the university is keen for collaborations with other educational institutions.

Vice Chancellor UW said that there are a lot of opportunities that can be utilized through joint ventures between both universities. He hailed IIUI for its services to the society.

Dr. Ahmed Shuja Syed also gave a detailed briefing on the occasion about the university's vision, recent strategic plan and faculties of the universities. Earlier, Director BIC also apprised of the objectives and scope of the consortium.