Ignite and Mobilink Bank consortium sign the agreement for the establishment of National Incubation Center Sialkot that will be incubating 25 startups each year in the fields of sports technology, surgery technology, e-commerce, and artificial intelligence.
ISLAMABAD: The startup ecosystem of Pakistan has successfully expanded its operations to one of the most important industrial centers of the country. The Ignite program, which is an initiative of the Ministry of Information Technology & Telecommunications, has entered into an agreement with a consortium comprising of Mobilink Bank and Cyber Vision International to run the NIC Sialkot, a startup incubator located in the industrial center that is famous for producing sports equipment, surgical equipment, leather items, and musical instruments.
Why Sialkot and why now?
With the Sialkot NIC launch, there is an attempt to fill a structural void in Pakistan’s innovation ecosystem. Unlike earlier NICs which were all concentrated in major urban cities, the NIC Sialkot marks the arrival of the program in a city that is well ahead of its economic weight in terms of exporting products to world markets. Sialkot produces and exports sports equipment, medical instruments, leather products, and musical instruments.
Federal Minister for IT & Telecom Shaza Fatima Khawaja highlighted that the establishment of NIC Sialkot was a step towards realizing the goal of ‘Digital National Pakistan‘ and that the government was committed to promoting innovations in digital entrepreneurship throughout Pakistan by providing the required resources to budding entrepreneurs.
Benefits offered by NIC Sialkot to entrepreneurs
NIC Sialkot provides support to up to 25 startup firms each year through mentorship, business development, investments, and networking. However, the center focuses on startups that have products or business models in line with the industries that dominate Sialkot, although any startup is free to apply.
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How Mobilink Bank provides financial inclusion within the startup ecosystem
The role played by Mobilink Bank in the NIC Sialkot joint venture is more than just a case of co-management. This was because the President and CEO of Mobilink Bank, Haaris Mahmood Chaudhary, emphasized the need for financial inclusion since Pakistan needs to grow collectively and not in a few cities. This venture provides digital resources, financial services, and market entry mechanisms for NIC Sialkot entrepreneurs.
NIC Sialkot in the national innovation network of Pakistan
NIC Sialkot provides access to this network for the city that has the potential for success due to its unique combination of existing exporting industries and developing digital economy, factors that make the city better suited than metropolises to support startups through their growth phases.
