Q. Which university is eligible for Establishment of Business Incubation Center Program?
A. The HEC Establishment of BIC Program is designed for public sector universities who are interested in strengthening their entrepreneurial culture within the HEI. Private sector HEIs can also form consortium with leading public sector HEI in the BIC establishment proposal.
Q. What are main requirements for the HEI interested in establishment of BIC?
A. BICs will be established at leading public sector HEI, where there is an established and well performing ORIC.
Q. What is the maximum amount of funding available for establishment of BIC?
A. The funding provided for Establishment of BIC Program has a limit of Rs. 24m and includes two-years operational budgets of the BIC including setup costs, entrepreneurial activities, HR, and miscellaneous allied activities.
Q. How Private Sector HEIs can independently apply for recognition of their already functional BIC?
A. HEC has introduced the recognition of Business Incubation Centers established and functional at Private Sector HEIs. The interested universities can apply for recognition through recognition proforma available in Downloads Section.
Q. Are the HEIs applying for recognition of their BICs eligible for funding?
A. The recognition of BIC at private sector HEIs does not involve any funding.
Q. How does HEC support the incubating startups for development of their startup?
A. The BIC budget includes prototype development / MVP funding budget head to encourage the new early-stage startups at the BIC.
Q. How many universities can form consortium under the establishment of BIC model?
A. The HEIs may form a consortium of universities (preferably of 4 – 5 HEIs within fair radius to each other) for establishment of BIC.
Q. Does the desirous university required to contribute financially for the establishment of BIC?
A. The funds for the establishment of New Business Incubation Center will be arranged for a limited time (max. two years) in the manner: HEC: 60% and Partnering HEIs: 40%.
Q. What is the minimum HR requirement for establishment of BIC?
A. HEC BIC Policy 2021 requires one dedicated BIC Director/Manager to oversee the operations of BIC along with support team which includes Startup Support Executive, Admin & Finance Executive, and Office Assistant.
Q. What is the role BIC Steering Committee / Advisory Board?
A. The Steering Committee / Advisory Board will be the governing body for the BIC and will provide strategic leadership, governance oversight, and advice for decisions and actions to be taken in accordance with the objectives, approach, and scope of the BIC.
Q. What is the constitution of BIC Steering Committee / Advisory Board?
A. The BIC Steering Committee/Corporate Advisory Board (or similarly named) will comprise of at least 07 Members coming from the Private Sector and ORIC / BIC management. The Vice Chancellor and an Eminent Business/Industry Leader will serve as Co-Chairs of the committee.
Q. What is the minimum incubation period for a startup incubated at BIC?
A. The minimum incubation period is of 12 months which can be extended to another 6 months provided the startup shows considerable potential to complete its objectives in the extended period.
Q. How does the BIC facilitate the graduated startups after successful completion of incubation program?
A. The BICs maintain a two-way relationship with its graduated startups, which includes providing support in business management and mentoring, involve and disseminate venture-capital / seed-funding / angle investment opportunities for the graduated companies and actively assist them in raising of funding resources, etc.
Q. Does HEC provide capacity building training and workshops for the BIC staff?
A. Yes. HEC regularly organizes training programs and workshops for BIC personnel.
Q. Does HEC evaluate the performance of BICs?
A. The HEC annually evaluates BIC performance by using a self-assessment scorecard. The scorecard can be accessed using the following link:
https://www.hec.gov.pk/english/services/universities/EBIC/Pages/Downloads.aspx
Q. Does HEC provide any guidance for formulation of Institutional IP Policy to safeguard the interest of researchers, faculty members?
Kindly refer to HEC's 'Strengthening of IP and Commercialization Efforts of Higher Education Institutions in Pakistan', which provides a basic framework and guidelines on IP management practices for universities.
Q. My query is not addressed in the above listed FAQs, whom should I contact?
A. You can write your concern at bic@hec.gov.pk and our team will revert in due course.
