LUMS Center for Entrepreneurship scouting season is here and they have started accepting applications for the Batch 6, expected to start in the third week of September. More details about the program are below.
About “The Foundation”
The Foundation is a business incubation and acceleration program offered at the LUMS Center for Entrepreneurship. This 4 month program is for the most promising startups from all across Pakistan and scrutinized by the Foundation Council. There are only the best startups led by passionate founders pursuing a sustainable, high-growth or high-impact venture make it to the program.
Program Details
The Foundation takes away most administrative hassles so that founders can focus on developing their ventures. Mutually agreed upon milestones are used to gauge startup development throughout the 4-month incubation/acceleration cycle and successful ventures are showcased at an investor conference upon graduation. The Foundation also offers a non-resident acceleration program for founders of existing, young companies to avail its mentoring and investment networking platform.
The Foundation hosts 3 batches of startups in a year and offers the following benefits:
- Up to 4 months of access to co-working office facility at LUMS
- 24×7 utilities including power, internet and phone
- Shared access to IT and administrative infrastructure & resources
- State of the art video conferencing system
- Access to LUMS labs, library, gym & other common access facilities
- Access to the world-class faculty at LUMS
- Continuous support from the world-class management of LCE
- Marketing and PR support from LCE
- Regular mentoring and advice from seasoned leaders
- Access to investors at the Startup Summit
- Sustenance stipend for up to 4 co-founders
Even though the startup founders do not have to pay for any of these services from out of their pockets, they will need to part with equity/shares in the company. The equity ranges from 2.5% to 7.5% depending on the services availed.
2.5% equity required for startups that want to be part of the non-resident accelerator program. This program is good for those who only want access to LCE’s mentoring sessions, talks, limited marketing/PR support and the rights to pitch their idea at the Startup Summit.
5.0% equity required for startups who wish to avail everything except the cash stipend. They can be part of the resident incubation program with all services and LUMS facilities.
7.5% equity for required startups who want everything that “The Foundation” has to offer in order to reach their maximum potential.
Deadline for Applications
The deadline for submission of applications is 20th August 2016.
For any additional queries, you can reach them out at lce@lums.edu.pk.
You can find more information for the “The Foundation” incubator and accelerator program here.