FOUNDATION UNIVERSITY BUSINESS INCUBATION CENTER (FUBIC)

Table of Contents
1) Introduction:....................................................................................................................................1
2) Vision:................................................................................................................................................2
3) Mission:.............................................................................................................................................2
4) Objectives:.......................................................................................................................................2
5) Operational Procedures of FUBIC:.............................................................................................2
5.1) General Qualification Criteria for selection of Incubates:................................................3
5.2) The business:..............................................................................................................................3
5.3) The Technology:.........................................................................................................................3
5.4) General..........................................................................................................................................3
6) Incubation Process:.......................................................................................................................4
6.1) Formal Selection Process Incubation....................................................................................4
6.1.1) Application:...........................................................................................................................4
6.1.2) Presentation:........................................................................................................................4
6.1.3) Acceptance and Management of Expectations:...........................................................4
6.1.4) Incubatee Selection committee........................................................................................5
6.1.5) Evaluation Performa (Selection Criteria).......................................................................6
6.2) Facilitating Services to be Provided by FUBIC....................................................................7
6.2.1) FUBIC; Space Allocation by Functions:.........................................................................7
6.3) Evaluation and Monitoring:......................................................................................................8
6.4) Graduation or Exit Policy..........................................................................................................8
7) Revenue Generation for the Incubator......................................................................................8
 FOUNDATION UNIVERSITY BUSINESS INCUBATION CENTER (FUBIC)

1) Introduction:
Business Incubation is a business support process that accelerates the successful
development of start-up companies by providing new entrepreneurs with an array of
targeted resources and services. A business incubator’s main goal is to produce
successful firms that will leave the program financially viable and freestanding. It
creates jobs, helping the new graduates to become job providers instead of being job
seekers, commercializes new technologies, and strengthens communities and
economies.
The Business Incubation Centre (BIC) at Foundation University Islamabad under Office
of Research Innovation and Commercialization (ORIC) offers venue for the pioneering
business and technology ideas of the students, alumni and faculty.

2) Vision:
“Providing opportunities to faculty, students, alumni and community to develop their
entrepreneurial skills, knowledge and expertise, allowing them to maximize their
personal potential and wider contribution to society.”

3) Mission:
 Developing the entrepreneurial ecosystems for faculty, students, alumni and
community.
 Fostering and providing the trench of creativity & innovation to the entrepreneurs.
 Contributing in creating the sustainable environment for socioeconomic growth.

4) Objectives: 
The key objectives are as enumerated below:
 Nurture entrepreneurial atmosphere by supporting students, faculty, alumni and
community in their pursuit of technological or social innovations.
 Supporting the promising start-ups during initial period when they are most
susceptible. 
 Offer resources (mentorship, equipment, etc.) as measured viable on case-to-
case basis. 
 FOUNDATION UNIVERSITY BUSINESS INCUBATION CENTER (FUBIC)

 Establish academia-industry linkages to evolve mutually beneficial solutions. 

 Encourage disruptive innovations and collaborate in knowledge-based economy. 
 Handholding in commercialization of market ready products. 
 Harvest organizations that graduate as a gainful business concern.

5) Operational Procedures of FUBIC:

The following criteria will be take into consideration for selecting incubates:
5.1) General Qualification Criteria for selection of Incubates:

 The candidate is not defaulter of any financial institution or any government

duties or taxes.
 The candidate has not convicted in any civil or criminal case.
5.2) The business:

 Good understanding of the market and competition.

 Strong growth potential.
 Financial condition.
 Identification of marketing, financial or management deficiencies.
5.3) The Technology:

 Involves around an innovative concept.

 Potential for IPR.
 Technical expertise and edge.
5.4) General

 At least one full-time person committed to company.

 FOUNDATION UNIVERSITY BUSINESS INCUBATION CENTER (FUBIC)

6) Incubation Process:

6.1) Formal Selection Process Incubation

Potential startups willing to join FUBIC often have to go through a selection and
evaluation process, consisting of the following general steps:
6.1.1) Application:

Submit an idea, business model and/or plan.

6.1.2) Presentation:

Give a (pitch) presentation in front of FUBIC selection committee.

6.1.3) Acceptance and Management of Expectations:

Acceptance into FUBIC under condition of expected results, for example a plan with
clear targets.
 FOUNDATION UNIVERSITY BUSINESS INCUBATION CENTER (FUBIC)

To effectively allocate resources available to support start-ups, a formal selection

process could be instated. In general, two tools can be define in order to standardize
the selection process: incubate selection committee and evaluation performa (selection
criteria).
6.1.4) Incubatee Selection committee

The selection committee members have similar profiles as the jury judging idea during
an idea and business plan competition.
FUBIC selection committee has following members:
 Dr. Ajmal Waheed , Dean, Faculty of Management Sciences President
 Dr. Shagufta Akhtar, Director ORIC Member
 Ms. Asmat Perveen, Incharge QEC Member
 Dr. Yasir Waheed , Associate Professor, FUIC Member
 Mr. Abdul Moeed, Manager UIL&TT Member
 Mr. Ch. M Usman, Lecturer, Department of Arts & Media Member
 Ms. Hina Affandi, Assistant Professor, Department of
Management Sciences Member
 Dr. Imran Daud, Assistant Professor, Department of
Software Engineering Member
 Mr. Taimoor Hassan , Manager BIC Secretary
 1x Financial Expert (Nominated by President FUBIC Committee)
 1x Legal Expert (Nominated by Director ORIC)
 2x Subject Area Specialists (Nominated by Director ORIC, in consultation with
President FUBIC Committee)
 FOUNDATION UNIVERSITY BUSINESS INCUBATION CENTER (FUBIC)

6.1.5) Evaluation Performa (Selection Criteria)

 FOUNDATION UNIVERSITY BUSINESS INCUBATION CENTER (FUBIC)

6.2) Facilitating Services to be Provided by FUBIC

 Office space including reception services, conference/meeting room, internet

access and secure environment.
 FUBIC will provide startups with well-equipped laboratories, extensive libraries,
powerful computer systems, technology expertise and subject matter experts from
the faculty.
 Assist in securing fund for the projects.
 Assist in formulation of business and market plans.
 Participate in finding suitable markets for the products and services offering by
startups.
 Facilitate in getting patent for the product and intellectual property right to the
scientist/inventor of the product.
 Facilitate in registration of company with Security of Exchange Commission of
Pakistan (SECP)
6.2.1) FUBIC; Space Allocation by Functions:

 Reception Area.
 Kitchen.
 Conference/Meeting Room.
 BIC Management Room (2x offices).
 Incubatee Room (9x offices).
 Lobby Area.
 Washroom (2x).
 Any damage or breakage caused by a tenant shall be charged to the tenant
causing it.
Following activities/practices will be strictly prohibited:
 Illegal and immoral activities.
 Formation of any association/union within the premises of the FUBIC.
 FOUNDATION UNIVERSITY BUSINESS INCUBATION CENTER (FUBIC)

 Unnecessary noise or disturbance causing problems for other incubates or

spoiling the general environment of FUBIC.
 Any other activity, which could spoil the environment of the center or bring a bad
name to it or is not permissible according to general social norms.
6.3) Evaluation and Monitoring:

The Incubatee shall provide briefly the technical and commercial progress report to
FUBIC in following stages:
1. Monthly Report.
2. Midterm Report.
3. Final Report and Executive Summary Final Report.
6.4) Graduation or Exit Policy

The incubatee company shall be graduated, once it meets the following criteria:
 Incubatee might has spent about 12 months at FUBIC.
 Incubatee has achieved milestones agreed in the business plan.
 If incubatee fails to meet the quarterly targets twice in a calendar year.
 If the evaluation and monitoring committee decides that the project in no longer
viable.
 If incubatee violates the tenancy agreement.

7) Revenue Generation for the Incubator

 Incubator will charge each incubatee a reasonable residency rent to cover utility,
internet, telephone, stationary and building maintenance costs. Details of rent are as
follows;
Student = 3,000/-
Alumni = 4,000/-
Faculty = 5,000/-