HEC, PEP Foundation sign MoU to set up ‘Student Start-up Business Centres’

Islamabad
The Higher Education Commission (HEC), nine public sector universities of the country and the Promotion of Education in Pakistan (PEP) Foundation have signed a memorandum of understanding (MoU) to set up ‘Student Start-up Business Centres’. The MoU signing ceremony was held on Tuesday.
The main objective of establishing ‘Student Start-up Business Centres’ is to promote student entrepreneurship in Pakistan's higher education system and provide students with necessary support to launch their own businesses. The centres will identify and attract sources of financial assistance from business community and donors, besides setting-up a ‘Student Entrepreneurship Fund’ to assist the talented student start-ups.
The universities which signed the agreement include National University of Sciences and Technology, Islamabad, Virtual University, Lahore, Pakistan Institute of Fashion and Design, Lahore, University of Agriculture, Faisalabad, Mehran University of Engineering and Technology, Jamshoro, University of Science and Technology, Bannu, Shah Abdul Latif University, Khairpur, Government College University, Faisalabad, and Comsats Institute of Information Technology, Islamabad.
According to the MoU, the three parties will contribute Rs2 million each. The universities will fund no less than five student start-ups per year. The students will prepare proposals with detailed business plans and budgets, explaining their projects and the utilization of funds. The Student Start-up Business Centres will guide and assist students to prepare proposals.
The HEC will organise mentoring workshops from time to time. The final selection of business plans will be carried out by a selection committee comprising representatives of HEC, concerned university and PEC Foundation as well as experts from the market.
Speaking on the occasion, HEC Chairman Dr. Mukhtar Ahmad lauded the universities and PEP Foundation for their efforts and interest in establishing these centres. He said the centres will help students engage in productive activities. He shared with the MoU participants that HEC has invested Rs50 million for establishment of 'Student Advancement Endowment Fund' in 50 public sector universities.
PEP Foundation President Dr. Khalid Iqbal, said that higher education has seen remarkable development in the last decade and that it was inevitable to invest in higher education as well as provide business opportunities to Pakistani youth. He admired the talent of Pakistani youth saying that they can contribute to the economic development of the country.
The MoU envisages that a 'Student Start-up Business Centre' is necessary for every higher education institution in order to produce well-versed professionals, business persons and community leaders able to compete in the global economy. While pursuing higher education, students are ideally poised to utilise their time to come up with breakthrough ideas that could benefit them, their educational institutions and the society. However, they require financial support and specialised knowledge to materialise their ideas into viable and feasible business plans.