i2c Inc., a leading provider of digital banking and payment solutions, and the Wain Foundation, a non-profit organization dedicated to empowering youth through education and entrepreneurship, have announced their partnership with the University of Sargodha in Pakistan to establish the Waheed Wain Incubation Center. This collaboration marks a significant milestone as it is the first-of-its-kind agreement between a public university and these organizations.
The Waheed Wain Incubation Center aims to become a thriving hub for innovation and entrepreneurship, offering aspiring entrepreneurs and startups the necessary support to transform their ideas into successful businesses. The University of Sargodha will provide the land for the center, while the Wain Foundation will contribute the financial and technical assistance required for its establishment and operation.
Amir Wain, CEO of i2c Inc. and Chairman of the Wain Foundation, expressed his vision for the center, stating, “Our vision is for The Waheed Wain Incubation Center to provide the nation with an impactful hub, in the mold of the great incubation centers of Silicon Valley. We believe that by providing aspiring entrepreneurs with the support and resources they need, we can foster a new age of innovation and entrepreneurship across Pakistan.”
The establishment of the Waheed Wain Incubation Center has garnered high praise from Professor Dr. Qaisar Abbas, the Vice Chancellor at the University of Sargodha. He expressed his gratitude to the Wain Foundation, stating, “We are highly grateful to the Wain Foundation for their generous support in establishing the state-of-the-art Waheed Wain Incubation Center. This center will have a far-reaching impact on the economic and social growth of our nation and empower future leaders who will effectively represent Pakistan on the world stage.”
Pakistan has been experiencing a surge in entrepreneurship, with over 720 startups established in the country since 2010, according to McKinsey. With its large population and youthful demographic, Pakistan is projected to be one of the fastest-growing economies in the coming years, with an estimated annual growth rate of approximately 6% until 2026.
i2c Inc. is a global provider of highly configurable banking and payment solutions. The company’s proprietary “building block” technology enables clients to easily create and manage a comprehensive range of solutions for credit, debit, prepaid, core banking, and more, in a quick and cost-effective manner. With its unified global SaaS platform, i2c delivers unparalleled flexibility, agility, security, and reliability to millions of users in over 200 countries and territories across all time zones.
Since its founding in 2001 and headquartered in Silicon Valley, i2c has established itself as a leader in the industry, supporting clients worldwide with its next-generation technology.
The partnership between i2c Inc., the Wain Foundation, and the University of Sargodha holds great promise for the future of entrepreneurship in Pakistan. By providing aspiring entrepreneurs with access to mentorship, funding, and resources, the Waheed Wain Incubation Center will play a vital role in nurturing a culture of innovation and driving economic growth in the country.
With the collective efforts of these organizations, Pakistan is poised to become a hotbed of entrepreneurial talent, contributing to its emergence as a major player in the global economy.
In addition to the partnership between i2c Inc., the Wain Foundation, and the University of Sargodha, there have been several other notable developments in the entrepreneurial landscape of Pakistan.
The Pakistani government has taken significant steps to promote entrepreneurship and innovation in the country. The establishment of the Pakistan Startup Summit in 2019 showcased the government’s commitment to fostering a conducive environment for startups. The summit brought together entrepreneurs, investors, and industry experts to exchange ideas and explore opportunities for collaboration. Such initiatives highlight the government’s recognition of the crucial role startups play in driving economic growth and creating job opportunities.
Moreover, Pakistan’s technology sector has witnessed remarkable growth in recent years. The emergence of tech incubators and accelerators, such as Plan9, The Nest i/o, and Invest2Innovate, has provided a platform for aspiring entrepreneurs to receive mentorship, funding, and support. These incubators have played a pivotal role in nurturing startups and helping them thrive in the competitive market. They offer a range of resources, including workspace, networking opportunities, and access to a vibrant community of like-minded individuals.
Furthermore, the venture capital ecosystem in Pakistan has been gaining traction. Venture capital firms are actively investing in promising startups, providing the necessary capital to fuel their growth. The increased availability of funding has encouraged entrepreneurs to pursue their innovative ideas and turn them into sustainable businesses. This trend has also attracted international investors, who recognize the potential of the Pakistani market and are keen to support the country’s entrepreneurial ecosystem.
In recent years, Pakistan has also witnessed the rise of social entrepreneurship. Many startups are focusing on addressing pressing social and environmental challenges while maintaining a sustainable business model. These social enterprises are making a positive impact on society by providing innovative solutions in areas such as healthcare, education, agriculture, and renewable energy. The recognition and support for social entrepreneurship have helped create a more inclusive and socially responsible startup ecosystem in Pakistan.
The government and various organizations are also actively promoting women’s entrepreneurship in Pakistan. Recognizing the untapped potential of women entrepreneurs, initiatives such as the Women Entrepreneurship Program (WEP) and the Womenx program have been launched to provide training, mentorship, and financial support to aspiring women entrepreneurs. These programs aim to empower women, enabling them to participate in the economic development of the country and contribute to job creation.
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