Social Innovation Lab announces its 5th startup incubation cycle
Social Innovation Lab (SIL) at Lahore University of Management Sciences (LUMS) is calling all aspiring entrepreneurs for the 5th cycle of their startup incubator ‘The Hatchery’. SIL is an initiative designed to encourage and educate social innovators by offering them a testing ground for their initiatives along with wisdom and guidance to form sustainable businesses.
Their incubator, The Hatchery, is geared towards the needs of passionate, social innovators, big on ideas but lacking in the means and experience necessary to realize their vision. They have a specially designed curriculum and mentorship program, which combines humanistic perspectives on poverty alleviation, rural development and inclusive marketing with the latest insights on sustainable business practices.
One incubation cycle at The Hatchery comprises of four phases. The first phase familiarizes the incubatees to the structure of Pakistan’s entrepreneurial ecosystem with sessions on organizational development, design thinking and idea generation. The second phase requires incubatees to conduct inclusive market research and rapid prototyping to validate their ideas and tailor them to the needs of target beneficiaries. The next phase includes sessions on Organizational Registration, Cash Flow Forecasting and Advertising that prepare incubatees for the process of setting up legal business partnerships and developing recognizable market profiles. The final phase prepares the incubatees to attract funding for their businesses at an Investors Meet where they pitch their ideas and business plan development.
SIL is an all-rounder in preparing young startups. This four phase incubation cycle doesn’t just include business lessons from leading innovators. The Hatchery will also help you with marketing, branding, logo design, office space, at least $1,000 in seed money for the top performing enterprise, international collaborations, exchange trips and crowdfunding support.
Applications are currently open for the 5th cycle. Deadline to apply is 27th August. Apply here.