ORIC

Business Incubation Center, UAF is keen to promote innovation and entrepreneurship. For this purpose, UAF and PITB established a Regional Plan9 Center at UAF. The said initiative will help startups in sustainability and growth. The program will also provide monthly stipend to selected startups. The center will provide essential services that are required by early stage startups. It will offer the following services:
• Monthly Stipend to each team member
• Office space
• Networking Opportunities
• Mentorship
• Business Development Assistance
• Legal Assistance
Regional Plan9 will be holding its first flagship event ‘Launchpad’ to select the startups to be incubated. The selection will be done by a panel of esteemed judges, all of whom are experts in their field and play an integral part in the entrepreneurial ecosystem. In the light of above, you are hereby requested to kindly motivate students of your department/institute to apply for this program. Registration link:
https://tinyurl.com/FaisalabadLaunchpad
Last Date: 31 May 2021

1. Introduction Universities are the places where new knowledge emerges and grows. The knowledge and expertise of the university faculty should be competitive and compliant with the international standards. However, if such expertise is not utilized practically, is wasted. The expertise developed by skilled manpower should be tangible and should reflect in the Gross National Product of the country. Therefore, as per future vision of the country, translation of academic knowledge into capitalization of emerging international demands for products and processes is the need of the time for strengthening of national economy.

The faculty members / retired faculty members/ TTS faculty/ Staff Members are eligible to apply for faculty startup program. Business can be initiated on indigenous product/services developed at University of Agriculture, Faisalabad.

Following committee is proposed for selection and induction of faculty startup:

1. Director, ORIC         Convener
2. Executive Director, EFS      Member
3. Treasurer, UAF       Member
4. Registrar, UAF       Member
5. FCCI, Representative       Member
6. Relevant Area Expert       Member
7. Director/In-charge, BIC       Secretary

The startup finance up to PKR500,000/- will be available to initiate the startup. The startup amount will be allocated from Endowment Fund Secretariat (EFS) out of its “Product Commercialization Component”. The faculty member has to return startup amount on graduation. In case of non-payment, University is authorized to debit said amount from salary/pension.

Intellectual Property Rights of the Product/Service

Intellectual Property Rights of the product/service will remain with the University till the life time of the product/service.

University Benefits and Liabilities / Other Details

The company should describe its operations in detail and various activities performed by the company. The company should also provide the details of charges/price of the product/service. The university will get share in the profit of the incubatee.

The company will share 20 % of its profit with the University. NOTE: The Company will bear the cost of all consumable items such as chemicals etc.

For the services where university facilities are not utilized:

The company will share 15% of its profit with the university. There will be no financial liability on the University. The activities and operations of the company should not affect the work and assignments of the faculty members.

1. The Incubation duration will be 12 months (extendable to 18 months in special case with approval of competent authority.
2. The Incubatee will graduate after 12 months. If the faculty member has availed financial facility. He/She will pay back the sanctioned amount. In case of non-payment, University will deduct the said amount from his/her salary/pension.
3. Incubatee has achieved milestones agreed in the business plan. Specifically, the company has a solid plan that will allow it to operate successfully outside the incubator.
4. If Incubatee fails to meet the quarterly targets twice in a calendar year.
5. If the review committee decides that the project is no longer viable.
6. If Incubatee violates the tenancy agreement.