What is the Futurizm?
Futurizm is an entity, facilitating business startups through its Business Incubation Center (BIC), under the umbrella of CENTIN.
What is a Business Incubator?
Business incubation is a process that accelerates the successful development of startups by providing entrepreneurs with an array of facilities and services. Incubators nurture young firms, helping them to survive and grow during the startup period when they are most vulnerable. Incubators mostly provide co-working space, mentorship, access to funding and industry linkages to the startups.
What is the scope of CENTIN?
The Center for Entrepreneurship and Innovation (CENTIN) aims to help the successful development of entrepreneurial companies through a variety of business support resources and services, mainly through free/low cost shared space, resources, and professional services. Its main goal is to accelerate the development of promising businesses that will graduate from the program and be longstanding contributors to the local or regional economy. The startups incubated will be rigorously engaged in trainings, mentoring and product review sessions.
I want to join Futurizm Business Incubation Center (BIC). What is the procedure?
You can be a part of Futurizm’s Business Incubation Center (BIC) if you have a high-growth/high-impact business idea and are looking for incubation. You can submit your business idea by reaching us at firstname.lastname@example.org
I have a business idea and I need investment for its execution. How can you help me with that or connect me with the investors?
Access to the investors and/or financial support is given exclusively to startups incubated at the Business incubation Center (BIC) of Futurizm only.
Do you charge any fee for your services?
CENTIN facilitates business startups by providing free/low cost services as compared to the other business facilitation centers. All the services and facilities which are provided at CENTIN are either free or bearing very nominal and affordable cost.
I am not a part of Futurizm but can I join any mentoring session?
Mentor sessions are exclusive to our incubated startups only, however, we do hold public sessions every once in a while and they are open to everyone. If you wish to get updates on such sessions, please follow us on social media or you may write us at email@example.com.
What are the conditions and basic requirements for an idea to get selected in Futurizm Business Incubation Center (BIC)?
For selection at the incubator/accelerator of Futurizm Business Incubation Center (BIC), the business idea needs to be high-growth, high-impact and sustainable. Moreover, the startup should be led by a team of passionate, committed entrepreneurs who should be willing to join our center located in Lahore for at least five months’ time during the incubation program.
What are the qualifications/degree required to incubate my startup?
There is no degree requirement to incubate your startup. In addition, there is no age limit either. You need to have a business idea and a Minimum Viable Product (mockup/wire-frame/prototype) to apply for the incubation program.
Do you provide funding to the incubated startups?
The Futurizm’s Business Incubation Center (BIC) doesn’t provide any direct funding to the startups. However, through its vast network and partnerships, it provides key investor linkages and update the startups about various grant opportunities.
Can students apply for the incubation program?
Yes, students can apply, provided they are ready to commit full time to their ventures and to Futurizm and do not have schedules of their classes clashing with the program. However, we encourage students to apply after their graduation as it shows full-time commitment.
Does CENTIN/Futurizm entitle to any equity from the startups incubated?
If any incubated startup of gets funding from CENTIN/Futurizm’s platform, CENTIN/Futurizm will be entitled to its 5-7% equity, subject to the situation of each case.
What are the facilities provided to the startups during Incubation?
Among other facilities the Business Incubation Center (BIC) of Futurizm/CENTIN may provide following facilities to its incubated startups:
A. State of the art office space within UMT premises
B. Support for legal and regulatory compliance services
C. Mentoring for marketing strategies
D. Opportunities to attend international and local networking events
E. Mentoring programs involving national and international IT mentors
F. Assistance in preparation of financial feasibilities
G. Access to national and international investors
H. Product development and commercialization assistance
I. Assistance in intellectual property rights management
J. Participation in the seminars, trainings, and other learning sessions subject to BIC management’s approval and/or monetary obligations
K. Assistance to test, sell and launch their products/services within the UMT premises
L. Opportunities to be mentored and pitch to investors in the Silicon Valley.
How investors can invest in the startups incubated in Futurizm’s Business Incubation Center (BIC)?
If someone is interested to invest in the startups incubated in the Futurizm’s Business Incubation Center (BIC), he is advised to share his investment proposal and appropriate deal flows at firstname.lastname@example.org and we will be directed towards him accordingly.