The Foundation is a 4-month long, intense, business incubation and acceleration program offered at the LUMS Center for Entrepreneurship to the most promising startups scouted from all across Pakistan and scrutinized by the Foundation Council. Only the best startups led by passionate founders pursuing a sustainable, high-growth or high-impact venture make it to the program.
The Foundation takes away most administrative hassles so that founders can focus on developing their ventures. Mutually agreed upon milestones are used to gauge startup development throughout the 4-month incubation/acceleration cycle and successful ventures are showcased at an investor conference upon graduation. The Foundation also offers a non-resident acceleration program for founders of existing, young companies to avail its mentoring and investment networking platform.
The Foundation hosts three batches of startups a year and offers the following:
- Up to 4 months of access to co-working office facility at LUMS
- 24×7 utilities including power, internet and phone
- Shared access to IT and administrative infrastructure & resources
- State of the art video conferencing system
- Access to LUMS labs, library, gym & other common access facilities
- Access to the world-class faculty at LUMS
- Continuous support from the world-class management of LCE
- Marketing and PR support from LCE
- Regular mentoring and advice from seasoned leaders
- Access to investors at the Startup Summit
- Sustenance stipend for up to 4 co-founders
Even though the startup founders do not have to pay for any of these services from out of their pockets, they will need to part with equity/shares in the company. The equity ranges from 2.5% to 7.5% depending on the services availed as depicted below.