Ignite has signed a contract for launching its first vertical incubator in aerospace technologies in collaboration with Aviation City Pakistan.
The National Incubation Centers in Aerospace Technologies (NICAT) will be established at the National Aerospace Science & Technology Park (NASTP), Rawalpindi, said a news release.
The contract for the establishment of NICAT was awarded to NETSOL Technologies Ltd. and signed by CEO Ignite, Asim Shahryar Husain, CEO ACPPL, Air Commodore Dr Liaquat Ullah Iqbal SI(M), and CEO NETSOL, Salim Ghauri. NETSOL team, based in Lahore, participated virtually.
In his welcome address, Asim Shahryar, CEO of Ignite stated that the global aviation industry is estimated to be around $3.5 trillion at present. Hence, the Ministry of IT and Ignite have planned this new incubator so that Pakistan can unleash its potential in aerospace technologies and get its share in this huge market.
The new incubator in Aerospace Technologies will be Ignite’s eighth incubation centre with a focus on nurturing high-tech startups related to aerospace and engineering.
He said that the engineering facilities available at NASTP will enable our startups to develop hardware in addition to software for aerospace systems.
Speaking on the occasion, the CEO of ACPPL, Air Commodore, Dr Liaquatullah Iqbal, SI(M) revealed that ACPPL is establishing NASTP to promote, form and develop small to large-sized aviation and space-related enterprises, laboratories, and R&D centres at the national level.
He added that NICAT will be established at NASTP and will help in nurturing and building an aerospace-related entrepreneurial ecosystem in Pakistan.
CEO of NETSOL Technologies Ltd., Salim Ghauri, stated that NICAT will transform the potential of aerospace and high-tech ICT-related ideas into reality in accordance with national and global needs and trends.
He said that Netsol will leverage its experience of the past 26 years as well as its international linkages to make the new incubator successful for inducted startups.
Ignite’s existing seven NICs in Islamabad, Lahore, Karachi, Peshawar, Quetta, Hyderabad, and Faisalabad have incubated more than 1150 startups so far which have created more than 117,000 direct and indirect jobs, raised funding of Rs. 15.4 billion, and generated revenue of Rs. 9.1 billion so far.
Renovation work for NICAT is expected to be completed within 3 months followed by induction of the first cohort of startups.
The signing ceremony was also attended by the executive management of Ignite, Imran Jattala, CEO of Innovators Garage, and senior officers from ACPPL and NASTP.