ISLAMABAD, Nov 21 (INP-WealthPK): Pakistan has launched its first-ever vertical incubator in aerospace technologies named National Incubation Centre in Aerospace Technology (NICAT). It will be established at the National Aerospace Science and Technology Park (NASTP), Rawalpindi.
Talking to WealthPK, Imran Jattala, a well-known startups consultant and innovation ecosystem builder, said the aerospace collectively refers to the atmosphere and outer space. It’s a diverse industry with a multitude of commercial, industrial, and armed applications. Aerospace engineering will help the Pakistan aviation system in the areas of aeronautics and astronautics. Jattala said this technology will support in research, design, production, operation, or maintenance of aircraft and spacecraft involved in the work of numerous organisations.
Aerospace technology will help to construct and test aircraft and space vehicles. The aerospace technicians may be involved in the assembly, service, testing, operation, and repair of systems associated with dependable and reusable space launch vehicles and related ground support equipment.
According to information released by Ignite (National Technology Fund), the contracts for the establishment of NICAT were awarded to NETSOL Technologies Ltd and signed by Chief Executive Officer (CEO) Ignite Asim Shahryar Husain, CEO Aviation City Pakistan Pvt Ltd (ACPPL) Air Commodore (Retd) Dr Liaquatullah Iqbal, and CEO NETSOL Salim Ghauri.
Asim Shahryar stated that the global aviation industry is estimated to be around $3.5 trillion at present. Hence, he said, 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.
He said 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 the engineering facilities available at NASTP will enable Pakistani startups to develop hardware in addition to software for aerospace systems.
The Ignite CEO said that their existing seven national incubation centres in Islamabad, Lahore, Karachi, Peshawar, Quetta, Hyderabad, and Faisalabad have incubated more than 1,150 startups so far which have created more than 117,000 direct and indirect jobs, raised funding of Rs15.4 billion, and generated revenue of Rs9.1 billion so far. He said renovation work for NICAT is expected to be completed within three months followed by induction of the first cohort of startups.
Speaking on the occasion, Dr Liaquatullah said the ACPPL is establishing NASTP to promote small to large-sized aviation and space-related enterprises, laboratories, and research and development (R&D) centres at the national level. He added that NICAT will be established at NASTP, which will help in nurturing and building aerospace-related entrepreneurial ecosystem of Pakistan.
Salim Ghauri said 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 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.
