Prime Minister Syed Yusuf Raza Gilani on Monday urged the universities in the country to impart entrepreneurial skills to youth to help strengthen national economy.

He was addressing the award-giving ceremony of Prime Minister’s Entrepreneurial Challenge programme DISCOVER, at National University of Sciences and Technology (NUST).

“I very strongly feel that universities must solve problems of our local industry and scale up their research and development focused on commercial success,” the Prime Minister said. Gilani said new growth strategy was being developed and implemented by the democratic government and said it laid greater emphasis on human resource development, innovation and entrepreneurship.

He said the Higher Education Commission (HEC) was also focusing on the greater role of universities in building economy, community and future leaders.

“We are also using Benazir Income Support Fund, micro-credit financing and internship schemes to support the educated and dynamic youth of Pakistan to become high achievers in life,” he said.

He said the competition “Discover: Prosperity through Entrepreneurship” was absolutely in line with the vision of his government to promote education.

Gilani said for this reason, he readily agreed to the proposal as he sincerely believed that it was the only way to create jobs.

Prime Minister Gilani recalled that while presiding over a meeting of Pakistan Software Export Board, he directed completion of the Information Technology Park Project in Islamabad on fast-track basis.

He said the project will also be launched in provinces at a later stage and said he had already instructed for allotment of a piece of land for this purpose.

He said Pakistan was a truly blessed nation, where 63 percent of its population was under 25 years of age having enormous potential.

“Our demographic potential places Pakistan on a take-off stage provided the capabilities of our youth are harnessed for productive purposes,” he said.

He stressed the need for developing linkages between Pakistani universities and job markets, and added it was an age of knowledge-driven economies.

“We must not lose sight of challenges that lie ahead as we march on. These challenges call for encouraging a sense of critical inquiry and a thirst for knowledge among the students.”

Prime Minister Gilani felicitated the NUST and Cambridge Advisors Network, the co-organizers of this competition, for identifying the right direction for youth and creating a support system to promote industry-academia collaboration.

He said identifying entrepreneurs, connecting them with the industry, providing incubation space and seed funds, arranging industrial mentors and finally celebrating their achievements was a comprehensive phased business development programme.

The Prime Minister lauded the students for their projects and said “You have taken innovation, entrepreneurship and commercialization beyond their buzzword significance, to actualization of ideas.”

The Prime Minister commended the efforts of Ministry of Science and Technology and HEC for their support to technology incubator at NUST and for promoting technology-based businesses.

“Such incubators help in the growth of small and medium industries and can ultimately become significant contributors to our GDP growth.”

The Prime Minister also approved the idea of holding such a competition every year so as to direct the energies of university graduates towards innovation, and entrepreneurship.

He lauded NUST for creating a vibrant eco-system to promote innovation and entrepreneurship, and added that no incubator can succeed without venture capital.

The Prime Minister termed it a unique national event to encourage technology wizards and potential entrepreneurs. He also endorsed the idea of motivating and training youth to become job creators and not merely job-seekers.

He said Pakistan needed technology-based businesses that bring higher returns and added that science and technology universities like NUST were the best places for technology-based business because these were centres of excellence.

The Prime Minister also commended the participating teams of 30 universities for their ingenuity and zeal in developing innovative business plans and striving hard to reach the finals.

Gilani also quoted the Founder of Nation Quaid-e-Azam Muhammad Ali Jinnah as saying; “I particularly appeal to our intelligentsia and students to come forward and rise to the occasion....You are not lacking in the great qualities and virtues in comparison with the other nations. Only you have to be fully conscious of that fact and to act with courage, faith and unity.”

Rector NUST Lt. General ® Muhammad Asghar said NUST was pursuing the practical approach of innovation and encouraging students to start businesses.

He said ‘incubators’ had been set up at the university that were providing best environment to the students to prepare before jumping into entrepreneurship.

The Prime Minister also handed over cash awards amongst the top five teams on preparation of successful business plans.

The winning teams included NUST (first prize of Rs 500,000) for cost effective treatment of  hepatitis C; LUMS Lahore (1st runner up prize of Rs 300,000) for Seraab project of selling cost-effective irrigation water to small farmers, etc.

The event was also attended by Minister for Science and Technology Mir Changez Khan Jamali and Chairman Higher Education Commission Dr. Javaid Laghari.