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Entrepreneurship spurs growth in the economy of a country, but what spurs entrepreneurship? Plan9, a government-based project, makes sure that if you have the right idea and the will, lack of resources should not be a hindrance
We spoke to the Program Manager of Plan9, Mr. Nabeel A. Qadeer, about the nature of this initiative.
What is Plan9, what does it offer, and how did it come about?
Plan9 is a technology incubator. It’s funded by the Government of Punjab, and provides free office space, unlimited power supply, laptops, stipend and mentoring from top-notch industry gurus. It was founded by Dr. Umar Saif, Chairman PITB, who formulated the government’s investment plan in the IT industry.
Why the name “Plan9”?
Coincidently, Plan9 is situated on the ninth floor of Arfa Software Technology Park, but this is not why it’s named. Plan9 is the name of a free operating system back in the 80s and 90’s. In its revolutionary nature, it changed the way local and remote resources were accessed and utilised, increasing the efficiency of computer programs in a networked environment.
Plan9, PITB's tech incubator takes inspiration from that revolutionary OS; we feel it’s a similar bold pioneering initiative and aims to help tech entrepreneurship in Pakistan. In addition, similar to the free operating system, we create networking channels between local and international mentors, investors, and start-ups hosted at Plan9.
What core elements do you look for when investing in a business venture?
We don’t directly invest in businesses. We only act as catalysts for inducted teams, providing funding channels by linking our incubatees to VCs and angel investors.
How can an aspiring tech entrepreneur approach Plan9?
To get incubated you need to apply online on plan9.pitb.gov.pk. We hold two induction cycles every year. We look for teams with viable business models and a clear cut goal. Having a strong, dedicated team is crucial to surviving the tough, accelerated and productive environment of an incubator.
At what stage can a team/individual approach you for investment and mentorship; that is, should there be a working prototype of the product or simply a brilliant idea is enough?
This varies from case to case, but we generally look for strong teams with a well thought-out business plan, supported by a strong technical team/prototype.
What if an incubated company doesn’t reach its milestones?
We regularly evaluate all companies, and those who don’t perform as per expected are asked to leave the incubator.
How is Plan9, or incubators in general, different from traditional venture capitalists.
Plan9, and incubators in general, provide the eco-system that supports and helps start-ups thrive. Besides creating funding opportunities, they provide domain-specific mentoring and training. They may or may not ask for equity in the incubated start-up. Whereas, a typical venture capitalist, individual or organisation, funds a startup and acquires a substantial part of the equity. In addition, they take up seat(s) on the board of directors and eventually control its policies/strategies.
Is there any specific technology vertical (domain) that Plan9 invests in? Which domain do you think has huge potential, yet is still untapped?
Plan9 welcome ideas from all technical domains. We realize that Pakistan is rich with ideas and untapped markets.
Any plans to extend your services to “non-IT” science domains, such as solar energy, genetics, space technology etcetera?
Not at the moment.
What returns can an individual/company expect when serving as an investor with you?
Plan9 takes on angel investors, which are a different breed than regular investors. Angel investors are people who have made it big and now want to help new startups get on their feet. It’s not charity, but a more innovative way to give back to society.
Mentors are also angels in the making. Angels, worldwide, have substantially contributed in the development and nourishment of many prominent companies. We are the first to introduce the concept of angel investing in Pakistan.
How is Plan9 sustaining itself? Has it started to receive return on investment yet?
It’s a government project, so we’re not looking to earn profits.
