By Hamid Mahmood ISLAMABAD, Oct 28 (INP-WealthPK): Business Incubation Centres (BICs) are considered a growth engine of prosperity for both advanced and emerging economies as they can leverage the uplift of small and medium-sized enterprises (SMEs). According to the National Human Development Report (NHDR), Pakistan would need to create 1.3 million new jobs per year on average as the country's population of working-age individuals will increase from four million to five million by 2035. The existing market deficit won't be bridged if every new graduate continues to seek employment rather than create one. To reverse this job-seeking cycle, effective and well-integrated business incubators are required to kick-start an entrepreneurial society. However, to reach the status of an entrepreneurial society, a well-integrated collaboration between the government and the private sector is a must. According to NHDR, 64 percent of Pakistan's population comprises those under the age of 30. If the government can capitalize on this segment, that is, to make them job creators rather than job seekers, this will go a long way in addressing the chronic problem of ever-rising unemployment. To this effect, the Ministry of Information Technology and Telecom established Pakistan’s first National Incubation Centre (NIC) in 2016 through a public-private partnership to support the idea of a Digital Pakistan. NIC is sponsored by the Ignite National Technology Fund. It is a shared place with cutting-edge facilities, a hub for innovation, and a link between entrepreneurs, innovators, and investors. NIC is a place where talent is hunted and developed. Besides, many start-ups have been set up, raising millions of dollars for the government, notwithstanding the dearth of resources and financial backing. Business incubators are also being used by universities as an investment vehicle for the commercialization of university technology to improve community job possibilities. According to the Pakistan Start-up Ecosystem Report 2019, Pakistan now has 30 incubators, over 100 co-working spaces, and about two dozen established investment networks. Business incubation necessitates the active engagement of both the public and private sectors. The Higher Education Commission (HEC) has made a positive contribution to the business incubation process by drafting a comprehensive and detailed policy that describes the requirements and activities that each business incubation center must have. Regrettably, not all universities have the financial means to meet the needs of business incubators. According to the latest HEC statistics, up to 30 institutions provide business incubators for their students. In addition to universities, the Ministry of Information Technology and the Punjab Information Technology Board (PITB) are building Pakistan's biggest network of technology incubation centers. These incubation centers are being established in Punjab, Khyber Pakhtunkhwa, Sindh, Balochistan, Azad Jammu, and Kashmir in conjunction with public sector universities. The National Expansion Plan intends to provide budding entrepreneurs with a countrywide chance to develop their companies’ ideas into sustainable businesses. Ignite is also working to create business incubators. At the World Summit on the Information Society Prizes 2021, the United Nations Agency for Digital Technology named Pakistan's National Incubation Centre 'Ignite' as one of the champions of projects in the environment category. Standard Chartered Bank, Jazz, Telenor, Velocity, and many other organizations are among the private sector participants in various initiatives. The government has created thousands of jobs through these initiatives and earned billions of rupees in revenues. The table shows the statistics.