Dangers for Startups – Recruiting Friends as Investors

Usually when startups go into business they decide to trust their family and friends as long-term investors. Stats have reported that a huge percentage of these startups receive more than 50 billion dollars’ worth of investment from their family and friends.

On the one hand, getting your family and friends to invest in your idea is advantageous in many personal and legal elements. On the other hand, there are several factors that overrule the advantages and make recruiting family and friends as investors a step into the dangerous territory.

When family and friends invest in your startup, equity will immediately be divided to ensure equal shares. Over or under evaluation is often a possibility that can lead to legal penalties. Following are some of the things that need to be considered gravely when stepping into the dangers of recruiting relatives:

  1. The Pressure is Far Too High

If your relative wishes to invest their life’s savings in your idea, that is probably not a good idea. When you know what is at stake from the investor’s end added the personal relationship, the pressure becomes far too high. The pressure to be able to return the investment in the form of profit can drive you to take decisions that may not be fruitful in the long run thus jeopardizing the whole process altogether. A small scaled investor may not put that kind of pressure on you and often allows the startups the space needed to grow at a reasonable pace.

  1. Their Involvement May be Bothersome

When family members become investors, the boundaries get blurred. Therefore, their investment in your idea has the tendency to exceed the monetary limitations. They often require constant updates and even expect their involvement to be imperative in the decision-making process.

Even though, it is reasonable to keep them informed; their involvement in the day-to-day may become problematic. Investors with extensive experience are often allowed interference in business decisions of startups because of what they might bring to the table. Allowing relatives that level of participation can be more damaging than helpful.

  1. Strengthen the Business Idea

It is imperative that your business plan be a strong one, especially when dealing with relatives. Often relatives don’t push us to the extreme we would like to be pushed at. They overlook loopholes an outsider investor may not. This is a deceptive fault that can be detrimental for the business when it comes to profit and longevity.

  1. Don’t promise what can’t be delivered

Just because you are excited about the venture you are endeavoring on, it does not mean you promise what you cannot accomplish. More so, when relatives invest money in your idea, they must be informed of all possible risks and downfalls. Not only is this important to ensure their expectations are not exceeded but also to ensure your relationships do not get damaged.

  1. Avoid putting relationships at stake

There is no surprise in the fact that sometimes businesses fail, and ideas do not work out as anticipated. When something like this happens, you may be unable to return the money to the investors. It is important to always anticipate a possible downfall when getting into a new business venture. Also, voice your anticipations honestly to your investors.

There are many advantages to hiring investors from the outside as opposed from within your social and familial circle. Hire a lawyer as well as they may be able to guide you better when looking for tangible and profitable investments.

When to Boost Posts on Social Media – A Guide Startups

If you have a startup or a full-functioning business with a social media profile, then you are probably aware of the “Boost Post” button. The purpose why this button is made available is to help businesses increase their overall reach. However, when it comes to boosting a post, selecting which to boost is a predicament. More so, the amount that should be spent is also a question.

So, if you wish to boost your post on Facebook and Twitter here are answers to some of your questions.

Boosting Facebook Posts

Managing a Facebook page means you’ve often come across the system telling you that a certain post is performing better than the rest. This automatically also states that Facebook is suggesting for you to boost it. Where several people tend to ignore these notifications; they are there for a reason.

The in-built assessment feature of Facebook posts allows it to keep you informed. It keeps track of the quality of the posts and their performance on an average basis. It also often recommends how much you should be spending on boosting the post.

Facebook posting it not limited and allows the leeway to ensure a strong post is being viewed by a wider audience. Here are three ways you can boost a Facebook post:

  1. To Followers: Unfortunately, often the organic reach of certain posts is not as far reached as one would hope. For this very reason, the marketing strategies for all social media platforms keep altering. So, if you wish to boost a post to increase its reach to people who already follow you then the best options are features, updates, or events. These are elements that create hype amongst those who already know what you’re doing.
  2. To friends of followers: If you wish to increase your number of followers then this type of boosting needs to be considered. Pick your best post and boost it so that it appears on a non-follower’s page and is intriguing enough to get them to follow you.
  3. To selective group of people: If your post is getting a lot of shares, boost with a wider audience based on select criteria.

Important Boosting Hacks

It is always a bad idea to boost a post right after you’ve posted it. It is always a smart idea to wait for at least 3 days before pressing that button. Oftentimes, people decide to not boost a post if it did not organically manage to get any notifications. Just because Facebook did not inform of that a certain post is doing well, it does not mean you shouldn’t boost it. Keeping track of the insights can help learn which post is reaching how many people.

It is always a smart idea to boost videos mainly because it is the most engaging kind of content one produces. Text only posts are often limited to a certain type of audience. However, posts that are videoed or have graphics automatically intrigue more people just because they are visual.

However, this does not mean that you don’t put out any text whatsoever. The credibility of a page often relies on the content that is being produced whether you choose to boost it. It is always a smart idea to boost those posts that are original. Where sharing posts by other pages isn’t a bad idea, it does not have the desired impact. It is always smarter and more effective to boost a post that is exclusive to your page.

The goal of boosting a post is to get your brand in front of more eyes; therefore, what you’ve created wholly should meet more eyes.

Budgeting your Boosts

Boosting costs of a post are not as high as one would expect. You can set a daily budget for yourself and ensure you’re meeting that benchmark. Boosting a post is often better than ads because of the time allowed to use the former. Ads limit you to a certain sum monthly limiting your overall budget. So, for startups who do not wish to invest a great deal, boosting a post is a great way to go about marketing your product or service.

Boost with A Resolve

It is important to have a proper marketing strategy regardless of the platform where you choose to market. Knowing when to spend the money and where to spend it, is a big plus especially for startups who already have a limited budget to begin with. It is irrelevant and will be lost in vain if you boost posts without a final resolve in mind. Set an objective or a goal for yourself; it can be as simple as gaining 100 more followers after boosting a post.

There are many ways one can gain traffic in an organic way. However, where investment is needed it should be made but with a clear head and with an objective in mind. If you can witness the strength in one of your social media posts, make the smart call and boost it.

The Importance of a Sales Strategy for a Startup

Any business or company that designs a product or service, must at one point sell it. Often when businesses are in their startup phase they focus on not just developing the product but on marketing as well. Lost in the above two steps, they often overlook and fail to provide the required attention to sales. This is something that can be detrimental to the growth of their business.

Therefore, it is important for companies to invest the same amount of effort on developing a strong sales strategy. There is no denying that a well-orchestrated marketing strategy places a business and its services on the roadmap to visibility, a sales plan allows them to make profits out of their product. The gist of a good sales plan must include:

  1. Acquiring new customers.
  2. Retaining previous customers and
  3. Making more sales.

This article answers some of your pressing concerns that must have arisen during the Sun Tzu and Sales Panel discussion arranged by NIC.

Why Must you have a Sales Plan?

A sales plan is more focused on acquiring new customers and therefore must be developed keeping that in mind. This allows you to understand that the targeted individuals do not know about the product and must be informed. To address their concerns from all angles, a thorough strategy must be devised. Here I what this allows you to do.

1. It improves your team’s return on investment

A plan or a strategy ensures you have the big picture in mind. It allows you to focus on obtaining new clients and identify if your current strategy works for you or not. It also allows you streamline areas that are most profitable. You can devise tactics and maximize results while keeping in mind your budgetary limitations.

2. It ensures you Hire People Beneficial to your Business

Startups often overlook the importance of hiring a good sales person. This allows you to have set goals and adhere to methods that are beneficial as well. Doing so allows you to set reasonable expectations and track your own growth over the months.

Developing A Strong Sales Strategy

To develop a strong sales strategy, you must follow the 6 steps provided below:

Priority 1: Make a spreadsheet of your customer journey and see how they behave before and after the sales.

Priority 2: Analyze the journey and come up with smart ways to reduce the cost to ensure increased customer contentment.

Priority 3: Ensure you integrate your sales plan with your marketing plan.

Priority 4: Come up with a key sales strategy and track its growth.

Priority 5: Identify a process of your sales activity and them build resources to maximize profit from it.

Priority 6: Stay patient and don’t expect immediate results. Consistency of investment will be fruitful.

If the right approach to expanding one’s business is adhered from day 1, any idea can go a long way. So, don’t ignore your sales plan and ensure all things are in order before going into business.

 

 

NIC Startup Prosthetics; Replacing Limbs, Changing Lives

Neurostic is a biomedical enterprise dealing with a variety of medical equipment from Decision Support Systems to Prosthesis. It is the brain child of a graduate of the National University of Science and Technology (NUST), Asad Raza who in 2016 set out to change the face of prosthetic world for the globe.

It was as a fresh graduate and an immaculate mind that Raza felt a lag in the medical equipment being used and produced in Pakistan. The equipment being produced was deemed unfit and was considered almost primitive in comparison to the current market.

The materials used for the prosthetics were proven to provide discomfort. They represented a product that was expensive and required replacement frequently. Raza mentions how the material that could be found within Pakistan’s local Sialkot market served a far better quality than what was being developed and bought from the international seller.

Upon research it was learnt that Sialkot being the hub of sports equipment and its production held the capacity to become a large prosthetic market. Raza mentions how it was research and exposure that made it apparent that the level of expertise required was the same that already existed.

However, the quality of the material needed to change in order to ensure convenience for the user. After making prototypes several test runs were conducted to ensure the product being marketed was worth the while.

It was during this time that Asad found himself incubated with National Incubation Center Lahore formerly known as the Lahore Center of Entrepreneurship (LCE), where he was able to sign a contract with the an International Donor. It was this milestone in the development of the product that exposed Raza and his company to the international market.

Through this incentive he was able to employee more than 25 people and created several other jobs at a relatively lower strata.

Since initiation, his company has experienced an 800% growth in revenue featuring Raza himself in the Forbes 30 under 30 list of 2018.

The prosthetic range at Neurostic includes Achilles 1000, Achilles 1 and Achilles X. All three are made out of a carbon fiber foot with a dynamic ankle, adjustable heel and an aluminum body with an 18 month long warranty. They have a restoring foot force and an adjustable body comes with a low to high impact level to meet the various needs of the users.

Raza claims the inspiration came from watching his father shift jobs and loses his credibility in the midst of it. He claims;

“When you’re working somewhere the good that you do easily gets sidelined when you leave the workplace. When I saw that is what made me want to do something on my own. To be able to watch the impact of the work I do.”

Asad spoke of the scale at which he wishes to take his product. His aim is to target the African and Afghanistan market to counter their medical lacks. He believes that the feasibility and practicality of the product is what should matter. Despite it being the digital age, Raza is of the belief that efficiency is more important because a successful product is one that is useable to the world.

He claims that his wish is to take neurotics to a global scale and allow his innovation to save millions of lives. The healthcare startup aims to provide low cost and high quality wearable and implantable medical devices for the developing world.

8 Legal Mistakes Entrepreneurs Should Avoid

The life of a startup is often quite precarious. This is why even a single wrong turn can lead to disastrous outcomes. If you are a founder setting up the groundwork for your business idea, there are various elements that need to be considered. Where creativity is imperative on one hand, the legalities that come along with stepping into the professional world as a service provider should never be overlooked.

Here are 10 legal mistakes entrepreneurs should avoid:

  1. Ignorance towards early Incorporation

Often in a startup, one founder consequently abandons the idea. However, all things considered, when the idea picks up and receives funding and financing, the partner often returns demanding parity. This is often followed by a string of contributions made by them on their end. To cater to this problem founders should be given incorporated shares early on. As a result of this, each founder should then be prerequisite to dispense to the new corporation.

  1. Shares without Conferring

Conferring allows founders to protect the founding members of a startup. This way, as long as someone stays on board and is working towards a common goal, the shares are vested. Upon leaving the shares can be retrieved and reassigned to their replacement.

  1. Hiring an inexperienced lawyer

Several investors often judge the worth of a startup based on their legal choices. This is why it is imperative to ensure one hires a lawyer who has experience dealing with startups. This is because experienced attorneys are able to look for loopholes others might consider insignificant or ignore. Hiring someone who knows the tricks of the trade and understands the mode of negotiations goes a long way for the future of a new idea.

  1. Negotiating investment based on estimation.

It is important to go beyond the basic estimation when it conversation with a potential investor. There are many ways in which compensation can be demanded if they pay a high price. Therefore, apart from basic evaluation other aspects of the capitalist must also be taken into consideration. These include their reputation, their relationship with entrepreneurs in the past and their response to roadblocks. A capitalist’s reputation within the industry also makes a lot of difference.

  1. Unveiling ideas without a nondisclosure agreement

It is very important for entrepreneurs to not get carried away when revealing new ideas. For a startup experimenting; any idea can work and therefore must not be disclosed in passing especially if a nondisclosure agreement has not been signed. The only protection available is to ensure required steps have been taken to protect the secrets from competitors in the market.

  1. Hiring or getting hired by possible opponents in the market

Often entrepreneurs come up with interesting ideas while working for a firm. Though the venture begins while still being employed, it is very unsuitable to do so if the employer is a possible competitor. Doing so can lead to a lawsuit and therefore jeopardize the future of a business before it is even launched. Therefore, they should either formally leave the job or ensure their employer is aware and raises no concerns regarding their entrepreneurial idea.

  1. Overselling and failing to deliver

It is understandable when entrepreneurs come up with an idea and dream for it to make it big. However, overselling an idea on the basis of just that can backfire in the ugliest ways. Promising something without a certainty to deliver falls into fraud and can be detrimental for your startup. It is important to make realistic claims when selling an idea to avoid being sued. When a business flourishes, investors pour in automatically, conducting the activity the other way around may bring your startups journey to one that is short lived and not pretty.

  1. Ignoring legal concerns

Entrepreneurs often overlook the legal concerns and postpone them for later. To run a successful business one has to be farsighted and make the right calls at the right time. Hiring a competent attorney who takes care of the legal matters is a smart way to go about the business. You can stay focused on investors while they ensure your company meets legal benchmarks.

So if you have a business idea you’re willing to take into the professional world, be sure to handle all the legal matters beforehand.

NIC Proudly Welcomes Ilm 2’s Second Cohort

Ilm Ideas 2 is a 4 year program that runs locally and is funded by the United Kingdom’s Department for International Development (DIFD) and is managed by Cambridge Education. In the grand scheme of things it ensures that the youth of Pakistan is well-endowed and literate.

The program itself focuses on 3 primary strands. Primarily it supports startups establish their business ideas that work towards improving the quality of education. IIM2 may provide them with grant funding to ensure the outcomes of the business plans are being met effectively and lastly, the program ensures that new and innovative ideas are being continuously supported even after the program ends.

In order to accomplish the three strands meritoriously and to guarantee plausible improvement in the education system of the country, NIC LUMS plays a pivotal role.

NIC welcomes Cohort 2 for Ilm 2

Under cohort 2 the following 6 startups currently incubated with NIC LUMS were shortlisted. Out of these 6, four were finalized to receive funding under the Ilm 2 program.

Ilm Rohi

Ilm Rohi offers blended learning programmes to teachers in Bahawalpur and Layyah district. The founder of ILM Rohi – Fida Hussain has extensive experience of working with various education institutes in Bahawalpur and he believes that teachers lack pedagogical skills in his area.

Fida wants to develop courses on teaching and learning and offer them to teachers in his district as well as neighboring districts.

BigBytes

BigBytes offers schools to develop Makerspaces to promote STEM learning. BigBytes offers its makerspace equipment to both high end and bottom of the pyramid schools and customizes its curriculum according to its clientele.

They also connect robotics experts for technical guidance in engineering projects. Their team comprises of 5 members and almost 30 volunteers.

Comic Con PK Foundation

Comic Con is providing training to high school students in content development and animation for the last 7 years. The startup is giving young children a voice through animation. They offer customized courses to children of all age groups on animation and cartoon creation.

The founder, Mudassar Butt is also developing a comic book and has developed a cartoonists network in Pakistan that comprises of 25 top cartoonists of the country.

 

Careerz360

Careerz 360 provides human resources services to university graduates through the use of human and artificial intelligence.

It bridges the gap between industry and academia by connecting startups and students from various universities with potential employment and research opportunities.

Honorable Mentions

Even though the following two did not make it to the final list, they were shortlisted by the team because of their innovative ideas and progressive approach.

Women’s Press

The startup aims to edit and publish books, research publications for schools, universities and institutions of higher education. Musharraf and his Co-Founder are targeting students between the ages of 5 to 18 years.

The Web Theater

TWT intends to create a talent hub in Pakistan in the form of a web channel platform. The startup aims to target people between the age groups of 15 to 35 years.

We wish the incubated 4 startups the very best of luck and hope to witness their growth as they continue to reach new entrepreneurial heights.

5 Things you learn at a Design Thinking Workshop

Design Thinking is a revolutionary process that has taken over the business world. It allows creative solutions to complex problems, allows collaborative innovation and ensures the results are humane. To instill all of the above and more in our incubated startups, NIC has organized a 5 day design thinking workshop for the entrepreneurs.

Here are 5 things you can expect to learn at a design thinking workshop:

  1. Prepare for the Unknown!

During a design thinking workshop, your learning is more hands-on thus reducing reliance on gadgets. It is an experiential learning environment that allows and enables more hands-on work that moves at a quicker than usual pace. Therefore, be prepared to be taken by surprise because this is a learning process that will provide profound insights within a short span. The unexpected is a vital element in such a workshop because to break the mold, the entrepreneurs need to be taught how to unlearn and learn through a design thinkers mind.

  1. Take Steps Collectively

Though in the grand scheme of things, the 5 day workshop teaches design thinking but there are several more minute aspects that go with it. More than anything else a driven and passionate entrepreneur learns about their team members allowing empathy. Empathy is key in enabling the creative side of the brain. This understanding is pivotal in pushing ingenious boundaries that are invigorating and overwhelming all the same.

  1. Breaking the Mold

In order to learn something new one must always unlearn a facet of the old. Such a workshop provides a refined culture for the attendees. Thus, it allows them to be more confident in their own creativity and allows them to break the mold they believe they need to fit into otherwise. It teaches listening, analysis, synthesis, testing, resolution and a plethora of other useful skills that work as enabling forces in the future of the entrepreneur. However, as the mold breaks don’t be overwhelmed by the ambiguity of the learning process.

  1. Be Open to the Likelihood of failure

The whole idea behind a successful business it to make the user feel they need the product as opposed to vice versa. This is why it is often difficult for entrepreneurs to welcome and realize that the possibility of failure is high. The product is designed on the basis of user needs that are often undiscovered; even by themselves. A design thinking workshop welcomes failure as a learning curve. It makes the entrepreneurs less afraid to fail and more likely to come up with effective solutions.

  1. Prepare to face the Music

It is very important to challenge ourselves as we step into the professional world. A design thinking workshop will challenge you to understand the process itself. So be prepared to face the music and learn, to welcome challenges and be in the moment of not knowing the solution to something only to figure out the most creative way to do it.

NIC understands the significance and relevance of equipping its startups to the very brim. So if you’ve had the opportunity to be incubated with NIC, don’t miss out on the chance to attend Shahid Khan’s 5 day design thinking workshop in September.

Successful Pakistani Entrepreneurs & Their Stories

Young entrepreneurs are met with various challenges that sometimes push them beyond their potential to bear. However, it is at times like these that they must remember that Alec Baldwin once said; ‘Success begets success.’ If you are an entrepreneur venturing through a new idea and want to make it big, it is important to keep those who’ve been on a similar journey before you as a reminder. Just the awareness that no one before you made it big while being unscathed can be a comforting thought for all those entrepreneurs going through a rough patch right now. Here are 6 such Paskistani entrepreneurs who never surrendered in the face of challenges and remained steadfast and determined in their desire to make it big:

  • Zia Imran

Zia Imran is an inventor, a motivational speaker and an entrepreneur. He is an active member of the SPRING accelerator team in Pakistan and builds home automation and energy saving devices. He is also the CEO of Vahzay (Pvt) Limited. Under this establishment he produces software, IT products, and other services. Zia is also one of the founding members of Plan 9 Pakistan. With more than 15 years of experience up his sleeve working at Silicon Valley Zia’s success story and his position in the market is the best reminder whenever you feel like surrendering in the face of a difficulty that feels far too big to be overcome.

  • Monis Rahman

Monis Rahman is the founder & CEO of Naseeb Networks. This is a business-centered social network that helps with online job recruitment. Rahmad also initiated that now infamous website Rozee.pk in 2006 making it easier for millions of people to find jobs while sitting right at home. Rehman also co-founded eDaycare.com along with various other companies, ranging from Internet startups to chip design consultancies. Despite having started his career at Intel and later working as the Director of KASHF Foundation, Rahman made a decent name for himself as a successful entrepreneur and was even featured in New York Times, CNN, InfoWorld, The Chicago Tribune, The San Francisco Chronicle, and Spider.

  • Ali Rehan

Ali Rehan is the Co-founder of Eyedeus Labs and Ingrain. After graduating from LUMS Rehan also founded Groopic Inc., and led a team to build, release, and market the Groopic App, a mobile application which enables people to take group pictures and include the photographer as well. His startup received raving reviews from international media. Rehan also co-founded Ingrain, an advertising platform allowing users to place involuntary and independently beset online videos in real time. This breakthrough has allowed solving hardware related problems in Pakistan. Eyedeus was shortlisted for the Google Blackbox Connect entrepreneurship accelerator in 2013 as well.

  • Maria Umar

Maria Umar is the founder of Women’s Digital League providing work opportunities and digital training to Pakistani women. Through Project Artemis/Goldman she was mentored by some of the best business professors and motivational speakers who belonged to the Silicon Valley. Umar was later nominated as a Thought Leader by Ashoka Changemakers. Throughout her tenure at the online digital outsourcing sphere she was able to take her company to new heights by winning the Early Stage Award in the Changemakers “Women Powering Work” competition. Umar has been featured as an innovative leader by both the local and international media including names like Forbes and Dawn.

  • Zafar Khan

Zafar Khan is the CEO and Founder of Sofizar, an Internet marketing company that sells products to customers internationally through Facebook marketing. Sofizar is based in Lahore and has been very successful and lucrative. Khan also founded Engro Digital which is a chemical and processing plant interacting sensory data with machine learning based analytics. Zafar has led his company into a profitable endeavor and is an inspiring role model for all those looking to do the same.

  • Farhan Masood

Farhan Masood is an inventive entrepreneur, who has won several international awards for novel influences. He has won various awards such as The Asia Pacific ICT Awards and the MIT Enterprise Forum BAP award. He is the CEO of SoloInsight and SoloTech Labs located internationally and locally respectively. His company provides inventive solutions orchestrated on the basis of customer’s needs. He is also the founder of Go Green Pakistan through which he promotes patriotism and under the banner connects likeminded people cross country.

So the next time you feel like you’ve met a roadblock on your entrepreneurial journey, venture through the success stories of these influential Pakistani entrepreneurs.

Predicting if a Business Idea is Good or Not

When coming up with an idea for a startup, it is often difficult to identify and predict its potential and success rate in the market. This is especially true when something state of the art and innovative is introduced; there is no bench mark for comparison.

It is always difficult to anticipate and inquire whether an idea was successful because it was fundamentally a good one or if it was the investment that made it succeed.

It is true that entrepreneurship is nothing short of a gamble. Entrepreneurship is the exploration of finding an idea that is worth pursuing.

So if you wish to predict if a business idea is good or not, here are the key features that need to be identified:

Document Expectations about Your Business

There are many things that you need to identify; start with understanding why you’re even pursuing the idea, what is the incentive behind it? Does the idea aim at ensuring some sort of betterment in the grand scheme of things? What is it that sets you apart from other businesses in the market offering the same services? If what you’re offering is a product or a service; what do you intend to solve through either? Why should someone invest in your service?

If there is a solution that already exists; how is what you’re offering any better?

Talk to Potential Customers

There are a lot of entrepreneurs who do not think about speaking to their potential customers and that is a rookie mistake. Talking to possible clients can help you avoid make possible mistakes. Speaking to them can help you validate assumptions you’ve made in the past and questions you intend to answer in the early stages of your business.

Talking to more than just a handful of customers can help you gain perspective over what you intend to accomplish through your business. You might also end up gaining insight that can be valuable for the growth of your business.

What are People Willing to Pay?

When coming up with a business idea, it is also important to know what your service or product might cost your customers. The next step is to see if they are willing to pay. The answer is either going to tell you whether or not the price you are willing to pay is appropriate or if it needs to be altered.

Jut by paying close attention to the response of your customers, you can identify whether or not you are offering a price they will accept or not.

Take Constructive Feedback

As imperative as it is to meet with people who support your idea, it is equally important to meet the ones who don’t. It is important that you pry people to identify possible loopholes; ask around why someone who anticipates your idea to fail does so. This might enable you to identify the weaknesses in your plan and cater to them beforehand.

This does not mean that all loopholes need to be addresses; but the feedback might enable you to counter them if the need arrives in the future. It is always a smart idea to walk into the field well-prepared to receive blows from all corners.

Stay Lithe

The most aspect to ensure your business idea is a successful one is by staying flexible in making changes to it. You can always ensure your customers find it easy to approach you when providing feedback. This way, you and your idea can remain adaptable and meet the needs of the clients in the best possible manner.

This approach to help you identify the strength of business idea can also be helped by starting small. This doesn’t mean you always remain in the planning phase; but starting small with the intention to make it big always helps.

PayCard; the Smart Way to Make Payments

The National Incubation Center at LUMS Lahore has always encouraged and taken in startups that stan for what they believe in. Diversity and contemporary nature of the businesses is something that the startups of NIC are known for. Under this prestigious influence NIC is the proud incubation center for PayCard, a smartcard that

PayCard is the brainchild of a LUMS alumnus Shujaat Ali. It is a contemporary card that allows you to make your over-the-counter payments within a second by simply waving your PayCard in front of a scanner.

It is a newly introduced and a highly convenient and secure contactless payment method that harbors no hassles of PIN codes or signatures.

This is a digital wallet that aims to helping users make transactions in a quicker, easier and a user-friendly way. Paycard started its journey by enabling smart cards with “Near Field Communication” capabilities to make transactions by simply tapping the card on a special terminal to pay.

In order to test the product, the founders of Paycard introduced it within the LUMS Superstore. The product has been taken by Futureonics Pvt. Ltd to ensure maximum productivity and minimum cause of complaints. The founders have demonstrated due diligence by ensuring that not only does their product understand but also follows the rules and regulations of The State Bank of Pakistan. Under this understanding the founders and the minds at Futuretronics have integrated this state of the art product with the SIMSIM wallet. This amalgamation ensures our users are provided the security of transactions.

On July 12th 2018, PayCard was lucky enough to sign a contract with Futureonics and FINJA. Under the promising guidance of NIC and hosted by the establishment itself, this new collaboration is intended to bring the SIMSIM wallet on board with the PayCard platform.

As a result of this fin-tech collaboration, PayCard is all geared up to ensure the experience of making payments is made much not just easier but far more exciting for our users.

It intends to offer them a plethora of nifty ways that will allow our users to maintain their budgets, manage their funds, block their cards without delay in case of loss or theft. Our users will also have the super convenient option to transfer funds to friends or family with just a tap along with several other futuristic features that come with our PyaCard.

PayCard ensures that the priority is always the users. They strive towards providing them convenience, one tap at a time.