The IST Office of Research, Innovation and Commercialization (ORIC) focuses to foster and develop collaborative work environment among researchers, industrial partners, national R&D organizations and funding agencies.
Since its inception in 2011, the office is facilitating value added innovation in both basic and applied research. According to triple helix program, it aims to develop and commercialize promising innovative processes, products and technologies according to market-driven requirements in shortest possible time. Alongside, it’s also assured that the quality of research must reflect the highest international standards and advance the stature of the university among the world’s best research institutions.
IST facilitates faculty and students for R&D initiatives and ventures through national as well as international funding. Apart from external funding sources, the office maintains an indigenous R&D fund to further strengthen and broaden R&D base at the university. Within a very short span of formation, more than 50 research projects and international research travel grants have been funded so far through the aforesaid fund. In addition to this, multiple joint research projects have also been undertaken with Government of Pakistan and National R&D organizations; and most of them have been successfully completed in due course of time.
The office has also developed collaboration with public and private sectors across the country for joint R&D ventures. To formalize, IST has signed several MoUs with renowned national and international R&D organizations, Academia and Industry for value added innovations that may lead to successful commercialization.
IST faculty is also rendering consultation services to an array of industries and R&D entities. To name a few, these include National R&D organizations, Ravi Autos (Pvt.) Ltd., Millat Equipment Ltd., Procon Engineering, Master Motors Corporation, Pak Springs and Engineering, Bio Labs, Computer Tech Lahore, PRIMA Machine Manufacturers, NESPAK, FESPAK, Master Offices, Master Molty Foam, Master Textiles, Talent Earth Organization (TEO), ESOLPK, WISSEN Group, Heartfile and National Rural Support Program (NRSP).
Business Incubation Centre (BIC) has also been established at IST in collaboration with Higher Education Commission (HEC). The centre provides supportive entrepreneurial environment, adequate resources and services to the IST’s faculty, students, alumni, staff and general public to nurture and commercialize their innovative ideas and business ventures. The management of IST has envisioned the centre as one of the Business Development Services (BDS) providers to be serving the local eco-system. Intended incubates can incubate their companies; either through hiring a physical space or virtually acquiring the services, hence, working at their own space of convenience. The portfolio companies are ranging from Aerospace, Remote Sensing and Geo-Informatics, Materials Sciences, Information Technology, Mobile applications, Energy efficiency, Automotives, Crash Worthiness, and social enterprises. The International Labor Organization (ILO) has also assisted BIC IST for capacity building in Business Incubation and Entrepreneurship. Two officials from BIC IST have been certified by the ILO to impart their globally accredited business management program, titled; Start and Improve Your Business (SIYB).
Recently, IST BIC has initiated a Business Acceleration Program (BAP) for its students and alumni. It’s an intense four-month Entrepreneurial program that provides a launching pad to potential and passionate entrepreneurs along with mentoring, enterprise development support and business management facilitation.
As Entrepreneurialism promotes individual creativity as well as economic dynamism, IST Entrepreneurial Society (IES) is helping building a strong entrepreneurship community and a culture of innovation on campus and within the city. Being an auxiliary of IST BIC, IES focuses on identifying, cultivating, and supporting the current and future entrepreneurs at IST. It is actively participating in and conducting entrepreneurial competitions, workshops and seminars.
Professional Development Center (PDC) at IST organizes trainings for individuals and organizations; to impart knowledge, skills and hands-on experience. Since its inception in 2013, the PDC has managed to conduct a significant number of different training activities and has trained several thousand professionals from Academia and Industry; by bridging and strengthening Academia-Industry linkages.
The Technology Transfer Office (TTO) at IST is actively involved in rendering consultancy for both public and private sectors in various domains, like, automotive, pharmaceutical, fan manufacturing, chemicals, steel, and forging etc.
Academia-Industry collaboration, technology transfer and research commercialization are the hallmark of ORIC. In this respect, IST has filed more than 50 provisional patents in the year 2015-16.
The ORIC has also registered a private company with Securities & Exchange Commission of Pakistan (SECP), namely, ISTech (Pvt.) Ltd. The company’s primary role is to take the faculty and students’ research to the marketplace; in collaboration with Industry. Within a very short span of time, the company has undertaken several projects with the aviation industry and has recently completed two of them.