This paper presents a versatile variable frequency drive system to vary the supply voltage and frequency to the stator of the Induction Motor and control its speed efficiently. The main aim of this honors degree project is to create a universal control board that is capable of controlling the speed of a single or a three-phase induction motor, with slight software and hardware modifications. This universal board can hence be used for different kinds of laboratory applications and can also help in enhancing the learning of different courses such as Electrical Energy Systems and Electromechanical system. The designed system was successfully fabricated and tested in the laboratory.