In the last decade or so, many start-ups have been established in Pakistan. But is this a good thing for the economy? Yes, definitely. Here, we will examine the role of the Pakistan’s Entrepreneurship Ecosystem in boosting these budding businesses. And why the establishment of start-up companies should be encouraged.
What is a start-up?
A start-up is a business that aims to bring a unique product or service to the market and its initial funding is usually provided by the founders of the company as well as friends and family.
Here are some of the top start-ups created in Pakistan:
- Zameen.com ($29 million)
- Airlift ($14.2)
- Rozee.pk ($8.5 million)
- Bykea ($5.7 million)
- Inov18 ($5.4 million)
Why are start-ups important?
Firstly, Pakistan’s imports are incredibly higher than the exports, thus a trade deficit exists, which must be overcome. While short-run measures must be taken, we must also consider the long-term ones. One of these is to establish and support new local businesses. How else will we create alternatives to the vast variety of imported products that we buy on a daily basis?
Startups and the Pakistan’s Entrepreneurship Ecosystem
Pakistan is a country full of opportunities for entrepreneurs. And there is a lot of fresh talent available in our country, thus the government is working tirelessly to provide a supportive regulatory environment, where budding businesses have room for growth. Added to this is the factor of low-cost expert consultants that are available to help in the development of logos, brand image, product launching strategies and so on.
These low-cost facilities provide incentive for companies to set up their tech-offices in the country. Furthermore, the Securities & Exchange Commission of Pakistan (SECP) now allows businesses to get registered in a matter of mere hours.
Entrepreneurs care about basic needs
Before the Pakistani entrepreneurship ecosystem can truly flourish, there needs to be an improvement in infrastructure to meet its growing demands. This not just in terms of making education more accessible, but also in providing basic needs like clean drinking water and economic housing. There are companies that have successfully created innovative solutions to some of the country’s most pressing issues.
For example Mywater is a technology that converts any kind of water into mineral water, ready to drink. It provides clean drinking water right to your glass, with real-time app monitoring. It is also used by doctors in COVID wards in Pakistan’s best hospitals, such as South City and Indus Hospital. What a wonderful initiative, isn’t that right?
Opportunities for entrepreneurs to develop their skills
Moreover, start-ups and enterprises alike are working with the government as well as educational institutes to help make Pakistani entrepreneurship initiatives a modern and global success. One such example is Ignite, the National Technology Fund of the Ministry of Information Technology & Telecom.
Ignite has launched DigiSkills, a hybrid online training program for startups.
At the Momentum Tech Conference in 2016, Yusuf Hussain, CEO at Ignite, said that his organisation is focused on the ‘value chain of innovation’, which ‘starts at school’.
Thus it can be seen that the national entrepreneurship ecosystem is one where people have an abundance of opportunities for growth, training and to receive guidance. Furthermore, many entrepreneurs are focused on working towards finding solutions to the needs of the people.
- https://digitalpakistan.pk/blog/pakistans-most-successful-start-ups/ top Pakistani start-ups
- https://digitalpakistan.pk/blog/the-economy-and-the-entrepreneur/ entrepreneurship ecosystem
- https://sociable.co/technology/pakistani-entrepreneurial-ecosystem/#:~:text=The%20Pakistani%20entrepreneurial%20ecosystem%20is,and%20especially%20fintech%20in%20Pakistan Momentum Tech Conference
- https://mywater.pk/ example of start-up