In the recent years, a number of initiatives have been taken in boosting the startup culture in Pakistan and helping it to be an active part of the economy of Pakistan.
In the global perspective, Pakistan is notorious for his achievements in terms of successful startups. However, in the recent times, Pakistan has been seen making swift progress. According to the recent statistics the Pakistani startup culture is seen booming in the major cities of Pakistan including Karachi, Islamabad, Lahore and few others. The support to these startups has also increased dramatically in the last few years.
Despite persistent challenges, the country is witnessing a considerable growth in the commercial activities in Pakistan. The experts from the successful startups in Pakistan say that the reason for their success is based on the fact that they have gained the knowledge from working on the ground and gaining expertise in the entrepreneurship in Pakistan. They believe that the Pakistani entrepreneurship space is meant to be shared with others.
A major role in this manner is played by the increased security situations in Pakistan. The situation has attracted more and more investors towards Pakistan as a result of which the entrepreneurial activities in Pakistan have increased. This situation has not only broadened the global trends but has also increased the penetration of the internet which had exposed more people to modernization and enhanced development in other countries. According to a published report, the internet penetration has increased from 10% to 17.8% in the year 2016.
From one angle, Pakistan seems scary to people who lack another perspective of understanding it. But the fact is that along with a number of challenges there is a massive amount of opportunities for the interested people, in Pakistan. These opportunities offer chances for growth and to bring a change in a number of ways.
Pakistan has a huge amount of young potential players who are innovative and highly energetic. This youth of Pakistan can bring massive change in their surroundings. On the other hand, the last few years have also displayed the existence of the environment that can support to increase the business culture in Pakistan. This environment is growing with a significant amount of co-working spaces, incubators, a number of competitions and many others. With such circumstances, the business in Pakistan is becoming more and more in-designed and localized.
There are a number of organizations that are dealing with the local support and boosting the entrepreneur leaders in Pakistan. Some of the leading names in this regard are PlanX/Plan9, The Nest I/o, i2i, LCE and few others like that. These institutions are making more and more skilled talent and helping them to become self-sufficient in their relevant skills and field.
While on the other hand the investors are seen more active and confident in investing in Pakistan. They are working a coming up with joint ventures, launching new institutional frameworks and taking steps to deploy their capital.
While on the other hand the corporate sector can also be seen playing a significant role and taking initiatives to support the young Pakistan startups.
One of the biggest achievements in this manner is the rising attitudes of youth which is not interested in doing a 9-5 job in the corporate sector. According to a report published by UNDP, about 23% of the youth in Pakistan is looking forward to starting their own business. Thou, most of them are clueless about the procedures and steps they must take, but they are still focused on learning the skills and moving on to their own investments rather than working for someone else.
These initiatives can be seen making things better and more attractive for the international investors to invest in Pakistan and make things promising for both ends. The corporate sector is urging the government of Pakistan to decrease the barriers to make the access easy in terms of financing for a startup or a small business owner in Pakistan.
While many companies can be seen starting up things and going really well, there are many that fell off way to soon. the reason for this abrupt rise and fall is the burden placed on the founder rather than focusing on the division of labor and execution of the ideas. Paying an emphasis on the founder rather than the idea execution is the reason for a failure of such institutions. Other things that have a negative impact on the situation include lack of humility, poor patterns of execution and inability to listening to the demand of potential customers. These factors are seen working as a potential ingredient to fail any startup.