The popularity of entrepreneurship is increasing each year indicating that Pakistan is following the global trend which is further accelerated by the increased digital consumption. The number of start-ups operating in Pakistan has drastically increased in the past few years. This is throwing hope for all the budding entrepreneurs in Pakistan. The opportunity is extremely vast in the startup ecosystem of Pakistan, thanks to the investors who have started focussing on the start-ups more. The start-up ecosystem in Pakistan is fostered by government engagement, talent support and good links with VCs and global incubators.
Role Of Government And Educational Institutes In Start-Up Ecosystem
The potential of entrepreneurship amongst the people can only be realized when the government plays an active role in it. Thankfully, the Pakistan government has provided the world with a positive example when it comes to fostering a start-up ecosystem in Pakistan. The Government of Pakistan has successfully rolled out different policies and initiatives to support the start-up ecosystem of Pakistan, which has proved to be more successful in helping the people than conducting Lottery Sambad and publishing its Teer Result. From starting government-led incubators to simplifying regulations designed for start-ups, the government has played a key role in encouraging start-ups in Pakistan.
In addition to that, academics and universities have also been asked to encourage and promote entrepreneurial spirits amongst the students. Different private educational institutions in Pakistan have already introduced the concept of entrepreneurship to the students with the help of entrepreneurship courses and incubators.
The effort of the government and the educational institutions has proved to be fruitful for the start-ups of Pakistan who have managed to grab the attention of both the local and global investors. Also, it is extremely important to make it easy for the start-ups to get access to funding in an easier manner.
How To Further Grow The Startup Ecosystem In Pakistan?
The potential of the start-up ecosystem is huge in Pakistan. With more dedicated efforts, entrepreneurship in the country can further be encouraged. The three elements that will play a critical role in the growth of the startup ecosystem in Pakistan include designing policies and infrastructure that can facilitate the start-up ecosystem, easy accessibility funding and cultivation of local talent. The government can simplify the rules and regulations for the start-ups by creating an environment where business registration and managing the taxes are easy for the entrepreneurs. Also, a technology hub and promotion of digital payment can do wonders for the start-ups in the country.
Indigenized Entrepreneurship In Pakistan
The university graduations along with other graduates is quite impressive in Pakistan. It is important to ensure that both the private and the government colleges create programs that are specifically designed to harness the local talent. Efforts have been made in this arena, however, there is still scope for growth in it. Indigenous entrepreneurship can further be cultivated in the country by empowering the students with digital skills, which are extremely important in the digital world. Many open learning courses allow the students to learn such digital skills easily and for free.
For honing the local talent of Pakistan, it is important to connect with experts from other countries. Many countries of the world collaborate with experts from other countries to bring in the best faculties who can inspire and further equip the students with more skills. Both university networks along with teaching digital skills through vocational institutes have proved to foster entrepreneurship at a global level and this can also hold true for Pakistan.
The demography of Pakistan presents a huge potential in making entrepreneurship indigenous in nature and it has been doing so too. The current economy is consumption-led and therefore, it has a huge potential to grow. To tap the true potential of entrepreneurship in the country, it is important for the government and private sector to join hands and work together towards creating an ecosystem for budding entrepreneurship where they can shape successful start-ups. The government sector will play a key role in providing a safe environment to the entrepreneurs while the private sector can mostly help in the funding process of the start-ups. However, they can club together when it comes to fostering local talent to promote indigenous entrepreneurship.