Entrepreneurship - Future of Pakistan!
When we think about Entrepreneurship, first thing comes to our mind is the entrepreneurship culture in Silicon Valley. The place that incubated powerhouses like Apple, Cisco, Facebook, Google, Intel and many more.
What makes Silicon Valley a place with such a resilient Entrepreneurial culture is its open-minded people and Venture Capitalists that readily share information, encourage experimentation, and learn from their failures.
Can a similar concept be implemented in Pakistan? Absolutely!
What we lack is the environment and a culture to support entrepreneurships, if we don’t provide this culture then the unemployment rate amongst the young population will increase to a dangerous level.
As per PSEB’s latest reports, Pakistani freelancers in IT are contributing over $100m as FDI for Pakistan.
Many entrepreneurs and start-ups have already earned admiring reviews. This shows Pakistan’s but still there is a lot to do to; Pakistan’s silver lining is its population, which can be tapped via Entrepreneurship.
Most of our population is young and looking for opportunities, the absorption rate in skilled categories is low.
In the next 10 years Pakistan has to create a minimum of 36 million jobs to absorb workforce additions and this would be possible if we can more than double our economy growth rate.
It is not just the economic capital that will drive growth in Pakistan but it’s human capital. There are countries with fewer resources that have taken off and flourished because of ideas, innovation and creativity.
In order to flourish environment for entrepreneurship, we must need to prepare our young blood.
In this regard, government and corporate sectors need to work together. Few of the successful initiatives are Plan9, PlanX and TechHub by PITB and Nest I/O, a technology incubator of Pakistan Software Houses Association.
At the corporate level, technology companies can also play a pivotal role in nurturing Entrepreneurial culture in Pakistan.
Being an employee-owned company, Systems Limited plays its part and encourages Intra-preneurship. We have launched an idea incubation lab SILA for its employees.
SILA is an Intra-preneurial initiative that has allowed our people to come up with innovative product ideas. The shortlisted idea by dedicated steering committee is sponsored by the company.
Systems Limited intra-preneurs have already launched its subsidiary companies and innovative products like OneLoad.
To conclude, in order to help build an Entrepreneurship Ecosystem government, academia and private sectors need to align and work together on creating a culture where risk-taking and building your business is encouraged. It is about giving access to funding for start-ups and improving ease of doing business
At the academia level, there is also a need to further enhance entrepreneurial spirit in students through modification in curriculum and liaison with idea incubation bodies.
Disclaimer: The views expressed here are solely those of the author in his private capacity and do not in any way represent the views of Systems Limited, or any other entity related to Systems Limited.