Just as Pakistan entered in the year 2017, it is being surrounded by multiple challenges which ranges from chronic terrorism to endless poverty, high rates of unemployment, energy crisis and that broadly goes up to unstable economy. Nevertheless, there is still some light in the dark and we have seen remarkable rise in the sector of information and technology. Pakistan has undergone this revolution over a long period of time and the output is definitely a step towards positive change in the country. Also the country has made incredible growth in the media sector which is beyond belief of a common person. Then the exciting extent of mobile communication technology gave a real boost to bring in more positive. And now finally we are on our way to a developed Pakistan with the floods of innovative business technology graduated around us. We have entered in the era of digital world for sure. This is without a doubt the best thing to happen to Pakistan after the green revolution in 60’s. A great number of Pakistani entrepreneurs are developing new startups which do have the potential to grow higher and successful. Pakistani youth has substantial amount of talent hidden in them and if it is channeled appropriately then the day is not far when we would Pakistan as one of the prosperous and thriving countries.
However this potential and talent is not being used as it should be because of the fact that they are recognized and realized to its full extent. There is an air of indifference and unresponsiveness by the governmental bodies and the policy makers who are completely responsible for the whole scenario. When the probability of success of any startup seem to be really low, it leaves the even the most ambitious of people to be pessimistic. Therefore in current conditions startups are being initiated by success rate is not high as it would have been. Sustainability is yet another great issue the startups may face in the prevailing circumstances. In this case the federal and the provincial government bodies can play a huge role in making these startups an unforgettable success. They can give the entrepreneurial ecosystem a real good boost and promote them to unmatchable heights if they perform well in their respective capacities.
In comparison to Pakistan, Indian government is doing pretty good job to cultivate the startup culture in their country. As we Mr. Narendra Modi, the Prime Minister of India, saying “I see startups, technology, and innovation as exciting and effective instruments for India’s transformation.” Indian government seems to understand the aftermath of startups very well, as they have open gates for foreign investments and foreign collaboration too. They have set-up ventures for one-window operation startups and entrepreneurial financing is also part of their game plan. It can act as an impressive example for our honorable Prime Minister as well if he really wants to strengthen the economy of the country.
To encourage the entrepreneurship system in Pakistan multiple steps are required to be taken. First and foremost the government has to make the whole registration process simple and easy so that the legal framework of startups becomes effortless. If we talk about the ideal situation then Pakistani government should prioritize and can introduce a separate process to facilitate and support entrepreneurship fully. All the relevant issues should be thoroughly addressed in it to make it really workable. It is understandable that startups are not always a success hence an stress-free exit should also be created that would limit the waste of resources. I am very sure of one thing that if a new policy and framework is formed for startups we will witness an overwhelming response within no time.