Ali Baba 1 Day Sale Crossed $25 Bn whereas Pakistan’s Annual Exports are $20 Bn: Chairmen PITB

Fortune favors the bold! Tech startups can do miracles for businesses, same has happened for when their one day sales exceeded $25 billion. Just for a brisk comparison, the accumulated exports of Pakistan are only $20 billion whereas Ali Baba, a Chinese e-commerce conglomerate managed to make four times more of annual Pakistani exports. Ali Baba 1 Day Sale Crossed $25 Bn whereas Pakistan’s Annual Exports are $20 Bn: Chairmen PITB

About 90 percent of transactions were done through mobile. The company handled 256,000 transactions per second.

Ali Baba 1 Day Sale Crossed $25 Bn whereas Pakistan’s Annual Exports are $20 Bn: Chairmen PITB

We must not be overlooking one important aspect that the success of such e-businesses lie in manufacturing. No doubt, technology has played a pivotal role in this remarkable milestone for Ali Baba. But, manufacturing and technology will go hands in hands because that’s the place where success of e-commerce rests.

Dr. Umar Saif of PITB’s said:

“Ali Baba one day sales crossed $25 billion! The entire annual exports of Pakistan are only $20 billion. Still don’t believe in how tech startups can help Pakistan economy,”

The Global Entrepreneurship Monitor (GEM) research data reveals that globally, an entrepreneurs with high potential creates on average as much as 3 times more jobs than an entrepreneur with average potential and as much as 15 times more jobs than an entrepreneur with low potential. More over only 4 % of entrepreneurs who can be placed in the group of dynamic companies that have the potential to grow on global markets. They actually contribute to the economic development of a country by creating 38 % of all jobs.

Another important aspect is the absence of entrepreneurship in Pakistan

In the latest issue of Pakistan Development Update (PDU), the World Bank expressed that new tech start-ups possess the aptitude to initiate innovative ideas which can add positively in the economy of a country. Another important aspect is the absence of entrepreneurship in Pakistan. It is only a legend that entrepreneurship is missing because technical figures tells us the opposite. According to labor force survey 41% of the employed persons in Pakistan are paid employees. The rest percentage is either employers, self-employed, or contributing family workers who fall in the category of entrepreneurship.

World Bank defends it position in latest PDU, that they are concerned with growth-oriented entrepreneurship. It defines it as  “businesses with the potential to grow and generate employment”. The World bank claims that growth-oriented entrepreneurship is very low in Pakistan as compared to  ‘necessity’ entrepreneurship. There is need to boost up growth-oriented entrepreneurship. It suggests that all entrepreneurship be tech, or employ English-speaking graduates to be classified as growth-oriented entrepreneurship.

High-growth, innovation-based entrepreneurship not only creates jobs, companies, and industries of tomorrow but is also important aspect of sparkling innovation and economic growth in developed and developing countries. However high-growth entrepreneurship flourishes best in the context of supportive ecosystems with the blooming networks of skilled talent, mentors, incubators, partners and knowledge. Recognizing this, countries throughout the world have become much more concerned in creating supportive ecosystems in which start-up entrepreneurship can prosper.

In Pakistan one such timely decision was also taken by the Government to introduce state-of-the-art platform in order to improve the Entrepreneurial Landscape of the country. In this regard, recently established initiative “National Incubation Center” in collaboration with MoITT, Ignite (Formerly National ICT R&D Fund), Jazz and TeamUp is one such example.

Read Next: PITB’s Plan 9 Successfully Bag Austin Firm’s $20m Fund


Back to top button