The inception of 3G/4G technology in Pakistan has widespread internet connectivity to a whole new level. The number of internet users have also increased 30 to 40 times more. Now, this implies that the digital world and market also saw a steep rise during this period. Since its advent, numerous digital start ups have been started. And the businesses related to digital arena have grown as well.
Pakistan has Start-up potential but still on early stages of technology
A couple of recent events have encouraged the digital developments in the country. The initiation of a start up portal to enhance technological developments and encourage innovation. This was made possible by the endeavors of Security Exchange Commission of Pakistan (SECP). The other development was the 021 Disrupt Conference in Karachi that enabled a golden opportunity to entrepreneurs in order to raise capital and investment for their business ventures.
At the conference,few of the main investors and entrepreneurs told that this is a landmark achieved for Pakistan. And especially praised the investment input.
But, as we know “All that glitters is not gold”. Unfortunately, when we look at the entrepreneurial ecosystem in our country the picture looks opposite. There is not too much to fire crackers. Still, we ranked at the bottom of the technologically developed countries. Currently, we are at the early stages of technological development. Although, a lot steps have been taken in the last 5 years. The reasons for this decline are poor access to funds and financial, regulatory and exchange barriers.
One another research shows that numerous digital start ups face hurdles and often fail to continue. This is because of lack of accessibility to funds. There is an estimate that 1% entrepreneurs only survive due to funding acquired by their siblings.
No doubt we have the potential and primary blocks for developing digital world. Like digital penetration and expanse through smartphones, accelerators and incubators etc. We just need to learn how to cash them.