In the past few years, Pakistani entrepreneurs are emerging with really unique and successful startups. But, if you compare them with the Indian Startup ecosystem, you will find that the Pakistani startup market still lags behind the Indian startups, and there is more way to go for Pakistani entrepreneurs.
Last January, India launched a “Startup Action Plan” to provide support to the new startups in India. The plan was initiated by the Indian Prime Minister Narendra Modi in New Delhi. It provides the opportunities like tax exemption, facility of labs with 3D technology, R & D facilities, and many more.
Similarities Between Indian And Pakistani Markets
Both India and Pakistan face the same issues as the first one is the corruption, and another one is the hold and monopoly of giant corporations over the market due to which new entries find it difficult to compete against them.
India and Pakistan have got striking similarities too. For example, mobile penetration in both the countries is very high and there are always opportunities for the telecom and mobile sectors. But India has got a bit further from Pakistan by providing outsourcing services for international clients. Indian economy has excelled by providing top class outsourcing services to the foreign countries in the IT and telecom sectors.
What Does A Startup Need To Be Successful
Talking in the perspective of Pakistan, a successful startup needs the following things.
- A country needs skill full people and talent for successful startups. Pakistan has got enough young and fresh graduates with plenty of ideas and skill. They all need support and mentoring from the experts.
- A large marketplace is necessary for the products which your startup is going to launch. According to the recent success of the startups in the country, people are now willing to pay a good price for greater value and products.
- The major factor which a startup needs is sources of funds. Unfortunately, Pakistani entrepreneurs lack access to funds and investment. There are no government-backed agencies to provide financial support to the budding entrepreneurs.
Options Available To The Pakistani Entrepreneurs
My point of view does not imply that Pakistani entrepreneurs should give up and lose hope.
There are plenty of young entrepreneurs coming forward with their startups, and they are doing successfully in the country. While the Pakistani government does not have a lot to offer the new entries in the business, there is a majority of private setups and incubators operating in Pakistan. These incubators provide financial assistance and mentoring to the entrepreneurs and help them launch their business successfully in the market.
Saman Fawad is a professional content and creative writer. She is an MBA and loves to write about technology, startups, and business articles. She can be reached at email@example.com