With almost 60% of the population compromising youth, Pakistan is blessed with an astronomical potential in the shape of unique and creative ideas. From a multitude of home businesses to large-scale private corporations, Pakistan’s youth is actively contributing to the economy of Pakistan. In just a span of a few years, the number of startups in Pakistan has sky-rocketed.
If we look at the numbers, they are astounding. Just within the first half of 2021, upwards of $121 million has been invested into Pakistani startups through thirty-five deals. If you compare that with the figures from 2020, only $65 million was invested. Now if you include local home-based e-commerce businesses, the figure is enigmatic. Without a doubt, technology has made it easier than ever to launch and market an idea. At any moment, if you have a sustainable business plan. You are just one presentation away from realizing it. Recognizing the true potential of youth, the Government of Pakistan has a $75 million fund reserved for budding startups that will be credited to credible owners. In addition to that, universities like Comsats, Bahria, NUST amongst others have incubation centers for students aspiring to become entrepreneurs where they can present their ideas and pitch for funding.
While Pakistani startups are diverse spreading across different industries, the hottest industry not just in Pakistan but globally is the e-commerce industry and the youth is contributing to it openly and wide. Looking at the figures, in 2020 Pakistan generated a revenue of $4 billion USD ranking it at the 46th largest marketplace with a growth of almost 30%. Owing to the ease of operation and management, young entrepreneurs are taking full advantage of social platforms like Instagram, Facebook, and WhatsApp to start and market their online business and stay in contact with their clients.
Unlike the past years, the stigma of a “startup” is slowly fading away as the economic conditions of Pakistan better make it easier to score funding locally and internationally, providing the youth of Pakistan with limitless opportunities to realize their dreams. The future looks promising for Pakistan as more and more young people are coming up with creative ideas for their businesses to facilitate not only the growing demand of the population but also to make their day-to-day lives easier. In the coming years, we expect more businesses to birth ultimately contributing to the economy and the global standing of Pakistan.
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