Karandaaz Pakistan, in partnership with Planet N Group of Companies and Lahore University of Management Sciences (LUMS), hosted a workshop on the “Challenges in the Startup Eco-system in Pakistan.” Its main objective was to connect entrepreneurs on the path to commercialization with industry experts and to promote the exchange of ideas among each other,
The workshop aimed to engage with key stakeholders meaningfully to discuss the operating environment, deliberate on the challenges in the startup eco-system, and propose strategies to address those challenges. Pakistani startups are setting new trends, but the ecosystem still needs to face some challenges to create healthy relationships.
Through the workshop, participants identified common challenges faced by startups and suggested solutions. Broad discussion areas included Curriculum & Awareness, Company Law, Role of Incubators/Accelerators and Exits & IPOs for which working groups were formed. The workshop showcased the value, economic impact, and contribution to entrepreneurial advancements for the development of start-up ecosystem in Pakistan.
Mr. Nadeem Hussain, Founder & Coach Planet N Group, informed the audience about the importance of building an ecosystem by discussing the shortcomings and areas of improvement. He also underscored potential areas that need to be addressed for empowering entrepreneurial culture in order to avoid the menace of economic failure. Moreover, Planet N will publish a white paper providing solutions to the challenges discussed in order to rationalize entrepreneurial spirit in Pakistan.
“Active collaboration and engagement between startups and ecosystem enablers, such as incubators, accelerators, and policymakers, is critical in order to develop a comprehensive understanding of the challenges faced by aspiring and existing entrepreneurs and developing creative solutions.” said Mr. Ali Sarfraz, CEO of Karandaaz Pakistan.
The workshop concluded with a presentation on the key findings of a report commissioned by Karandaaz Pakistan titled “Seeding Innovation Landscape: A Framework for Rooting FinTechs in Pakistan”. Qasif Shahid, represented FinSurgents, the research partner for this report, and discussed the opportunities and gaps that exist in the FinTech eco-system in Pakistan and the future of digital financial services in the country.