Startup ecosystems: What Pakistan needs to thrive

In the world of Startups, Silicon Valley is the master of the game having invented products like Apple and Facebook. But far away from San Francisco, the startup bug has not only bitten but also settled in Asia.

In the last decade, China has invested over $338 billion in local startups, with over $54 billion raised in new funding in 2017. China’s capital Beijing alone is home to nearly 7,000 startups and more than 40 unicorns – businesses with a valuation of more than $1 billion.

Startup funding has also spiralled in Indonesia in recent years and it is expected that the country will have over five startups with a value of over $1 billion by 2019.

Meanwhile, in India, there has been significant state support under the initiative ‘Startup India’. When the Narendra Modi government initiated the Startup India programme in 2016, just around 500 startups came on board. The year after, the number of startups had increased to 6,337, a significant 12-fold increase from a year ago. The plan for this year is more ambitious, with increased funding as well as more focus on women entrepreneurship.

In Pakistan too, the startup space is gaining momentum, with over 20 incubators and accelerators having emerged across the country in recent years. On the state level, National Incubation Centres have been established around Pakistan under public-private partnership. But in comparison to other countries in the region, we still have a long way to go.

Watch this VCast Online video on where Pakistan stands in the startup world and what we need for a thriving startup ecosystem.

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