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Saturday, January 28, 2023
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Booming startups

The modern entrepreneurship has changed altogether with the boom of startups equipped with tech tools. Thanks to this technological revolution in the business industry that Pakistan has been in a position to soon witness the emergence of its first ‘unicorn’, a startup company valued at $1 billion or more. Technological advances have permeated almost all spheres of life and their use is easing life on a daily basis. From receiving grocery at one’s doorstep to travelling across the city, all chores have become hassle free due to the advent of services in the form of new startups. According to the experts, among the local startup firms attracting record foreign investments, Lahore-based Airlift and Karachi-based Bykea, could easily become the country’s first unicorns.

In fact, COVID-19 seems to have given a boost to the online businesses and technology solution providers are being welcomed everywhere. The rise is geographically universal too. The most popular sectors for startups are retail, professional services, logistics, food delivery and transportation services. What makes this new business trend even brighter is that it is easing lives and offering new job opportunities to many unemployed youths. Many among these workers are students who opt these jobs to meet their educational expenses.

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With large companies reaching deeper into almost every market and foreign investors taking risks of making local joint ventures, Pakistan can easily sail through the difficult times and can get rid of the ongoing economic meltdown. A surge in the new startups has already made Pakistan an ideal destination for foreign investment as business ventures are also flourishing here. In fact, Pakistan could produce more unicorns by following in the footsteps of the United Arab Emirates and Saudi Arabia that are reaping the benefits of technology driven businesses in large numbers. There is no dearth of creative ideas and the government needs to create a business friendly environment where local and foreign entrepreneurs never hesitate to actively pursue commercial projects of their own, contributing to the economic revival of the country. The entrepreneurial spirit can become a key element in the country’s prosperity.

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