Investment startups at this point a smart bet

STAFF REPORT KHI: Industry experts believe that some Pakistani startups have the potential to join the Billion-Dollar Startup Club – companies that are valued by venture capitalists (VCs) at $1 billion or more.

“Technology entrepreneurship ecosystem in Pakistan is at a tipping point and investment in the countrys startups at this point will be a smart bet,” said LUMS Center for Entrepreneurships Executive Director Khurram Zafar.

Farhan Masood, Founder of SoloMetrics, is a talented entrepreneur that earned international recognition for producing the worlds fastest retina and face scanner algorithm. In 2014, he had signed a joint venture with Mace Security International, an American company that manufactures personal defence, safety and security products.

Lahores Mindstorm Studios, according to experts, is another startup that has the potential to make it big. In 2010, its gaming app Whacksy Taxi hit the top spot on App Store in more than 25 countries. The company had developed the official game for 2011 Cricket World Cup.

Plan9 was the only technology incubator for local entrepreneurs that had some kind of official backing but it was limited to Lahore only. However, more programmes have been launched recently to boost the countrys startup ecosystem.