Jazz accelerator is a premium program that helps sustain the incubation activity through more funding and services and seed funding was provided by Ignite, a national technology fund. To connect with seasoned professionals, ambitious peers, and mentors Teamup manages operations of the NIC, Islamabad offering startups the opportunities.
Different public and private sector organizations synergy is an achievement in itself. With ideas ranging from social innovation (using technology to ease working moms) to re-defining entertainment (augmented reality games promoting healthy activity), we had a brief interaction with the start-ups.
Young entrepreneurs were determined to create their own Silicon Valley in Pakistan opposing to what international media is projecting about Pakistan.
Initiatives like NIC and Plan9 both driven by the public sector to spawn the movement of startups in Pakistan, but the provocative question is, how to take these start-ups to the next level, among Steve Jobs, Mark Zuckerberg, and Jeff Bezos. The entrepreneurial ecosystem for such initiatives to move in the right direction can be strengthened by
Research and development: Evidence from all across the world indicates that high-value entrepreneurship has flourished due to state funding for research and development.
Research departments of universities should be funded through more competitive grants and scientists should be encouraged to collaborate for commercialization of their ideas.
Investment climate: An enabling institutional framework is key to take entrepreneurship forward is to focus on ensuring a reduction in the tax burden on startups and young firms, better contract enforcement systems, easier business registration, and smooth processes for permission to construct or transact property.
Large businesses should come forward; Many startups are working on innovative ideas which can help the private sector boost its competitiveness.
Khurram Lalani, one of the entrepreneurs informed that on his portal, industrialists can post a demand for innovative business solutions and young talent will help them find those. He has won a grant from Stanford University through a business plan competition, informed how he was involved in the digital inclusion for marginalized segments.
Spillovers from China: If we say it’s a time to ride the tide, then it is inevitable that we highlight the opportunities CPEC presents. Pakistan is progressing under CPEC in implementing infrastructure projects but it is time to focus on potential technological spillovers from China.