Rise of Tech Entrepreneurship in Pakistan

Entrepreneurship is one of the most important aspects of any economy. It helps in giving jobs to people, increasing the number of tax payers and also generates more revenue. This all thanks to tech giants like Netsol, Axact, and FOLI 3 Entrepreneurship is growing day by day in Pakistan and this trend will continue in future too but it has some problems which should be resolved for better growth of entrepreneurship in Pakistan.

The reasons why entrepreneurship is on the rise in Pakistan are many.

  • Education: There's a need for entrepreneurship to improve education in Pakistan, especially in rural areas. Entrepreneurship is about creating jobs for people who can't afford higher education or don't

have access to it. The government should provide incentives for young entrepreneurs who are willing to help out where there are no schools nearby or any other type of private educational institution.

Infrastructure: The poor infrastructure makes it difficult for businesses to grow and thrive because they won't be able to fully utilize their potential without proper roads, electricity or gas facilities etc. This leads us into our next point...

Problems of Entrepreneurship

When it comes to problems that hinder entrepreneurship in Pakistan, there are a few key issues that stand out:

  • Lack of funding. The lack of capital is one of the biggest obstacles for entrepreneurs in Pakistan. There are few investors willing to put money into new businesses, which means that many start-ups have to rely on personal savings, friends and family members for funding their projects.
  • Lack of support. Many small businesses face difficulties when it comes to getting access to necessary resources and information about how they can improve their operations or expand their business. The government also needs to step up its game by providing more support programs for entrepreneurs who want to start up their own company but don't know where or how they should start doing so; this could include offering grants from public institutions like banks as well as other types such as Social Security Benefits (SSB).

Some Niches with Great Potential

Green Tech

Green Tech is a company that works on renewable energy solutions. It was founded by Ayesha Gulalai in 2018. The company has a team of 60 members and has raised $2 million in funding.

Tasty Bite

Tasty Bite is a food company that makes Indian food products. It was founded in 1986 by Ashok Bajaj. It is based in the United States and it is the largest Indian food company in the US.

There are many different types of tasty bite products but, my favorite one has to be tandoori masala. This type of product contains rice, spices, herbs and vegetables all mixed together on a stick!

AI Ventures

AI Ventures is a venture capital firm based in Karachi, Pakistan. They invest in early-stage technology companies and startups. AI Ventures has invested in over 100 companies across Pakistan.

Some of their portfolio companies include:

  • [AI Venture's Fund (AIF)](https://en.wikipedia.org/wiki/Ali_Faisal_Bhatti)
  • [Climate Change Adaptation Research Centre (CCARC)](https://en.wikipedia.org/wiki/Climate_Change_Adaptation_Research_Centre_(Pakistan)).

Revol Technologies

Revol Technologies is a Pakistani startup that provides a platform for the development of smart devices, IoT, and AI. The company was founded in 2017 by a team of entrepreneurs, engineers, and machine learning experts.

Revol’s mission is to simplify the development process for you to create connected devices quickly and effortlessly just like IFTTT but with powerful features such as:

  • Real time data streaming from your device
  • Real time analysis on device’s data by using artificial intelligence (AI) algorithms with machine learning capabilities

Cricket Gateway

Cricket Gateway is a cricket portal that provides cricket betting tips, cricket news and live cricket score.

It is a platform where you can get the latest cricket information and updates.

It also provides live scorecards of cricket matches.

e-Media, e-Fun and e-Sports

e-Media, e-Fun and e-Sports is a company that provides entertainment to its users through online games. The company was founded in 2015 by Sufyan Ahmed and has offices in Lahore and Karachi.

The gaming industry of Pakistan has been growing exponentially over the last few years with the advent of mobile phones becoming more affordable for almost everyone. Companies like e-Media have taken advantage of this trend to cater to the growing demand for good quality games that can be played on mobile phones as well as computers.

Some Popular Initiatives

Axact

Specifically, $20 billion is how much money is Axact net worth. Karachi-based IT firm Axact it develops innovative approaches to solve client problems and implements cutting-edge IT solutions to boost its clients' bottom lines. SAAS, Web design, application development, online education, CRM development, and research and standardisation are just a few of the 15 different industries represented. A company's output might increase by as much as 300% with the help of Axact products.

Taken from a Statement by the Founder of Axact

“More than half of Axact's revenues and earnings in every foreign market it enters will go toward improving people's lives and the economy.”

This is our end game, and it is symbolised by everything we do.

Axact's Global Presence

Axact alone contributed USD 355 million of Pakistan's total IT exports of $432 million in 2014. Based on data provided to the State Bank of Pakistan through the EE-1 form, this accounts for 82% of all IT exports from Pakistan in 2014.

Later, Axact moved their whole operation outside of Pakistan, leaving behind just a skeleton staff. Axact has a global sales volume of USD 7 billion and employs over 45,000 people over 6 continents, 120 countries, and 1,300 sites. This year, Axact's global revenues will total USD 13 billion, making it the most successful year in its history as a multinational firm.

Some of the most well-known companies in the world may choose from more than 23 high-quality products offered by Axact's various Business Units. It has over 2 billion users and 40 million paying clients throughout the world.

0300.com

There are a lot of problems in Pakistan, but finding someone to help you solve them is not one of them. If you need a doctor, lawyer or mechanic, there's no shortage of options.

You can even get free legal advice if you want to sue someone (although this will probably be over the phone).

It's easy enough to find a dentist and real estate agent too.

Lets Innovate

Lets Innovate is a Pakistan based company that develops and markets mobile apps and software. The company was founded in 2015 by Kamran Riaz, an entrepreneur and software developer who started his first business at the age of 15. A year later he started Let’s Innovate as a side project and then decided to put all his effort into it when it became successful.

The company has developed over 10 apps for iOS and Android platforms including their flagship product - Lets Chat which was ranked #2 in the App Store for 20+ days after its launch with over 500k downloads within 2 weeks of launch date (July 2017).

Sahar Digital

Sahar Digital is a digital marketing agency that focuses on digital marketing and SEO. The company has offices in Lahore, Karachi, Islamabad and Faisalabad. They are also members of the Pakistan Association of Digital Marketing (PADMA).

SKY High
Networking Technologies Pvt Ltd.

The SKY High Networking Technologies Pvt Ltd. is a multinational company that provides services in the areas of networking and information technology. The company was founded in 2010 by Nadeem Munir Jafri, who also serves as its managing director. The company has offices in Lahore, Islamabad and Karachi, with more than 200 employees working across them all.

The SKY High Networking Technologies Pvt Ltd. was started with an initial investment of $4 million from its founder Nadeem Munir Jafri who wanted to create a Pakistani-based IT firm that could compete with foreign companies operating in Pakistan at that time

Panacea
Power Corporation Ltd.

Panacea Power Corporation Ltd. is a Pakistani company that manufactures and sells Solar Panels, Solar Inverters, Wind Turbines and Solar UPS in Pakistan. The Company also provides installation services of these products to its clients through its network of dealers across the country.

The solar panel manufacturing plant has been set up at Lahore which is capable of producing approximately 60 MW per year while another manufacturing facility located at Gujranwala is being built with an estimated capacity of 150 MW per year.

What you should take away from this article is the understanding that entrepreneurship is a rewarding, challenging, and exciting pursuit. As with many things in life, there are benefits and drawbacks to being an entrepreneur; however, if you're willing to put in the hard work and learn from your mistakes along the way, then there's almost no limit on what you can achieve as an entrepreneur..

Entrepreneurship is a way of thinking and approaching life that helps you achieve success. It can be applied everywhere, from your personal life to business or even politics. What’s more important than having an entrepreneurial mindset is knowing how to apply it in different situations, which is why we believe entrepreneurs need several skills that will help them out in any field they want to enter into independently.