‘Pakistan is one of the brightest countries for start-ups’

Providing words of encouragement to entrepreneurs, Tameer Bank’s founder and former CEO said on Sunday that given the youth demographic, Pakistan is one of the brightest countries for start-ups, as there is no dearth of talent, but lack of support from the corporate world.

Nadeem Hussain was a panellist with designer clothing retailer Amir Adnan and entrepreneur Hareem Sumbul Bari at a session titled ‘Entrepreneurship Today: Start-ups and Angel Investors’ on the third and concluding day of the 9th Karachi Literature Festival at the Beach Luxury Hotel.

“Entrepreneurs need breathing room,” said Hussain, adding that though it seems a huge opportunity for commercial banks to invest in ventures, they do not do it and prefer power projects and the like.

In these circumstances, he said, things are challenging for entrepreneurs, but “when you put your own money on the table, you learn very fast”. He added that for now most of the aspirants are not familiar with the business and financial environment here.

“There’s no age requirement to become an entrepreneur. Twenty-three incubators and accelerators are already in the market. Venture banking has started. And Pakistan has got on the bandwagon. Foreign investment is pouring in.”

Hussain said it is the best time to become an entrepreneur, but there’s guarantee for success. He said 95 per cent of the start-ups failed in the beginning. For better results, an exceptional ecosystem and funding at post-seed levels are needed, he added.  

A brilliant idea

Amir Adnan, who is a business graduate, shared his success story on how he started what is now one of the leading designer brands with Rs10,000 in the 90s. “What you need is a brilliant idea that can generate revenue, otherwise it’s not going to take off.”

He said the government can play a major role in helping start businesses because they will create job opportunities, and the social and economic conditions will ultimately improve. He lamented that entrepreneurs are troubled by tax collectors and the industry is talking with lawyers to prevent “harassment”. He suggested that there should be a mechanism to educate people about how to become part of the documented economy.

“Entrepreneurs should have a 360-degree approach [multi-source assessment],” said the designer clothing retailer, adding that the deficiencies could be overcome with creating a pool of mentorship.  

Poise for investment

Hareem Sumbul Bari said entrepreneurs should know they need an amount to bootstrap and maintain their positions as founders. “Poise yourself so that others like to invest in you,” she advised them.

She said the government should give tax holidays to start-ups and remarked that struggling entrepreneurs have a setup but it is not working efficiently. Offering encouragement, she said everyone can start a business.