Pakistan is a country with a population of over 220 million and out of the total population, 60 percent comprises of youth (aged 15-24). Unfortunately, the majority of this youth remains unemployed due to a lack of job opportunities but the adaption of latest communication technologies has led to the growth of a tech based entrepreneurial culture in the country.
Entrepreneurship can be a highly rewarding experience, but young entrepreneurs need proper guidance and a platform to convert their raw business idea into a profitable business. For this purpose, various incubation and acceleration centers have been established across the country and according to a study, there are over three thousand business incubators or shared business facilities around the world which were just over 200 a decade ago.
This increase in young startups and a boom of entrepreneurship is a positive sign but it is a fact that hardly 10 percent of those new firms are able to sustain in the market in the initial ten years. This lack of sustainability is mainly due to the lack of knowledge and the inability to respond to consumer preferences, market demands and technological changes.
The inability to attain proper knowledge can even lead to the downfall of big multinationals. A perfect example of this whole scenario can be seen from the last speech former CEO of Nokia Stephen Elop.
During the press conference to announce Nokia being acquired by Microsoft, Nokia CEO ended his speech saying this “we didn’...
Read Full Story: https://nation.com.pk/15-Dec-2021/why-is-there-a-need-of-technological-incubators-in-pakistan
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