The coronavirus pandemic proved to be a stimulant for Pakistan’s startup ecosystem, with venture capital rising from $66.4 million in 2020 to a staggering $365.8m in 2021 and $136m in the first quarter of 2022.
Changing work patterns and emerging challenges led entrepreneurs to capitalise on market gaps through innovation and digitisation. For example, airlift, a notable startup, raised an astronomical $85m in funding, but regardless of its exponential growth in its first year, it eventually declared bankruptcy in 2022. The fall of Airlift indicates how much progress remains to be made to sustain startups by improving the regulatory framework to ensure the longevity of the startups.
The government of Pakistan recognises the need for appropriate legal changes to address new and changing challenges. It took various initiatives in recent years to develop a comprehensive and coherent industry policy to shape regulatory thinking and promote a conducive fintech environment in the country.
The aim is to attract local and international innovators and to facilitate the growing startup ecosystem in the country. The Securities and Exchange Commission of Pakistan (SECP) has a dedicated startup portal which features a list of startups, a simplified user experience for registration, access to mentors and incubation centres, online guides, and video tutorials for startup companies.
In recent years, the government has taken various initiatives to develop policies that promote a conducive...
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