Pakistan’s economy has been battered by rising inflation, COVID, supply chain shocks and high energy prices over the last few years. But in that world of constant shocks, its booming startup sector is turning out to be a silver lining for the country.
In 2021, 83 startups raised $350m according to Invest2Innovate, a Pakistani consultancy firm. And so far this year, the sector has already raised $136m.
Kalsoom Lakhani, the founder of Invest2Innovate and general partner at its sister firm i2iVentures, an early-stage investor, says 2021 was a record-breaking year and says people will question if the momentum is sustainable.
“What’s really important is for the ecosystem to also be building the health overall,” she told Al Jazeera, referring to startups and investors preparing for things such as how to grow the talent pipeline to meet the needs of these fledgling businesses, or how to improve the policy and regulatory environment to help them grow. “So while this momentum is exciting, there needs to be strengthening of these pillars in order to create sustainability and longevity and the continuing growth of the startup ecosystem,” she said.
COVID-19 was a catalyst for the startup landscape in Pakistan, which saw investments rise from $65m in 2020 to $350m in 2021. Extended lockdowns and quarantines provided entrepreneurs the opportunity to create digital products with a human impact.
With more than 250 startups since 2015, an increasing internet penetration driven by low-cost...
Read Full Story: https://www.aljazeera.com/economy/2022/3/16/pakistans-startups-take-center-stage
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