The nation has not seen any remarkable results so far!
The nation has to revisit the research, innovation, commercialization, and entrepreneurship strategy in order to co-create a sustainable and scalable environment for startups, business incubators, researchers, and industrialists. A much-needed right path should be paved for product/service development and commercialization.
A recent study shows that more than 90% of the startups fail, so there must be one big common failure factor among all of them. Providing an abundant amount of funds and a lavish work environment just on the basis of an idea spoils both the dream and the dreamer. The direct and indirect beneficiaries enjoy the ride until the funds are depleted. The former then seek a new venture or a job for survival and later is reloaded by funding agencies for the next round. Thus, a huge amount of taxpayers’ money flows down the drain in the name of fancy terminologies. Startups from such an environment put a dent of millions of Rupees on the national economy. The nation has not seen any remarkable results regardless of spending hundreds of millions of rupees so far and hopes alone prevail. A few exceptions deserve appreciation!
A major strategic revamp is inevitable for the sustainability, growth, and development of the nation. Entrepreneurs need to realize their own potential. Looking at the others for help may cause one to overlook all the blessings and resources that Allah (SWT) has granted to oneself. According to the Effectuation theory, the journey of entrepreneurship must start with the “Bird in hand”. Once all the birds in hand are explored then it would be fine to look for external resources as well. Relying only on external resources tends to cripple and sabotage startup ventures. The nation needs to aim at tangible goals rather than the imaginary and cheap ones. Academicians and researchers must utilize their potentials and resources to launch a startup every other year.
Allah (SWT) has blessed this nation with agriculture land, four seasons, cattle, and water; these are the nation’s bird in hand! Our research and development must largely be focused on agriculture, textile, and dairy products may it be through IT, engineering or management. If small countries like Holland and Denmark can boost their economies by selling the dairy product to the world why can’t we? A “Can do” attitude with available resources can pave the way for potential entrepreneurs and all the stakeholders.
A major brain drain for the last many decades has left the nation in limbo. Our researchers and academicians are busy publishing their extensive and expensive work in exchange of impact factors. Whereas, the smart ones commercialize these research works in line with industry and sell to the world in exchange for huge tangible benefits. A person gets what he or she strives for! Let’s quit the number game!