A new ranking of the world’s “best startup ecosystems” is out — and the results don’t look good for Pakistan. In a Global Countries Ranking of Startup Ecosystem by Startup Blink, Pakistan drops from no. 61 to no. 82. This means Pakistan is falling behind many other countries, such as India, South Africa, Azerbaijan, Kenya, and Nigeria, which have greatly improved.
Business Incubation Centers are the backbone of a startup ecosystem. Apparently, everything seems good as far as their social media pages are concerned. Guest speakers are visiting, events are happening, venture capitalists are investing, mentors are coaching, founders are innovating, the industry is providing, and success stories are being celebrated. If this is the case, then very first question is, why did Pakistan was dropped 21 points in the global startup ecosystem ranking? I must tell you. There is something terribly wrong with our startup ecosystem.
Startup Insider team investigated the ecosystem practices and you will find the interesting facts and recommendations throughout our April Edition. For now let’s discuss the important ingredients of a successful startup ecosystem which I learned virtually from George Deeb, Managing Partner at Red Rocket Ventures. In his own words:
Access to great ideas: Great ideas turn into great businesses. At the heart of every business is a product or service. This is the lever to persuade others to give you money in exchange for them. It is easy to say that behind every product or service ever sold was an idea.
Access to talent: Great entrepreneurs that have learned from prior mistakes, are ultimately going to dictate the success of their businesses, and in turn, the success of the ecosystem.
Access to capital: The best ideas and the best talent are useless without the capital to fund their vision.
Access to customers: Customers drive revenues. Revenues impress investors. Investors fund growth. Growth leads to big exits. Big exits lead to a robust ecosystem.
Access to entrepreneurs, mentors, and investors: These are the key players of an ecosystem but unfortunately in Pakistan, they don’t have much time and are busy building their own empires.
Access to incubators, universities, corporations, associations, and events: Only three major cities have facilities for young founders. The rest of the country still doesn’t have any exposure to the entrepreneurial culture. For a successful startup ecosystem, all the elements should be functioning!
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