Pakistan stands at a critical juncture where unlocking its entrepreneurial potential holds the key to sustainable growth and prosperity. To achieve it, the country must navigate and overcome various obstacles while actively fostering a culture of innovation. Talking to WealthPK, Katalyst Labs Founder and CEO Jehan Ara, said, “In recent years, there has been a noticeable increase in entrepreneurial ventures in Pakistan; however, the path to establishing multi-billion-dollar companies has remained challenging to navigate. Several factors contribute to the challenges faced by businesses, hindering their growth and preventing the emergence of mega-corporations.” “One significant obstacle is the volatile economic environment in Pakistan. Uncertainty regarding government policies and a lack of consistency create a challenging landscape for businesses to navigate. This discourages long-term investments and hinders sustained growth required for companies to reach multi-billion-dollar valuations,” she said.

“Amidst the prevailing economic uncertainty in Pakistan, the startup landscape emerges as both a beacon of hope and a sector in need of strategic support,” Jehan Ara said. “Recognizing the potential of startups as a catalyst for economic growth, there is a pressing need for a comprehensive program that aims to empower these ventures, helping them to refine their skills, ascend to leadership positions within their respective domains, and foster a deeper understanding of the intricate startup ecosystem in the country,” she opined.

“Nurturing nascent ideas and startups, Katalyst Labs functions as a supportive environment, offering a range of initiatives, programs, and events aimed at assisting aspiring innovators in realizing their business dreams,” Jehan Ara added. Talking to WealthPK, Muhammad Mugheez Farooq, Energy Auditor at National Productivity Organization (NPO), said, “A strong economy is characterized by productivity, quality, and innovation, which are the three pillars of competitiveness and economic growth.” He said, “Pakistan's slow growth rates of output have been attributed to a lack of innovation, low investment, technology inefficiencies, and limited research and development, thus reducing productivity and competitiveness.”

“We must optimize our productivity tools, including our human resources, technology, and processes of various industrial value chains. The intended outcome is to enhance our trade with the rest of the world,” he said. Concluding, he said, “The NPO has put some real efforts to achieve the maximum with a more focused approach in which the main objective is to enhance total factor productivity (TFP) through human resource development (HRD), technology demonstration, and improved practices, processes, and procedures in the country in order to support the cause of competing effectively in the local and global markets.”

Credit: Independent News Pakistan (INP)