Karandaaz Press Releases

Karandaaz Pakistan and Planet N and LUMS Center for Entrepreneurship Workshop on Challenges in the Startup Ecosystem in Pakistan

Mr. Ali Sarfraz, CEO Karandaaz, talking about the need to identify challenges in the ecosystem

Lahore | Jan 24, 2017

With an objective to connect entrepreneurs on the path to commercialization with industry experts and to promote the exchange of ideas among each other, Karandaaz Pakistan, in partnership with Planet N Group of Companies and Lahore University of Management Sciences (LUMS), hosted a workshop on the “Challenges in the Startup Eco-system in Pakistan”. The workshop aimed to engage with key stakeholders meaningfully to discuss the operating environment, deliberate on the challenges in the startup eco-system, and propose strategies to address those challenges.

Through the workshop, participants identified common challenges faced by startups and suggested solutions. Broad discussion areas included Curriculum & Awareness, Company Law, Role of incubators/Accelerators and Exits & IPOs for which working groups were formed. The workshop showcased the value, economic impact and contribution to entrepreneurial advancements for the development of start-up ecosystem in Pakistan.

Mr. Nadeem Hussain, Founder & Coach Planet N Group, enlightened the audience about the importance of building an ecosystem by discussing the short comings and areas of improvement. He also underscored potential areas that need to be addressed for empowering entrepreneurial culture in order to avoid the menace of economic failure. Moreover, Planet N will publish a white paper providing solutions to the challenges discussed in order to rationalize entrepreneurial spirit in Pakistan.

Active collaboration and engagement between startups and eco-system enablers, such as incubators, accelerators and policymakers, is critical in order to develop a comprehensive understanding of the challenges faced by aspiring and existing entrepreneurs and developing creative solutions. We believe that this workshop organized by Karandaaz Pakistan in collaboration with Planet N and LUMS will inspire scalable programs to empower youth in the region,

said Mr. Ali Sarfraz, CEO of Karandaaz Pakistan. The workshop concluded with a presentation on the key findings of a report commissioned by Karandaaz Pakistan titled “Seeding Innovation Landscape: A Framework for Rooting FinTechs in Pakistan”. Qasif Shahid, represented FinSurgents, the research partner for this report, and discussed the opportunities and gaps that exist in the FinTech eco-system in Pakistan and the future of digital financial services in the country. He said, “FinTechs will cause behavior changing disruption in Pakistan: What smartphones did to landlines, FinTechs will do to bank accounts”.

The event was very well attended by distinguished guests representing public and private organizations along with government representatives. Mr. Nadeem Hussain in his address shed light on how to create an enabling environment for Pakistan’s economic revolution with the help of startup eco system in Pakistan.

About Planet N Group

Planet N Group, established in 2015, is the product of Mr. Nadeem Hussain’s vision for financial and economic inclusion of Pakistan’s population into the 21st century through technology. The Group has diverse portfolio of startups across e-commerce, fintech, edutech, super food agriculture, retail and renewables. Planet N also provides a platform for prime growth to start-ups through collaboration and shared services.