News; Entrepreneurship Fund Proposed
Publication: The News International
Date: November 17, 2012
Web Address: http://images.thenews.com.pk/17-11-2012/ethenews/e-143274.htm
|Saturday, November 17, 2012
Entrepreneurship fund proposed
|ISLAMABAD: Entrepreneurs have asked the government to ensure rule of law and improve governance to promote entrepreneurial culture in the country.They also proposed starting an entrepreneurship fund with the help of the US, Pakistan and other stakeholders, for providing seed money to start up new businesses on the basis of innovative ideas. Celebrating Global Entrepreneurship Week, 15 prominent Pakistani entrepreneurs, government officials and academic leaders gathered at a roundtable meeting on ‘Creating an Enabling Environment for Entrepreneurship to Grow,’ organized by the US Embassy on Friday.Panelists explored ways to promote entrepreneurial growth in Pakistan, emphasising that entrepreneurs have the potential to create solutions that can transform Pakistan and generate new jobs for millions of young graduates entering the workforce.
The event culminates ‘Global Entrepreneurship Week’ and follows six days of workshops for emerging Pakistani entrepreneurs on how to start and grow a successful business. The workshops were facilitated by the US Embassy in Islamabad and were held from November 10 to 15.
While identifying constraints to promoting entrepreneurship in Pakistan, the participants highlighted protection of trademark, access to finance, regulatory framework, and the mindset of society as a whole for promoting innovative ideas in the country. Amir Hashmi, an entrepreneur, said that the banks earned huge profits in recent years out of which one billion rupees could be set aside for providing funding for new business set ups in the country.
The key recommendations of the participants included entrepreneurial ecosystem components by establishing linkages among industry, academia and government, changing policies, laws and regulations to make it easy for startups, improving access to finance – equity, debt and venture capital – and use of movable assets as collateral and removing instruments of rent-seeking , which dwindle resources available for entrepreneurs. Young Global Leader of the World Economic Forum and CEO Mishal Pakistan, Amir Jahangir said, “Entrepreneurs are recognised as important drivers of economic and social progress, and rapidly growing entrepreneurial enterprises are viewed as important sources of innovation, employment and productivity growth.”