- January 24, 2022
- Posted by: Ms. Mariam
- Category: Blog
We are facing many diverse and fascinating challenges regarding growth of the businesses & digitalization. It is important to understand that how to shape the new technology revolution to create more Business Models. The speed and measure of the changes coming about by the fourth industrial revolution are not to be ignored. These changes will bring about shifts in power, shifts in wealth, and knowledge.
We are already witnessing intense shifts across all industries, marked by the reshaping of traditional business strategies, structures & production systems, change of competitive advantage, the emergence of new Business models, transportation, delivery systems, and consumptions.
Digital Revolution is leading paradigm shifts in business, society, economy & individually. It is not changing the “how” and “what” of doing things but also “who” we’re.
Digital entrepreneurship can be simply defined as creating new entrepreneurial venture and transforming existing businesses which drives some value with its core Business model based on Digital Channels like internet, mobile technology, social computing & 4IR Technologies e.g. Artificial Intelligence, Robotics, Block-chain, VR/IR and Internet of things. It is a critical pillar for innovation, economic growth & job creation. For any nation, digital entrepreneurial potential depends on digital entrepreneurial culture, behavior, strategies, and a supportive innovation ecosystem where different businesses, industries & government institutions work together.
Forms of Digital Businesses Platforms
Digital Platform is a place for exchange of services, goods & information between producers and consumers to provide enhanced value to everyone within the ecosystem. Digital platforms depend on the business model they employ and the specific purposes they seek to serve. There are many digital platforms like Social media platforms (Facebook, Twitter, Instagram, linkedin), Service-oriented platforms (Uber, Airbnb, Guruhub), Media Sharing Platforms (Youtube, Spotify, Vimeo), Knowledge Platforms (Quora, Yahoo, Stackoverflow), E- commerce platforms (Amazon, eBay), Digital media platforms (YouTube, Netflix), Online freelance platforms (Fiver, Upwork, Toptal)
Digital Entrepreneurship Ecosystem
An entrepreneurship ecosystem is the totality of all elements that affect a startup and are outside the immediate control of the entrepreneur, startups growth and success. Digital entrepreneurship ecosystem plays an important role as accelerators for creating digital startups. Digital Entrepreneurship Ecosystem is whole social, economic, and technological environment that should be found to establish and continue a digital enterprise.
Digital Entrepreneurship Ecosystem of Pakistan
According to Digital Entrepreneurship Ecosystem Index report developed by The Global Entrepreneurship and Development Institute (GEDI) and published in 2020, Pakistan is on 97th position out of 116 Countries.
Despite at lower level of (DEE), Pakistan’s digital entrepreneurship ecosystem has been growing since 2012 with an increasing number of events, activities, support players, funders, and of course, startups. The growing number of young, technology savvy Pakistanis matches well with this growth in the startup landscape.
There are now over 24 incubators and accelerators, 80 co-working spaces, and approximately 20 formal investors who are players in Pakistan. Pakistan’s tech ecosystem has seen unprecedented growth this year. Startups in the country rose over $244 million in the first three quarters of 2021, which is more than the previous six years combined.
More money has flowed into Pakistan’s nascent technology sector during 2021 than in the previous six years combined, with investors from the U.S., Singapore and the United Arab Emirates joining the rush. And one former Microsoft Corp. and LinkedIn Corp. employee has been involved in about half the fundraising deals.
From year 2015 to 2020, there was an investment of $178M and the numbers of deals were 122. According to the 2021 Emerging Venture Markets Report, Pakistan saw a 97% increase in venture capital funding in 2020, contributing to Pakistan’s growth as a startup ecosystem hub.
Some Pakistani Startups & Funding
Pakistani startups have been gaining momentum and attracting more and more venture capital funding over the past few years. According to the end of 2021, here are some most funded startups of Pakistan and how much money they have raised.
- Airlift (Founded in 2018, an app-based transportation service provider, raised $109.2 million)
- Bazaar (Founded in 2020, B2B marketplace for small businesses, raised $37.8 million)
- Zameen.com (Founded in 2006, allows you to invest, buy, sell, or rent properties, raised $29 million)
- Tajir (Founded in 2018, B2B marketplace for small businesses, raised $18.9 million)
- Bykea (Founded in 2016, transport and logistics startup, raised $18.7 million)
In this digital decade what should business leaders do?
“Firstly, Business leaders can become corporate venture capitalist or venture capitalist by investing in the digital businesses.”
“Secondly, they can directly become digital entrepreneurs by starting a new digital business.”
“Moreover, they can invest in digital intrapreneurship by investing in the digital businesses ideas of their employees.”
These are the three main ideas from where Business leaders can grab digital entrepreneurship opportunities.
Digitalization has become the heart and center of every business model. Digital entrepreneurship offers individual & companies new ways to collaborate, connect, conduct businesses and build bridge between different people.
To thrive in digital economy, we must have to increase our agility, capacity for sensing opportunities and challenges because there is no denying that the future of the businesses is Digital.