ISLAMABAD: Pakistan should launch its own version of ‘Shark Tank’ business reality show to help startups enhance exports and create employment opportunities, WealthPK reported.
‘Shark Tank’ is an American business reality television series, which shows entrepreneurs making business presentations to a panel of five investors or ‘sharks’, who decide whether to invest in their company.
Globally, the trend of entrepreneurship is growing rapidly thanks to arrival of digital media and latest technologies.
Countries have started reality shows telecasted on national televisions, where young entrepreneurs come up with new business ideas and get funding from leading investors, who invest in their startups against agreeable equity.
The United Kingdom is also running a business reality show named ‘Dragon’s Den’. This programme has positive contributions to the country’s economy by supporting new startups and promoting the culture of entrepreneurship.
It is to mention here that Pakistani startups raised $364 million in 2021, which was 450% more than the previous year.
However, entrepreneurial culture is not that developed in Pakistan, where the youth still have a risk-averse attitude and hesitate in establishing new businesses. This is because of somewhat low government incentive.
However, a private sector-run business reality show named ‘Idea Craron Ka’ is telecasted on a private TV channel, helping new startups raise funding from Pakistan’s top entrepreneurs.
According to statistics released by this telecast, four seasons of the programme have been shown, consisting of 54 episodes.
Through this reality show, a total of 96 startups pitched their ideas to convince investors for funding. However, only 25 startups succeeded, and an amount of Rs500 million was raised.
The ‘Idea Croron Ka’ is a positive step from the private sector to present the new startups with an opportunity to promote their business ideas to the country’s top successful entrepreneurs.
Though it is a good effort, it has limited scope, and Pakistan needs a bigger platform that involves the country’s top entrepreneurial minds, where young entrepreneurs could come up with new ideas to get finance from the investors.
Pakistan also has to upgrade its educational system in accordance with the modern trends, as currently, the education system produces graduates without skills and innovative minds.
According to a study conducted by the Pakistan Institute of Development Economics (PIDE), the country has a 16.5% graduate unemployment rate. Pakistan needs serious education reforms which could produce future entrepreneurs.
Business graduates or youngsters, who already have a business setup, prefer to come into the field of entrepreneurship.
Moreover, as the government aims to establish technology funds for new startups, there is a need to link these funds and other private funds to a single platform. Private investors should also be given the opportunity to invest in these startups.
Telecasting these shows on national TV would help youth learn from the startups and develop their businesses with new ideas. This would revolutionise the startups in the long-run, producing future entrepreneurs.
INP/
