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Questions and Answers
Which types of enterprises require registration with SECP?
What services does the government provide to support entrepreneurship in Pakistan?
What is the minimum number of members required for a Not for Profit?
3 members
A partnership must file an annual tax return for both the partners and the firm.
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The ___________ starts Offices of Research, Innovation, and Commercialization (ORICs) in 2010.
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Which organization launched plans for innovation spaces in KPK in 2014?
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What is the purpose of the National Incubation Centre (NIC)?
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Match the year with the significant event in Pakistan's entrepreneurship ecosystem:
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What regulatory body regulates E-Money Institutions in Pakistan?
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Financial innovation guidelines are set by the Ministry of IT.
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Study Notes
### Entrepreneurship Ecosystem Stakeholders
- Government: Provides incubation spaces, grants, free learning resources, tax breaks, and partnerships.
- SECP: Facilitates easy business registration and annual filing processes.
- Corporations: Offer contracts and competitions for startups.
- Customers: Generate revenue for businesses.
- Funding: Includes loans, angel investors, and venture capital.
Types of Enterprises
- Sole Proprietorship (SMC): Single owner, registers with FBR, unlimited liability, can't raise capital.
- Partnership: 2-20 members, registers with registrar of firms, annual tax return for partners and firms, unlimited liability, can raise capital.
- Private Limited: 2-50 members, registers with SECP, periodic tax filing with SECP & FBR, limited liability, can raise capital.
- Public Limited: Listed on PSX, unlimited members, registers with SECP, periodic tax filing with SECP & FBR, limited liability, can raise capital.
- Not for Profit: Minimum 3 members, registers with SECP, periodic tax filing with SECP & FBR, limited liability, relies on donations and grants.
Stages of an Enterprise
- Idea Generation: Conceptualization of the business proposition.
- Validation: Testing the idea through market research and customer feedback.
- Prototype Development: Creating a working model of the product or service.
- Early Stage Business: Launching the business and gaining initial traction.
- Scaling: Expanding the business and achieving significant growth.
Stages of Funding
- Seed Funding: Initial capital for product development and market validation.
- Series A Funding: Funding for early-stage growth and expansion.
- Series B Funding: Funding for further expansion and market penetration.
- Series C Funding: Funding for established businesses with proven revenue.
PK's Entrepreneurship Ecosystem Formation
- 2010: Higher Education Commission (HEC) establishes Offices of Research, Innovation, and Commercialization (ORICs); NUST Technology Incubation Center (TIC), IBA Center for Entrepreneurship Development (CED), IoBM School of Skills and Knowledge Incubation Center (SSKIC) are established.
- 2012: Punjab IT Board sets up its first incubator called Plan9, engages industry leaders.
- 2014: KPK IT Board launches, starting Youth Summit, establishment of Durshal's (innovation spaces); Private incubators emerge: Nest i/o started by p@sha, innovation district 92 by superior group.
- 2016: Ministry of IT (MoiTT) starts IGNITE, establishes National Incubation Centre (NIC) Islamabad, PPP with Teamup x Jazz; Co-working spaces start emerging.
- 2017: NIC Lahore is established; Fatima Ventures x LUMS partnership.
- 2018: Digital PK policy by MoiTT, establishment of three NICs in Karachi, Quetta, and Peshawar; Corporations start entering with incubators and accelerators: Telenor Velocity, Jazz xlr8, SCB Women in Tech.
- 2019: E-commerce Policy, State Bank of Pakistan (SBP) launches Electronic Money Institution (EMI) regulations, SECP launches Sandbox guidelines for financial innovation, Facebook launches innovation lab.
- 2020: Non-Banking Finance Companies (NBFC) emerge.
- 2021: Digital banking policy, Raast (real-time payment system) launched.
- 2023: MoiTT launches a PKR 2 billion VC fund for Pakistani startups.
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