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Macky Mubarak A Tale of Two Networks Pakistan: The Untold Story of Technology & Entrepreneurship Introduction Asad Jamal, founder of ePlanet Ventures, a technology fund based in Silicon Valley, faced a dilemma. A recent business plan submitted by an entrepreneur based in Pakistan had rekindled nagging thoughts that Pakistan should be considered a strategic play for his venture fund. Although of Pakistani origin, Asad had spent the majority of his life away from the country, after getting his BSc (Honors) from The London School of Economics. He had developed an outstanding track record at ePlanet Ventures by demonstrating his ability to identify promising opportunities in the Advertising & Media, Communication & Wireless, Computing Software, Consumer Internet, Energy, Enterprise Software, Financial, Life Sciences, Network, Optical, Security, and Storage Networks space. As with any 1 successful VC, he was always on the lookout for new horizons, and once again turned his thoughts to what he had witnessed in Pakistan during his visits over the previous 10 years. Regulatory reform and a strong economy “GDP growth has been strong in recent years,” at between 6.5 and 8.6% for the last 4 years. “In the past, GDP growth in Pakistan has been held back by political instability, poor and inconsistent policies (rampant corruption at the top) and, more fundamentally, by the economy’s narrow production base. However, in the last five years wide-ranging reforms, an aggressive privatization program, a domestic consumer boom, moves to invest in the textile sector, and substantial foreign aid inflows have underpinned a pick-up in growth.”1 Figure 1: Foreign Direct Investment, net inflows (% of GDP) As a country on the verge of bankruptcy prior to 9/11, Pakistan’s fortunes have seen a remarkable turnaround. Since 2001, the influx of billions in US aid in return for supporting the ‘War on Terror,’ in combination with pro-reform government policies designed to stimulate the economy, Pakistan’ s business environment and investment climate is flourishing. Pakistan's recent policy trends of liberalization and deregulation have been consistent and successful. In the World Bank's “Doing Business 2008” report, Pakistan was ranked #1 in South Asia for its ease of doing business and #76 globally (India is #120). 1 Economist Intelligence Unit – Pakistan Country Profile – Main Report – 21st September 2007. Accessed 15th October 2007 2 The introduction of the Private Equity and Venture Capital Funds Act of 2002 also provided an enabling regulatory environment for the capital markets. The Pakistani Government recently announced the creation of a venture capital fund to provide seed expansion capital as well as other functions. A talent pool and a new generation of entrepreneurs As Asad thought back about his childhood in Pakistan, he remembered growing up wanting to get his higher education in the UK or the United States. However in the post-9/11 world where student visas and work authorizations are difficult to obtain for Pakistani citizens, the former brain-drain is fast becoming a brain- gain for Pakistan. In fact, in the technology space alone, Pakistani universities now produce upwards of 20,000 talented, English Speaking graduates per year. Importantly, Pakistani educational establishments, particularly the missionary Convent schools instil neutral English accents, enabling better communication with their Western counterparts. These bright, young technically trained graduates are turning to new horizons. Faizan Burdar, founder of Scrybe – an up-and-coming Pakistani web 2.0 company – expressed different aspirations to Asad: "I realized that the Web would be hot and took a plunge with a shoestring budget and no formal investments. In fact, I didn’t even have a US visa so attracting funding from the US just seemed impossible!" Scrybe, currently in beta testing, is the most anticipated software at the Museum of Modern Betas, a Web site that tracks emerging Web 2.0 projects and has recently attracted venture capital from Adobe Systems and LMKR. Scrybe is not alone. There are numerous other home-grown IT start- ups in Pakistan making their mark on the global markets recently, fuelled by a new breed of Pakistani graduates: iTrango, a game and 3D content studio, provided content for the wildly successful game Tomb Raider Legend, and also for high profile companies such as Nike, Lexus, Scion and other global brands. Trevor, a software company, recently acquired by Bentley Motors, was one of the world’s top providers of GIS/geospatial software solutions Post Amazors, an animation house, provided content for the film, The Mask, and also the local character of Safe Guard for P&G which is now being used globally (Mexico). EnterpriseDB develops and s upports EnterpriseDB Advanced Server, a leading leading Oracle- compatible relational database management system (RDBMS). Ultimus is one of the most widely deployed Business Process Management solutions in the world, enabling over 1800 3 companies to increase profitability by managing, automating, modelling and optimizing core business processes. Their customers include Microsoft, Lockheed Martin and others. Total number of IT companies registered with 1082 PSEB 384 Karachi Number of substantial IT companies city-wise 276 Islamabad breakup 353 Lahore 69 others Total number of foreign IT and telecommunication 60 companies working in Pakistan One CMMI Level 5 company, one CMMI Level 5 Number of CMMI-assessed companies company, three CMMI Level 3 companies and four CMMI Level 2 companies Total industry size US$ 2.8 billion (WTO-prescribed formula) IT and IT-enabled services exports US$ 1.4 billion (WTO-prescribed formula) Percent growth in exports over the last one year 61.18% Number of IT graduates produced per year Approximately 20,000 Export targets for the current fiscal year 2006- US$ 108 million 2007 Number of universities offering IT/CS programs 110 Number of IT professionals engaged in export- oriented activities (software development/call More than 15,000 centers etc.) Total number of IT professionals employed in 110,000 Pakistan Total IT spending in the fiscal year 2005-2006 US$ 1.4 billion Total space utilized in IT & Software Technology Eleven IT Parks covering an area of 750,000 sq ft Parks Table 1: Statistics of the Pakistan IT Industry Bridging the Gap – OPEN Asad reflected on his last visit to Boston, when he had met up with an old acquaintance Tom O’ Flannigan. Over lunch Asad had sat enthralled as he listened to Tom describe how the Irish emigrated en-masse to the US starting around the time of the Irish Potato Famine in 1850, up until the 1930’s. The descendents of these individuals formed a highly trained Diaspora with strong links to their native land who played an instrumental role in Ireland’s spectacular economic boom in the late 1990s. When they went home to start high-tech, and other ventures, they took with them access to management, capital and markets. Does Pakistan share more in common with Ireland than Green – the national color? Is this process currently being emulated by US-based Pakistanis? The Organisation for Pakistani Entrepreneurs (OPEN) was formed in 1998 to facilitate and encourage the growth of Pakistani entrepreneurs & professionals. The initial focus was a coherent approach for Pakistani-American entr epreneurs to get organised and develop an effective network. 4 Figure 2: OPEN Chapters in the United States That network has started to reach overseas. Umair Khan, Faraz Hoodbhoy, Zia Chishti and many others have taken all or parts of their businesses to Pakistan. In the other direction, Faizan Burdar, founder of Scrybe, had not even set foot in the US and credits introductions from OPEN members with starting the sequence of events that has got them to where they are, funded by a high- quality US company. Furthermore, OPEN, in collaboration with the MIT E-Center has been taking an active role in educating Pakistani-based entrepreneurs. Workshops, seminars and a recently concluded Business Acceleration Plan (BAP) Competition, led by local entrepreneurs Farrokh Captain, Azhar Rizvi and Dr. Zahir Syed, have resulted in an increased amount of mentorship provided to local entrepreneurs from their US counterparts. Zafar Khan, CEO of Sofizar, and winner of the BAP Competition said, “This program has helped me well beyond my extremely high expectations. I could not get this quality of help, even if I had employed a team of highest-paid management consulting firms. The mentors were sincere, and pushed me to improve. I didn’t need to raise money…I just needed guidance and I got it.” If Pakistan is going to be a successful hub of entrepreneurship, it is clear that OPEN will need to increase its activities even further to provide the link between the two networks. The recent formation of the Tech Angels Network (TAN), led by MIT Faculty members, Ken Morse, Bill Aulet and Imran Sayeed, President of the MIT Club of Pakistan, Farrokh Captain and Azhar Rizvi, Vice Chair of the MIT Enterprise Forum Pakistan, is indicative of the fact that the investment environment is already starting to look different! An opportunity to get in early 5 This flourishing entrepreneurial community has not gone unnoticed by entrepreneurially-minded Pakistanis living in the US. The Pakistani-American diaspora has started to recognise Pakistan as an attractive destination to locate elements of their US-based ventures. As Faraz Hoodbhoy, co-founder of Silicon Valley-based PixSense - a firm which develops network sided software to improve cameraphone image sharing - say s, "I knew I wanted to start a business and I had strong family connections in Pakistan – but I didn’t choose to go to Pakistan because I wanted to do something great for the nation – I chose to do so simply for business reasons.” And so he moved whole parts of the business to Pakistan.
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