Funding for IT-Entrepreneurial Culture: a main concern.

• Author: Khan, Sani-e-Mehmood

Byline: Sani-e-Mehmood Khan

On 17th day of September 2001, an ambitious article of mine was published in the Pakistan Gulf Economist. The title of article was "TECHNOLOGY, THE LAST OF OUR SURVIVAL". At that particular time, I was taking part in one of Asia's largest Software Development initiative, worth 60 million US dollars in the heart of the middle-east. The said article was written on a positive note, but with a sheer frustration as to why such big efforts and projects cannot be undertaken in Pakistan, given the fact that majority of the key players i.e. over 70 percent of the developers, business analysts and program-strategist team-members were from the Pakistan.

After some 19 years, it was the 11th day of January 2019, when it turned-out to be a pleasing surprise when I participated in a brainstorming session held at the Federation of Chamber of Commerce International. The Program was hosted by Dr. Baig and Dr. Maqbool was the guest of honor. The eminent business and information technology leaders from Pakistan and North America graced the occasion and took a stock of challenges and prospects in context of digital transformation of Pakistan.

At the sidelines of the aforementioned IT-Networking Session, a number of keynote speakers referred and mentioned India's better position in the areas of Call-Center-Business, Software Development, Hardware, Technology Infrastructures and specially the Indian Silicon Valley.

On 25th of January 2018, Fitch Ratings has downgraded Pakistan's long-term credit rating and as this is leap-quantum from the position of 1960s when we use to donate and offer loans to some of our friendly country. Challenges on the economic font are at helm of many adversities faced by an ordinary man on the street.

Around 70K youths cross the age of 18 every-month, out of which 20K belong to Information Technology. Such youths stand flabbergasted when they look at the politicians and scuffling power centers managing each other, rather than focusing on economic development and job creation.

Back in 2001, we were squandering for about 34% of our revenues on debt servicing, whereas now, we seems to have crossed 60% in that regard. With a double digit policy rate, substantial cuts in development expenditures, our economy's eco-system is more poised to nurture joblessness rather than growth and job creation.

The alacrity demands that national economy canvas be painted with human intensive sectors rather than capital intensive...