Wednesday 13 November 2019
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The News - 22 days ago

Women drive social business growth in Pakistan: global poll

KARACHI/LONDON: From turning organic waste into fertilizer to sharing farm equipment, new businesses seeking to address social problems in Pakistan have made the South Asian nation one of the best performers in the second global poll on social entrepreneurs. Pakistan was one of the three countries, along with Australia and the Netherlands, whose overall ranking improved the most since the first experts poll conducted by a Brtish wire service on the best countries for social entrepreneurs in 2016.The country advanced 18 spots to place 14th among the world s 45 biggest economies, seen as a nation where social entrepreneurs can make a living and attract good staff. The landscape has changed tremendously in terms of openness and receptivity for entrepreneurship, said Shaista Ayesha, 39, who heads product development at SEED Ventures, a business incubator based in Karachi.Pakistani banker and economist Ishrat Hussain, adviser to Prime Minister Imran Khan for Institutional Reforms and Austerity, said he was not surprised by the poll results. Hussain cited microfinance institutions, business schools and the digital economy for supporting entrepreneurship. There are higher education institutions that have set up entrepreneur centres which are arming people who are not formally trained with business tools, especially women, farmers, youth ... people otherwise neglected, he added.Most social enterprises in Pakistan are headed by young entrepreneurs. About one-fifth are led by women compared with 5% of mainstream companies, according to British Council research.Neelum Hassan, a 26-year-old industrial design graduate, founded her social enterprise, Aerosync, in 2016 to design and manufacture products with a social or environmental impact.Street and mobile vending lets people set up businesses with minimal outlay and no paperwork, but they have increasingly faced crackdown from authorities for not having licences.Her plan would provide a ready-made package with registered carts, allocated space and affordable lease schemes.Hassan won the Most Promising Woman-Led Business award at the Global Clean tech program set up by the United Nations Industrial Development Organization and the $15,000 prize money went towards developing a small manufacturing line, she said.Improved access to local and international investment with Pakistan jumping 24 places to 9th place in the latest poll, conducted in partnership with Deutsche Bank has helped many young social entrepreneurs get their ideas off the ground.Ahad Nazir, head of the Centre for Private Sector Engagement at Pakistan s Sustainable Development Policy Institute, said the law would give certainty to investors and social entrepreneurs. Some of the companies claiming to be social enterprises are not actually social enterprises, and some companies that are actually social enterprises don t know they are, he said.Ishrat Hussain, however, disagreed. I think it s a bit premature to gag these entrepreneurs with a legal framework. Let them bloom and flourish, and when they reach maturity, then rein them, he said. You should not suppress their creativity at this stage. Canada was named the best country for business leaders seeking to tackle social problems in a global poll on Tuesday while the United States fell from top slot due to political uncertainty, a British wire service reported.Australia came second in the Thomson Reuters Foundation s second global survey on the best countries for social entrepreneurs, seeing the biggest gain of 24 places from the inaugural poll in 2016, while France came third.Mexico came last, down 15 places from 2016, but the United States was the biggest loser, plunging to 32nd place from No. 1, with the poll of about 900 social enterprise experts pointing to difficulties with government policy and access to investment.

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