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Shaping the Future for Economic Development | The Power of Youth Entrepreneurship

Story Highlights
  • Industry-Academia Linkage
  • Business Angels and Mentors Network
  • Business and Technology Incubation
  • Conclusion

Over 0.3 million students are enrolled in technical and professional courses in Pakistan’s public and private sectors. It is estimated that the number of unskilled workers exceeds that of the population with formal education. As a result, the Pakistani labor market is under severe strain from the increased influx of foreign workers. Some of these educated young people have what it takes to run their enterprises, and if given a chance and some funding, they may completely alter the face of the labor market. Competent young people can be helped to start their small businesses in a variety of ways, including:

Industry-Academia Linkage

Coordination between industry and academia is essential for resolving business-related production, technology, and management issues. This endeavor could include identifying priority sectors for carrying out industry-academia linkages projects for any 20 research topics that can be commercialized and have a significant economic impact or for such business improvement projects that can be replicated across several enterprises and industries.

It is possible to expand the capacity of the Offices of Research, Innovation, and Commercialization (ORICs) to provide funding for research commercialization and business improvement projects.

Business Angels and Mentors Network

When it comes to helping recent college grads launch successful, ground-breaking businesses, Business Angles & Mentors Network can be a game-changer. University start-ups and other individuals with high-growth entrepreneurial business ideas must be linked to the expertise and experience of the industry and academic experts, entrepreneurs, R&D, and business support organizations to realize high-growth firms. The proposed “Business Angels and Mentors Network” can help close the gaps between the idea and commercialization stages. This may include business mentoring, sector-specific expertise, connections to markets, and financing for entrepreneurs.

Business and Technology Incubation

For entrepreneurial start-ups with a high growth rate, it’s essential to improve existing business incubation services (BIS) and technology incubation services (TIS) and look for ways to start new ones.

Universities should be persuaded to work with relevant platforms, such as SMEDA, to get access to their ongoing entrepreneurship support programs, such as business plan contests and Business Incubation Centers (BICs) or Technology Incubation Centers (TICs). This would help to strengthen the existing BICs and TICs. The findings may focus on the availability of better services to ensure the commercial viability of existing startups.

Universities and other academic institutions can also evaluate and build new business and technology incubation services, where innovative and sustainable startups can be started with minimal support.

Conclusion

Youth entrepreneurship influences the country’s social, cultural, and economic development. Building an environment that fosters creativity and gives possibilities for entrepreneurship requires implementing multifaceted strategies and participation at many levels, including the government, industry, political, social, and educational sectors.

Investing in programs that help young people start their businesses can lead to better futures and more progressive societies worldwide. It can also help the country avoid many of the problems it is facing right now. 

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