Every era has given birth to different intellectuals in different walks of life. Each one of them was quite good at his/her respective domain. But with the passage of time, modernity, and innovation in technology has changed things drastically.
With this innovation and advancement, people have become switched towards innovation and entrepreneurship. Looking to the quickly changing circumstance, the champions of the 21st century are those who are technically well equipped, work smartly, and have better entrepreneurial skills.
Since the last three to four decades the world has become more tech-oriented, and everything around the globe is getting digitalizing.
It is most probable that in the next two decades things would be quite changed and the economies will mostly be digitalized. The current contribution of the digital economy to GDP is 8 to 10 percent in developed economies. Developed economies are largely earning through digital means and services. Pakistan also needs to work on digital means of earning and welcome technology.
In comparison with the world Pakistan is lagging far behind, but looking to the regional competitor: India which is quite onward in the field of technology, especially their IT sector is ruling all over the world.
It is not surprising that the current CEOs of Google and Microsoft are Indians. India’s higher economic growth is evident of technological advancement. Indian IT exports are earning more than a hundred billion.
Looking to Pakistan in this regard, Pakistan has a lot of room to expand in the technology sector but due to lesser attention, low encouragement, non-availability of funds, and research the growth of the technology sector has largely been discouraged.
Pakistan as an agrarian economy integrating the agricultural sector with modern technology can make room for innovation that in turn would be quite promising in production and economic growth.
About 50 to 60 percent of the population living in rural areas is by one or the other means are connected with the agriculture sector.
Pakistan can perform well by investing in technology, providing financial assistance, and making special zones for tech-oriented companies. Such measures would be highly praised in the promotion of innovation and entrepreneurship because innovation and enterprises are the main drivers of economic stability in today’s world.
Innovation is the transformation of an idea into the final end, and entrepreneurship gives it the leverage to expand and stimulate economic growth. But innovation and entrepreneurship are closely tied up with technology. But due to inadequate research attaining technological independence is not possible.
Why Pakistan itself did not take the initiative like Uber and Careem which are now the leading cab service in Pakistan and generating a handsome amount of revenue, they are taking the advantage of their innovative ideas and entrepreneurial leverage. Because Pakistan has never invested in the entrepreneurial and innovative capabilities to make room for the people to come forward and showcase their ideas and make them workable. The growth rate of entrepreneurship and innovation is wholly inconsistent, in long run the trend line is sloping downward. There are hundreds of examples around the globe regarding the best entrepreneurship practices and having better innovative ideas had contributed to the economic prosperity of those countries.
There are several reasons that had constrained the growth of entrepreneurship, technological advancement, and innovation. In reality, Pakistan is an agrarian economy that relies on the old methods of cultivation which is very costly in every aspect. Pakistan being a traditional society is very reluctant, none absorptive, and has no understanding of how to use the technology. We need to work on people to develop a problem-solving attitude. We need to invest in R&D.
In order to achieve greater economic freedom, the government needs to grow invariably at a growth rate of 7 to 8 percent annually for a longer period of time. Technological progress, innovation, and entrepreneurship could be quite convincing.
looking from a global viewpoint the government needs to take strict actions in the right direction to address this matter. A legal policy framework for promoting entrepreneurship is much more needed; laws should be made in order to promote entrepreneurship. Educational institutions plays important role in the capacity building of the young entrepreneur and make them able to open up a new venture with their innovative ideas, so investing in educational institutes is much more needed. The government also needs to establish a research wing for conducting a survey looking at the needs of the locals will be quite beneficial for innovation and entrepreneurship which will eventually lead to spur economic growth.
Innovation, entrepreneurship, and technological advancement will not only be beneficial in terms of economic growth, but will also help to reduce poverty and unemployment. Hope not out: after the pandemic things are getting changing and Pakistan is also stepping towards opening new ventures for businesses and working on the digital means of earning and promoting innovation and technology.
