STAFF REPORT ISB: Though entrepreneurs are the drivers of economic and social development in terms of growth, productivity and innovation, yet in Pakistan they are still in its nascent stages, which is described as the factor-driven stage on the entrepreneurial scale in the latest Global Entrepreneurship Index.
This global index is a mix of entrepreneurial attitudes, abilities and aspirations, along features of entrepreneurship that enhance productivity such as innovation, market expansion, being growth-oriented, and having an international outlook.
The Global Entrepreneurship Index highlights the efficiency of national start-up ecosystems by analyzing a host of individual and institutional variables and tries to divulge the bottlenecks that erode the environment for the same.
Along with other facto-driven countries with low GDP like Bangladesh, Uganda and African countries, Pakistan takes a 123 place on the Global Entrepreneurship Index (GEI) 2015 out of 130 countries with GEI score of 20.1.
When compared to South Asia region, the bottom ranking of the country signifies weaknesses in the attitudes and abilities sub-index, highlighted by lower scores in pillars like human capital, technology absorption, start-up opportunity, start-up skills, risk acceptance, and networking.
The bureaucratic red tape is a common in Pakistan that constrains entrepreneurial activity. However, the country performs better against the aspirational sub-index, which includes pillars like high growth, product and process innovation, and internationalization.
The report is cheery for US, UK and Canada where entrepreneurship has progressed from factor-driven stage to efficiency stage and finally to innovation stage.
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