Tech start-ups made some major innovations in Pakistan during this year.
Tech start-ups have introduced an early cancer detecting device are helping the agriculture sector double its production with half of the required water consumption, helping the deaf to communicate with people in real time and improving the quality of education in Pakistan.
Many of the start-ups have got seed money to go commercial while some have bagged international awards. These all have the potential to accelerate the fourth industrial revolution in Pakistan, which is gradually switching to a cashless payment system.
Recent launch of the National Payment System Strategy by the State Bank of Pakistan is expected to give a big push to the national economy in this regard. Under the system, the country will see the installation of about one million digital access points over the next three years compared to a few hundred thousand at present.
Pakistan’s ecosystem has grown with great deal. In 2012, just two major business incubators and accelerators were working in the country, with almost no investors and funding sources. By the end of 2019, there are over 24 incubators and accelerators, 80 co-working spaces and approximately 20 formal investors, according to the Pakistan Start-up Ecosystem Report 2019 by Invest to Innovate (i2i).
Some of the startups that have succeeded in growing their business this year includes Xylexa, Aqua Agro, DeafTawk, Doso, Sehat Kahani, APRUS, MimAR, Nano IT, SE Drop, and PakVitae.
All these start ups are introducing new technologies and bringing solutions to every-day troubles that the country has a long way to go.