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Upcoming Trends of Crowdfunding in Pakistan
The Crowdfunding Trend in Pakistan is Growing
In Pakistan, poverty is rife, opportunities to raise traditional credit are limited, and in a highly entrepreneurial work force, there's a large gap in the crowdfunding market. There are limited ways and means to raise the much-needed capital to start businesses.
There are many NGO’s, charities and other such organizations that support the development of the country, but these are not the vehicles with which Pakistani citizens can build and/or grow a successful business. There's a need to inject real capital into crowdfunding projects where passion and drive will ensure that small business owners' ideas can become a reality.
The impact of investing in micro-entrepreneurs is multi-faceted; we are creating micro-cosmos on the ground and helping the poor in society. A small donation will enable an entrepreneur to develop his or her idea and begin to positively change the way of life within the local community.
There are many successful business owners in Pakistan who have developed excellent business models, yet lack the additional capital to further expand their success Traditional forms of borrowing are not open to them, and they are restricted in how they can show their own business skills to their peers. There is a trend these days to turn to the global crowdfunding platforms to seek much needed capital to complete the transformation of their ideas.
There is an emergence of new technologies in Pakistan, especially in telecommunications. The roll out of 4G networks has created a new digital economy, which creates a massive opportunity of reaching the younger generations. Much effort is required in developing new and novel ideas for the future generations. Crowdfunding such projects is an ideal way of helping those who are pioneering these breakthroughs.
Despite the roll out of new technologies, the core of the community is at the heart of every successful business in Pakistan. The age old traditions have been lost in the modern world, and many are trying to rekindle the flames. These skills and knowledge are passed from generation to generation in many of the hand craft industries. These ingredients can revitalize the local economy, and have a direct impact on poverty.
A combination of old traditions and modern business acumen, present an interesting fusion of time tested practices with the desire to deliver a product or service to a larger market. Old values have a very big part to play in Pakistani society today, and in the region as a whole. Crowdfunding is key to increasing the support available to micro-entrepreneurs. It is much needed to enable the traditional practices and values to blossom into thriving successful businesses, which support the community at large.
There is an upward trend emerging in Pakistan, particularly in the crowdfunding sector, and there are several active players in the market, as well as an increasing number of entrepreneurs stepping up to the challenge. As technology reaches further afield, there is no doubt, the next generation of entrepreneurs will be turning to crowdfunding to help them and their communities achieve success.