27 March 2024 – Omar Abedin, a prominent venture capitalist in Karachi, Pakistan, has voiced concerns over the country’s inability to foster globally recognized brands, contrasting it with India’s success. In a candid discussion on the Startup Pakistan podcast, Abedin criticized the entrenched mindset of the older generation of business leaders, known as Seths, for their limited vision and reluctance to embrace innovation.
Abedin highlighted India’s remarkable success in nurturing global brands, citing the disparity between the scale of Indian brands and those from Pakistan. Despite the vast difference in population size, Abedin lamented that Pakistan has failed to produce brands that can compete on the international stage. He attributed this shortfall to the conservative approach of the older generation of business owners, who are resistant to change and lack the ambition to think beyond traditional sectors.
Drawing comparisons with countries like Sweden, Abedin questioned why a smaller nation could produce more brands than Pakistan. He emphasized the need for a shift in mindset, urging Pakistani entrepreneurs to expand their horizons and embrace opportunities beyond conventional industries. While acknowledging the challenges, Abedin expressed optimism about the emergence of a new generation of business leaders interested in technology and innovation.
The discussion comes amid Pakistan’s efforts to boost its IT sector and emulate India’s success story. Despite facing obstacles such as internet shutdowns and economic instability, Pakistan aims to transform its IT industry into a significant export powerhouse. However, challenges remain, including the exodus of tech professionals due to economic uncertainties and policy changes.
