BR: Pakistan far from global venture financing radar

Pakistan far from global venture financing radar
ARIF RANA
SAN FRANCISCO (October 14 2007): Pakistan has yet to come on the global radar for venture capitalists' financing for the new practicable ideas as it simply misses a link between innovation and a culture to work hard to turn them into a reality.Venture capitals is a fast growing global phenomenon for providing financing to those who conceive innovative ideas for any work and then strive to make a reality. Pakistan by no means is less important for innovation and working on the new ideas, but unfortunately this concept and its importance is not receiving significance it's getting from the rest of the world.The USA and Europe are among the first choice for the people who think differently and attach extraordinary importance to innovative ideas. It's not enough to think great and then conceive sublime ideas. Rather, it is the first step towards making something extraordinary and attract those who believe that it's commitment and urge to do a great job for humankind service.Mamoon, a young Pakistani working with a venture capital, during a meeting with Business Recorder at Stanford University in California, spoke on the concept of innovation and financing procedure of his firm for financing such initiative. .He attached extraordinary importance to innovation to be on board with today's world rightly called as 'age of innovations and new ideas' to make human being lives more comfortable and progressive.His venture capital has so far financed around 400 projects and got encouraging response from those who, instead of following the traditional ways and means, preferred to work on the new ideas. His venture capital provided financing to the projects taken up by Chinese and Indians but none could be picked up from Pakistan.Mamoon terms absence of new ideas and innovations as a major reason of Pakistan's poor performance and wants that this concept should be changed to inculcate the culture of doing something good for human beings through innovation.No doubt, innovations and new ideas have more risk, but at the same time their success brings more monetary benefits for the innovator and the financier venture capitals.Mamoon said that venture capitals are eager to finance any new ideas, irrespective of any region or country; even if it is beyond any limit of financing. But, the idea must be unique and workable. It should have promising potential to become a reality in 3 to 5 years.He said that only two persons from Pakistan had approached for financing their projects but their idea did not meet the required standard. The idea, which can be ideal for the venture capital for financing should carry in it a potential that it will hit in 3 to 5 years.David, a research fellow at Stanford University, said he firmly believes that the culture of innovations can make a difference in real sense in the future. He also believes that it is the new culture of innovations, which can work good to human beings.David comes from Sweden. He suggests that Pakistan should take full advantage and give importance and priority to innovations-led culture for making great success in today's challenging world.Rehan, Shamas and Mannon Amin, a group of three Pakistani students, is working on the concept of innovation at Stanford University. Rehan and Mannon Amin graduated from 'Lums'--Lahore University of Management Sciences--before joining Stanford University in 2006. They have great urge for doing something good for Pakistan through innovative ideas.They have been working on different projects. They are also closely working with OPEN--an association of overseas Pakistanis--working hard to bring Pakistan into the list of those countries which have great love for innovation, and change the fortune of their countrymen through untraditional ways and means.They have serious reservations about Pakistan's educational system and want that the policy-makers should have a major surgery to make its education worth working in today's highly competitive world.