Nurturing young entrepreneurs: Incubation centre launched to promote entrepreneurship

Three million youngsters look for jobs per year, says speaker.

KARACHI: Any project with a futuristic vision and a humanistic approach provides motivation for those wanting to start up new businesses. Such is the vision of The SEED Incubation Centre (IC), a joint venture initiative of SEED and Farhad, Nadeem Chawhan and Karamally (FNCK) Ventures, launched in Karachi on Saturday.

SEED IC aims to promote and facilitate young entrepreneurs by serving as a launch pad and support system for those leaning towards innovation for social change.

SEED is an umbrella corporation for Gizelle Communications, Digital Culture, Gizelle Activations, Firco, The Food Company, Stimulus, FK Squared, Globus, Colours of Inspiration, SEED Initiatives: Re-discover Pakistan, Potential Enterprise Mapping Strategy (PEMS), REIMAGINING Pakistan and The SEED Incubation Centre.

At the launch, a panel of mentors and investors, including SEED IC CEO Faraz Khan, co-founder and director Khusro Ansari and FNCK Ventures group head and managing-director Farhad Karamally, discussed ‘Social Enterprises for Aspiring Entrepreneurs and Start-ups’.

“The process of incubation helps nurture and understand professionalism,” said Khan. “We are building a network that promotes discussions on plans and strategies to help people invest in their dreams.”

Khan was of the view that after a dairy farm was opened in Nara, it encouraged the idea that more businesses like this could be established. “Taking an initiative is the key, and then comes thinking beyond the obvious to realise different opportunities.”   In Pakistan, there are 750 million jobs available per year, said Faraz, and about three million youngsters look for jobs in the market every year. Hence, the need to build enterprises has become important, and it has become essential to support those wanting to develop independent businesses.

SEED IC’s assistant-manager Shahmeer Ansari said their only investment was Rs10,000 per month for renting the office space, adding that those  interested could save Rs50,000. The costs that can be saved up on include electricity, phone, coffee/tea, kitchen and of course, advice from mentors.

As outsiders, the monthly fee may seem steep to some given the concept behind this service is to help those who lack the finances in the first place. While Karamally and Ansari are more business-minded in their approach, Faraz, whose stream is social enterprise, believes every problem presents an opportunity.

Khan and SEED project-manager Faizan Quadri had made a documentary through PEMS, urging the private sector to address the issues which people face trying to either expand or start-up their businesses.

Meanwhile, Ansari said, “We have forgotten the value of learning from losing.” Thus, the emphasis, during the launch, was taking a leap of faith in something you believe in.

In the end, the speakers spoke about the ‘doorknob fear’ - seesawing between to do or not to do - and stressed on opening the door and jumping in. And if you find the door closed, move on to the next one, they added.

Published in The Express Tribune, September 23^rd, 2013.