Pakistan 25

Entrepreneurs are a tough breed, especially in Pakistan. With business conditions worsening by the day, there is still, at least, a handful of men and women who are charging ahead with innovative ideas. While the consumer is often receptive to their hard work, they often go unnoticed from the public eye.
Recently, a ranking of the fastest growing companies of Pakistan, labelled Pakistan 25 was published by Allworld Network - a Boston based group that works in partnership with the famed Harvard Business School professor, Michael Porter. The report records growth figures for companies in countries across Middle East, Africa and South Asia, including Pakistan.
"Only the fastest growing private companies make the list, and each company is credentialed by AllWorld based on strenuous international standards. Applicants must complete a detailed survey of business strategy and operations and provide audited statements or an audit letter to verify revenues," according to the organisation. Close to a hundred companies competed for a spot in the top 25.
Not surprisingly, high tech and telecommunications firms dominated the list, while the top of the list was a construction firm, Exceed Pvt. Ltd, noted for a restoration project is Islamabad. Exceed, grew by a whopping 1,350 percent from 2007 and 2009, the period of the review.
Average revenue for the ranked firms was $8.1 million in 2009 and most of the business leaders were optimists in their growth prospects for the next years to come. Ninety-three percent of the respondents expected at least 5 percent growth and 43 percent expected growth in excess of 25 percent.
Pakistani entrepreneurs have flourished in spite of some of the most restricting economic and security environments in the world. "These dynamic men and women are a great resource and the best bet for Pakistans future," said Malik Ahmed Jalal of Allworld Network.
Interestingly, companies from Lahore led the pack, with nearly half of the growing enterprises. Karachi came a close second with 10. That could just be a sample bias, but the centre of gravity of merchant activity could be shifting from the port city.
Entrepreneurs cited the difficulty in finding qualified managers as the most pressing challenges in doing business in Pakistan. Many use incentives such as on-the-job trainings, financial incentives based on performance and support in higher education to develop the capabilities of their employees.
Red tape and difficulty in access to financing for start-ups in Pakistan are key obstacles, according to the respondents. Venture capital funds are the need of the hour in Pakistan to encourage educated young men and women to take the plunge.