The introduction of the Private Equity and Venture Capital Funds Actof 2002 also provided an enabling regulatory environment for thecapital markets. The Pakistani Government recently announced thecreation of a venture capital fund to provide seed expansion capitalas well as other functions.
A talent pool and a new generation of entrepreneurs
As Asad thought back about his childhood in Pakistan, heremembered growing up wanting to get his higher education in theUK or the United States. However in the post-9/11 world wherestudent visas and work authorizations are difficult to obtain forPakistani citizens, the former brain-drain is fast becoming a brain-gain for Pakistan. In fact, in the technology space alone, Pakistaniuniversities now produce upwards of 20,000 talented, EnglishSpeaking graduates per year. Importantly, Pakistani educationalestablishments, particularly the missionary Convent schools instilneutral English accents, enabling better communication with theirWestern counterparts. These bright, young technically trained graduates are turning tonew horizons. Faizan Burdar, founder of Scrybe – an up-and-comingPakistani web 2.0 company – expressed different aspirations toAsad: "I realized that the Web would be hot and took a plunge with ashoestring budget and no formal investments. In fact, I didn’t evenhave a US visa so attracting funding from the US just seemedimpossible!"Scrybe, currently in beta testing, is the most anticipated software atthe Museum of Modern Betas, a Web site that tracks emerging Web2.0 projects and has recently attracted venture capital from AdobeSystems and LMKR.Scrybe is not alone. There are numerous other home-grown IT start-ups in Pakistan making their mark on the global markets recently,fuelled by a new breed of Pakistani graduates:
a game and 3D content studio, provided content for thewildly successful game Tomb Raider Legend, and also for highprofile companies such as Nike, Lexus, Scion and other globalbrands.
, a software company, recently acquired by BentleyMotors, was one of the world’s top providers of GIS/geospatialsoftware solutions
, an animation house, provided content for thefilm, The Mask, and also the local character of Safe Guard forP&G which is now being used globally (Mexico).
develops and supports EnterpriseDB AdvancedServer, a leading leading Oracle-compatible relational databasemanagement system (RDBMS).
is one of the most widely deployed Business ProcessManagement solutions in the world, enabling over 1800