Investing in Failures
Finally, it is only the disruptive innovative idea that prevails, generated by creative minds.
South Koreans trade for second-hand goods using 당근마켓
(Danggeoun or Karrot Market) only. The word 당근
means near you or carrot. Founded by two former employees of
KakaoTalk in 2015, the Karrot, a unicorn startup, which facilitates a
considerable subscriber base in Korea, won a lead in just a few years. Bearing
the carrot logo, the success of Karrot-Market is founded on an idea termed the
“6 Km Rule”. Tilling the mobile phone location, the “Karrot-Market” only
encourages the people residing within a radius of 6KMs to trade. The six
kilometers rule overpowered the flaws in the online business while enabling the
users to avoid fraudulent online transactions and make sure the quality of the
commodities they are purchasing in direct face-to-face. A tiny but innovative
concept of constraining the distance, by exploiting the cell phone built-in
user location feature, values $2.7 Billion United States Dollars at present.
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| The Karrot Market. (Credit to Danggeoun Market) |
South Korea is emerging as one of the leading technology hubs. South Korea bears one of the top positions with 16 startup unicorns. To qualify as a unicorn, a privately owned startup must have a valuation of over $1 billion. The United States tops with 206, then China at 174. There are several successful examples of unicorn startups in Korea, such as Yanjola in hoteling, Dunamu in cryptocurrency exchange called Upbit, Viva Republica (Toss) in mobile payment solution apps, Yello Mobile in marketing, and so on.
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| Startups are unique ideas that stir up the real needs of society. |
Data show that these startups stir up the real needs of society. Another interesting fact is that several unicorn startups are initiated by university graduates holding bachelor's or master's degrees. Astoundingly, few thriving startups are launched by school dropouts. Eventually, it is only a disruptive innovative idea that retails in the market. Successful startups can be attributed to factors like timing and astuteness. However, comprehension of fundamentals, the strength, and linkage of bachelor courses to the issues of real-life play a rather significant role in generating the disruptive innovative idea and its materialization into a successful business. After bolstering the elementary and college-level educational system, the developed countries designed the bachelor's degrees at the university level to yield market-aware, creative minds that ultimately contribute to the run economic engine of the country. In the end, it is only the unique idea that works in the market.
Recently, India has become the third-largest startup ecosystem. Notwithstanding that India is a big economy, industrial infrastructure is working to yield indigenous products, and engineering educational institutions offer the required skilled workforce, most of the Indian startups lack innovations. According to a recent study, “Entrepreneurial India,” conducted by IBM Institute for Business Value and Oxford Economics, 90% of Indian startup businesses fail within five years mainly due to the absence of unique ideas that can tackle the real-life issues of the society.
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| Higher Education Commission (HEC), Pakistan. |
For a decade, the higher education commission (HEC) of
Pakistan has been endeavoring on startups and entrepreneurship following the
model of the developed countries. Academicians are encouraged to propose ideas
and submit project proposals to HEC and other funding institutions and bodies. The
projects that pass evaluation are provided with the funds. After completion,
financial audit reports of the projects are submitted to the concerned
quarters. The same is duplicated each year to go on with the loop. However,
unfortunately, there are rare examples of turning the completed projects into
successful commercial services or products that may contribute to the national
economy. Hence, not only do all these efforts merely remain an academic
exercise with no real impact on society, economy, or job creation, they also
cost a price to the taxpayer people of the country. These concerns show that
some missing dots are there in the policy adopted by HEC.
Roughly 190 HEC-recognized universities in Pakistan
produce around 300,000 graduates, and the same number of people qualify from
vocational-training institutes per annum. The appalling part is that the bulk
of these graduates lacks the dexterities, ought in the job market. Most
graduates lack creativity and the comprehension of fundamental theories about
the learned courses. Broadly, engineering graduates lack the abilities to apply
mathematics in modeling and simulating problems. The bachelor's degree program
should be designed to prepare and set the knowledgeful individuals into a team
to integrate their skills into a disruptive innovative idea that further
transforms into a product or service to the community. A complete focus on
turning a bachelor's degree into an effective skill is the key to a financially
prosperous country.
In the endeavor to turn the economy of Pakistan into a knowledge
base economy, the basic flaws in the strategy are needed to be addressed. Strengthening the bachelor
programs to improve the capacity, polish the skills, and equip the fresh
graduates with the required tools of the job market may yield a startup
ecosystem in Pakistan. Therefore, the national focus should be shifted to improve
the quality of bachelor programs. The generation of creative youth with a grip
on fundamental theories of their areas shall result in innovative and
sustainable ideas that may produce sustainable business. With no robust and convincing fresh
graduates, aiming to focus and produce mere PhDs, which is a small fraction of university graduates, is Investing in failure.
Dr. Saeed Ahmed (17 Feb 2022)
Agreed, socio-economic development goals cannot be achieved without improving the quality of undergraduate education as they are the largest part of the active workforce of any society.
ReplyDeleteThanks, please
DeleteVery true, education sector needs a massive upgrade to produce broadminded and innovation tolerant graduates which in turn will provide opportunities to people who really are capable of innovation.
ReplyDeleteThanks, please.
DeleteRightly pointed out Dr Saeed Ahmed sb. We need to improve the quality of our undergraduate programs and graduates. Unfortunately, it has taken a backseat because of HEC's relentless pursuit of policies that only encouraged teaching Faculty to publish as many papers as they can to secure their promotions. Teaching quality doesn't count at all in a teacher's promotion. All that matters is your age and the number of articles in HEC recognized journals. That's it. Whether those articles are relevant to our problems or not doesn't matter.
ReplyDeleteFact are described in this article
ReplyDeleteThe developed countries designed the bachelor's degrees at the university level to yield market-aware, creative minds that ultimate contribute to the run economic engine of the country. Agreed,As like other other develop countries we have to focus on undergraduate students in the field of market, awareness and make them able to achieve the opportunities
ReplyDeleteAgreed,Young and fresh minds generates ideas so work or focus on this sentence. Without improving in education sector their will be no one who integrate their skill into a innovative idea.
ReplyDeleteShabahat Ali bangash
Genuine truth, investing in education can give many ways it changes into something better. It develops in us a perspective of looking at life. It builds many opinions and have point of views on things in life. Devolopmental countries invest in education which it give good feedback for their new generation.
ReplyDeleteAgreed sir.
ReplyDeleteWe always talking about the other countries.But we do not think how we will make our country on the way of development.
I am a student of an engineering university.
We are facing a lot of difficulties in public sector. There is no such a facility that students improve their skills. They are always running to complete their mid and final term syllabus. And their no such a proper Lab that the students perform well.
The HEC should focus on their practical skills and provide the advanced technology labs.
In order to turn Pakistan into an economical stable country, the goals should be investing on youth in a successful manner. Not only the educational curriculum should be updated but also the workplace should be filled with the motivation of being creative and innovative. As we know that most of the people of our country are not in support of entrepreneurship because of there fear of failing and mainly because of the lack of support from the society. The social issues related to the development of the country seems very minor but they are affecting our youth on a very big scale as they are losing their self confidence and are afraid to take the challenges of life. The students should be provided with the basic support, university curriculum should be based on market requirement and focus should be implementation of our studies in real life.
ReplyDeleteThe bachelor's degree needs attention because a Matric or Inter student has a goal to become an engineer, a doctor or join the armed forces. He doesn't know what to do for the country. It is mainly because of wrong exposure. He doesn't know what is happening outside Pakistan. Where the world is going and where do we stand. Many engineers don't get a good job after BS so they go for public services. About the Commerce students, most of them don't go for commerce willingly, they are supposed to after left with no choice. And when they choose Commerce most of them has the goal to get an MBA degree and sit back on the chair in a Bank. Some of them would take over their family business and the few left are the ones having a creative mind but no potential.
ReplyDeleteSo if we focus on our youth in the growing ages, we will get the best youth in the world, rather than focusing on the grown-ups because it is when they have decided what to do.
Muhammad Huzaifa.
Thanks, please.
DeleteProper investment in education at university level enable students conquer intellectual challenges and develop a sense of achievement. More fundings should be invested on undergraduate studies to build initiative and leadership skills and create exposure to diversity.
ReplyDelete(Asfndiyar Khan)
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DeleteSo, in my opinion the whole educational system of Pakistan is problematic. Since, early childhood the kids are taught to strive for good grades, for the top three positions. The element of creativity is not being instilled them. And when they grow up to an age where they are capable enough to make decisions, they are told that now they have to strive for their basic needs "roti, kapra, makkaan", (food, clothing and shelter). And thats the point from which a kid starts losing their potentials. The peer pressure and family responsibilities and the call to full fill basic needs acts as a MURDER weapon. It murders the kids creativity and growth mindset. Yes, it's human nature to strive for fulfillment of basic needs, but when the fear of not being able to provide for one's own basic needs takes our the mind. The person starts becoming a machine. They lose their "human factor", they lose their intellectual characteristics. What a student will want to do with an idea that's going to maybe give return in a decade, when they can't provide for their family and those associated with them now? This thought doesn't let students to work on their ideas. And this makes them a good employee, but not an employer. So, I believe first of all the basic needs of students should be fulfilled. The government should provide interest free loans for students to complete their degree. And most importantly students should be taught to trigger their imagination and creativity from an early childhood.
ReplyDeleteMuneeb Fayyaz
Thanks, please.
DeleteAgreed, as the writer say
ReplyDeleteand we also know that Pakistan is facing some strong financial problems due to which inflation rate also increased. About 50% students in undergraduate programs belongs to normal family background and in order to deposit their every semester fees they have to do part time work due to which they can not focus on their studies and polish their skills. As also written in a blog that most of the fresh graduates lack creativity and dexterities. So I also think that hec or government should focus on education sector more and also should try to eliminate the country financial problems and hec should give as many scholarship as many they can to the undergraduate students which will cover their fees and don't have to work part time and they can focus on their studies and also learn different skills.
Hec should also offered different skills programs for free to students, so students can take benifit from these programs and this also help alot of students to become a skill full and when these skill full students start any kind of business will run succesful and also help to tackle the real life issue of society.
Bilal Bin Zia
Very Well, describing the major flaw of our society "not being creative and not using the academic information in our daily life". As a nation can not develop until some thoughtful ideas are striking the mind of the young ones and by constantly reminding this, As the author did here. Which is encouraging the youth to be visionary and this ends up as expanding both the wealth and the prestige of a Country itself.
ReplyDeleteThe points discussed in your blog are quite appreciable. Well dealing with the facts in our education system and society is a need now-a-days. The fact that high ratio of graduates and very low ratio of jobs and startups is quite alarming.
ReplyDeleteAgreed on the situation about focusing on improving the quality of graduate programs. This must not be neglected that such kind of startups need people with strong mindset, innovative ideas, skillset, ability of understanding the emerging problems, unique approach and good obsevation.
On the other hand there is enough education but very less practical implementation which also leads to decrease in one's technical skillset.
Huzaifa Haider
Thanks, please.
DeleteIndeed! HEC and Govt should try to improve the curriculum and provide required tools to undergraduate students to polish their skills. But with that we also need a proper career counselling at schools and college level which can guide a person according to his abilities and skills to choose their fields wisely. In our culture alot of young minds are forced by there families to pursue higher education in a field that they donot like or lack intrests in or there intrests lies somewhere else, for example a person doesnot like medical studies at all he want to pursue his career in engineering but he is forced by his family to pursue medical degree and vice versa. If a person don't have any intrests in field which he/she is pursuing his degree how can they become an innovators or can propose an idea. Because they have invested in failure by choosing wrong field. So we need to improve our education system as well as we should provide a proper guidance to undergraduate and innovative minds so that they can be creative. Which will lead our country to prosper and we will not be investing in failures.
ReplyDelete(Ali hassnain Ahmed)
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DeleteThe author has well described the flaws in our education system.The HEC and Govt should set an adequate budget for providing opportunities and skill learning programs to undergraduates and implement it.
ReplyDeleteAqsa inam.
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DeleteI appreciate what HEC is doing in order to promote entrepreneurship and trying hard to make success stories out of it but i think there is a room for improvement there because we haven't seem a success story uptill now. Structural reforms should be made in order to promote the young generation startup for instant and successful startups keeping in view the global competition.
ReplyDeleteSahil abbas
Yes this is true, our education system need alot of improvement like after graduation. students don't remember what they have learned because they are rote learning it
ReplyDeleteHasham ali
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DeleteEducation is playing an important role in the country's development as the author mentioned in the blog.So l also agree with it that there are plenty opportunities for young graduates to demonstrate their dexterities in every country but unfortunately, in Pakistan, students are not provided with such requirements to elaborate their skillful ideas and thoughts.Our society also encourage to strive grades only.They only focus on how to be a successful person.They don't have any interest in innovation of creative thinking. That's why Pakistan is so far from well developed countries. For this purpose HEC should improve the education level as well as provide the required tools for young graduates for innovation. I believed that if students have proper requirement and opportunity then these skillful students will innovate the technicality and prodded for the successful business abilities. The last thing that I want to add is that we are also strayed away from our actual aim and goals which could also one of the reason of emaciated development of Pakistan
ReplyDeletePakeeza Mahal
It's true. The government should have to work more for the graduated students, as the author said, about 300,000 students per annum are completing their graduation, its only the figure of registered institutes. And now government is realising that wee should have to utilize our youth, for this purpose they are doing lot of efforts like
ReplyDelete1. kamyab jawan educational program
2. Kamyab jawan loans for business
And many more things.
Awais munir
DeleteThanks, please
DeleteThe efforts that HEC is making to promote entrepreneurship are commendable, but with regard to our educational institutions, HEC needs to set up Advance Laboratories in universities and develop student's skills give them a chance to polish their skills, because I mean students here like the rest of the developed countries opportunities are not provided.
ReplyDeleteUsama khan
DeleteThe efforts that HEC is making to promote entrepreneurship are commendable, but with regard to our educational institutions, HEC needs to set up Advance Laboratories in universities and develop student's skills give them a chance to polish their skills, because I mean students here like the rest of the developed countries opportunities are not provided
ReplyDelete( Usama khan )
very well explained i would like to add few lines
ReplyDeleteso first of all we need to work on our grading system in Pakistan we have more grades for our
theory then our practical's and this is leading us to our destruction so if we swipe these two
with each other i think we will improve a lot
and second by increasing budgets for RND as we all know knowledge is useless without
implantation and for that we need funds so by increasing budgets we will we able to tryout
different ideas ( ABDULLAH SHAH )
Thanks, please
DeleteVery well written by Dr. Saeed Ahmed ,indeed we are ‘Investing in failures’. Even though the efforts are being made by HEC and the government to provide opportunities to the youth to be creative and expressive. Unfortunately the youth that is being provided with the opportunities to be creative and expressive is not creative enough because of school. Our education system is killing the creativity of students as it encourages cramming rather than expressing students’ personal opinions and ideas. If this can be somehow fixed we can produce more entrepreneurs and productive students. (Abdul Ahad)
ReplyDeleteI concur. Certain steps must be taken by HEC to polish the skills of the fresh graduates. A boost in their productivity and creativity will help not only the students to secure their future but it will also help the country to move up the economic ladder. Subsequently, this will lead to a happier and more prosperous Pakistan.
ReplyDeleteDue to our education system, students are only concerns about the grades and the position no one talks about the basic skills to survive in the market world and the other developed countries have provided the best environments to build someone's basic skill. So i think our government should also include some courses to the school, college and university level to build up the skills of students and help them to play their important roles in the economic engine of our country.
ReplyDelete(Muhammad Saad Khan)
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DeleteIt is important that the young mind challenge their own potentials and throw tests at their own selves. Challenges help them in crossing boundaries and make the young identify their own aptitude and capabilitiesThe future of the country lies in the hands of the youth
ReplyDeleteYes I agree sir.
ReplyDeleteBut in our education system at undergraduate level, they make a massive part of our syllabus is based on theoritical study which is weight age as compared to practical work .so student focus on theory which big problem of our education system.i think HEC has required some changing in our education system specially for professional undergraduate program from Azizullah
Agree , this is the big step for HEC which play a big role in the development of the Pakistan. But for this the HEC wants some new ideas, hard working people, to adopt new technology and go with developed countries like USA and other developed countries. And this depends on the people of Pakistan. If they want to change them selves then it is the best step for HEC. Best education system make a country able to developed.
ReplyDeleteSir yes, rightly said our undergraduate level program are more focused on syllabus etc rather than the practical problems or they should set the mindset of an engineering student as an engineer.Who should always be thinking about solving the daily life problems and take new initiatives.Good step taken by HEC for supporting them as a start up which will boost them in future for further advancement.It will be more better to focus on students from school or college level for enhancing their skills and guide them about practical life.
ReplyDelete(Yousaf Zaheer)
DeleteI agree with Dr. Saeed Ahmed.
ReplyDeleteHigher Education Commission (HEC) needs to improve the quality of undergraduate programs. HEC need to add some skills courses at school and collage level.It is important for developing the skills of students.In this way our education system will become better.
(Ihtisham Shabbir)
Long story short, one of the biggest reason of startup failure in Pakistan is because of lack of practical skills. Most graduates nowadays ure unable to implement basic mathematics on their projects which leads to great loss of time and money. Yes, indeed BS programme should focus more on skills development and incouraging students to come up with new ideas rather than to stick thier heads in books.
ReplyDelete(Talha Qazi)
Dr.Sahib, you are absolutly right . young men pay attention to skills.
ReplyDeleteThere are very talented people in our country , but due to the lack policy of our education system and the government many youth of our country travel to other countries and use their talent for other countries , and unfortunately the other countries benefit from the intellect and skills of our people.
the government and HEC should formulate such a policy that our youth use their talents for the benefit of our own country instead of other countries . And in this way our country will develop and people will happy.
Thanks, please
DeleteYes sir ... It is right that our undergraduate students focus on syllabus work rather then practical work . Due to which they can not implement it in daily life problem . And (HEC) should have added some practical course .This addition of courses develop skills of all the students
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