Innovation and entrepreneurship are vital for a developing economy. It allows for development of new products leading to greater employment opportunities and increased economic activity. Entrepreneurship can help emerging economies boost their growth and continue to sustain these levels of growth. Entrepreneurs all over the world rely on three main notions when they want to introduce a new product / service to the market: risk, uncertainty and prediction. This allows them not only to generate profits for themselves but also keep the wheel of the economy running. Now you must be wondering who Asif Ali is and what has he got to do with this?
Asif Ali Gohar was born in Karachi, Pakistan in 1992. At the tender age of 12, Asif’s family decided to move to Germany. At that time, veganism started to get traction. It was during a school project that Asif got intrigued by the whole concept of veganism. He felt sorry for animals and did not want them to be killed, so he started to think what he could do about the whole subject. He began conducting research about what products could serve as vegan alternatives to everyday products and it was particularly leather that caught his interest. At university, he started with experiments and found rice to be a good main ingredient for artificial leather. He used rice, together with acetic acid and yeast to create a new kind of vegan leather.
It is important to understand that innovation and entrepreneurship go hand in hand. Asif was not only able to introduce a new product but also bring change to the market due to his innovative idea. Asif is now looking for a team and networks to establish proper production in Pakistan. He believes that Pakistan being a leather exporter can benefit from producing vegan leather as there is an ever-increasing demand for vegan products. Asif would be generating employment, creating revenue and contributing to the economic activity in the country.
Pakistan is a struggling economy entrapped by servicing of foreign debt and a very negative Balance of Payments. In order for the economy to stabilize, it is imperative that the country generates enough revenue so that they can pay back loans as well as correct the negative Balance of Payments. An increased entrepreneurial activity would not only increase employment and economic activity but would also ensure that the government generates more revenue so that it can better service the foreign debt. In addition to this, products like vegan leather which have a huge international demand, would also allow Pakistan to increase its exports so that the Balance of Payments can be adjusted. Entrepreneurship is also important because it attracts foreign direct investment into the country. All in all, entrepreneurial spirit can become the backbone of the economy and positively affect growth rates. Therefore, we need more people like Asif Ali Gohar who can bring forth new ideas and products.