The Pakistan Fast Growth 25 companies have grown an average of 81% a year for the past three years. They paint Pakistan in a new light, suggesting that Pakistan is a strong country for entrepreneurship
The AllWorld Network announced in Pakistan and world-wide the winners of the Pakistan Fast Growth 25, a ranking of fast growth entrepreneurial companies. The Pakistan Fast Growth 25 is a program of AllWorld Network in partnership with Harvard Business SchoolProfessor Michael Porter and was launched in collaboration with JS Bank Limited. Joining the Pakistan 25 were Nominating PartnersFPCCI, Rawalpindi Chamber of Commerce; Industry, TiE, P@sha and Knowledge PartnerMishal (Pvt.) Ltd.
As a group, the Pakistan 25 broke AllWorld records for high growth of 8 countries in the Middle East, Africa and South Asia. The companies who made the Pakistan 25 posted a 81% annual growth rate between 2007 and 2009 with an average size of 400 employees per company, and since inception they have created 12,000 jobs. On average the entrepreneurs are 41 years old, with a number having founded other successful companies. Leading the Pakistan 25 growth rankings are companies in High-Tech and Telecommunications, and Agriculture and Textiles. Many of these rising Pakistan 25 companies are not just serving local markets, but are competing globally.
“These results despite all odds project the force and sheer passion of these vibrant business leaders. At JS Bank, we have always supported entrepreneurs and have taken initiatives that create an environment friendlier for within the entrepreneurship space. We are pleased to see our partnership with Allworld bring to frontline such amazing success stories of these compelling entrepreneurs.” Kalim ur Rehman, President JS Bank.
Added Malik Ahmad Jalal, AllWorld’s Director of the Pakistan 25 “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 Pakistan’s future. We are honored that US Ambassador Cameron Munter will host the Awards Celebration for the winners at his residence on 24 January 2011. Also joining Ambassador Munter to recognize the winners will be Pakistan Minister Abdul Hafeez Shaikh and other VIPS.”
In August all private companies from any part of the country was invited to apply. Close to 100 companies competed for a spot on the Pakistan 25. Only the fastest growing private companies make the list, and each company is credentialed by AllWorld based on strenuous international standards. Applicants much complete a detailed survey of business strategy and operations and provide audited statements or an audit letter to verify revenues. While only a ranking of 25 companies, 30 companies were credentialed as AllWorld Entrepreneurs. Twenty 24 companies older the three years old made the ranking and an additional 6 younger companies are Companies to Watch. Of the 30 companies that made the Pakistan 25, Lahore had the most number with 12 winners and Karachi came in a close second with 10 winners.
The top three companies were founded by a tribal leader, three friends from university, and Pakistani-American from Silicon Valley. Leading the Pakistan 25 is #1 company Exceed (Pvt.) Ltd of Islamabad, with a revenue growth rate of 1,350% between 2007 and 2009. Exceed was founded by Mr. Sardar Hayaat Muhammed Khan Mandokhel in 2004 when he was 24 years old. Exceed is primarily a construction company and is best known for the Saidpur Model Village which Exceed restored as an 18th Century city-museum. The founder of Exceed, now 30-years old, is also the youngest entrepreneur on the Pakistan 25.
At #2 on the Pakistan 25 is NayaTel, established in 2004 and now with over 500 employees. After many years in government service and industry, three university friends joined forces to found NayaTel. NayaTel launched South Asia's first fiber to the home (FTTH)/fiber to the user (FTTU) network in Islamabad in 2006. This state of the art fiber wiring now serves 6,000 home and company users, and is key to providing the country’s capital city with a robust telecom infrastructure.
At #3 on the Pakistan 25 is Arpatech, which like the top two winners was also established in 2004. Arpatech was founded by Pakistani-AmericanJamal Khan who studied in the US and worked for five years with a leading Silicon Valley technology firm. He established Arpatech which now employs a team of 70 in Pakistan and is one of the most successful software houses serving companies all over the world with services from application development to network security.
As a group, the Pakistan 25 report their major constraint to growth is finding qualified manager and employees. This is the number one constraint experienced by growth companies the world over. The second major constraint to growth is Government Red Tape.
AllWorld was co-founded by Deirdre Coyle, Anne Habiby and Porter. Professor Porter was described by the Times of London as the world’s “most influential management guru” and is widely regarded at the foremost authority on company and country competitiveness. “The Pakistan 25 companies, led by dynamic men and women, represent the leading edge of a new approach to Pakistan’s competitiveness” says Porter. As AllWorld Entrepreneurs, the Pakistan 25 will have the opportunity to network with other AllWorld winners from the Middle East, Asia and Africa and the top winners of the Pakistan 25|100 are invited to the AllWorld Summit at Harvard University in November 2011.