What made you start a project like this in Pakistan?

With cellular and broadband connectivity becoming available everywhere and at affordable prices, we have the infrastructure to build a whole new social and economic setup. If we enable entrepreneurs to develop solutions around this infrastructure, most of our problems can be solved, and all of it over the internet, empowering us to to achieve our dreams.

How do you plan to make this happen?

As a venture capitalist in the Silicon Valley, I saw how venture capital not only funded entrepreneurs but helped channel the energy and insight of the entrepreneur to build amazingly successful companies in a very short time. These venture capitalist and investors have led not only the US, but the global economy into an era of enormous prosperity and empowerment.

I believe that Pakistans entrepreneurs need this level of enablement to tap these opportunities. Our strategy is to build a few successful companies that leverage technology and innovation to solve major problems, are massively scalable and immensely profitable. With that kind of success, we would like to raise a venture capital fund that will financially assist other entrepreneurs to achieve the same kind of success.

Which opportunities are you looking into?

We have done the feasibility to launch a wireless broadband network for Dvcom—a very advanced network similar to the one used by AT&T in the US, over which you can use iPads and other 3G devices. With the huge success of the iPad, and with similar low-cost devices being developed, we think there is going to be an opportunity for millions of people to adopt this technology. Low-cost devices will bring about mass market proliferation, and a whole new world of possibilities.

But the project that I am most passionate about and spend most of my time around is called Rastay. This project is about building a network of community internet centres that will provide a path for people to enable their lives. Rastay will do free community awareness and mobilisation classes, then show them how to access the internet to improve their lives, provide financial services such as micro-finance, online based testing and training, tele-medicine, etc.

Do you think that the use of venture capital is the best way to go about developing new technology?

Venture capital is definitely one of the best ways to go, but it requires a certain eco-system before it can thrive in Pakistan. A few companies have tried their hand at it but were not very successful. One of the reasons is a lack of trust between investors and entrepreneurs, and therefore the former typically strangling the entrepreneurs by wanting to put excessive control. Then, there's the lack of operating experience and vision on part of the venture capitalist here.

Thirdly, there is a dearth of innovative and scalable ideas—entrepreneurship was not respected and rewarded and therefore talent would go for secure civil service or multinational jobs or finding a job abroad. But this area is rapidly changing.

The fourth issue is of a lack of viable exits for these companies though either an IPO on the stock exchange, or though an acquisition by another company.

Some entrepreneurs believe that most venture capitalists are risk adverse. They only want products that are already in production and they will not take a chance. Are you all by yourself out there?

Venture capitalists know how to measure business risk and manage around them. Any new enterprise is full of risk, especially if it is to create a new market or bring a new solution, etc. The VC has typically been through all these challenges and knows how to evaluate these risks and work around them. In the Silicon Valley, they say it takes eight years and costs 40million dollars in losses to train a venture capitalist—this is a very special skill set.

There are many very good investment bankers and finance people, but there are very few people who know how to build early stage high-growth companies in a venture capital format. It will take some time to develop this capacity in Pakistan, but I believe that there is now momentum developing around it.

Any advice for would be Pakistani tech entrepreneurs, especially startups?

Pakistani tech entrepreneurs need to have the confidence in themselves and the patience and commitment to follow through. I have come across some potentially brilliant entrepreneurs, but often they dont have the confidence to come up with an inspiring vision because they feel it is not possible. Or, if they have the vision, they dont have the patience or commitment to follow up due to uncertainty in the environment.