Former Federal Board of Revenue chairman Shabbar Zaidi urged Pakistani entrepreneurs to rethink funding strategies Saturday. He advised startups to focus on diverse investment avenues instead of relying solely on venture capital. Zaidi spoke at a session titled “Securing Capital and Global Survival for Pakistani Startups.”
The Institute of Business Administration Karachi hosted the event at its City Campus. Student founders, alumni entrepreneurs, faculty, and startup ecosystem members attended the session. Zaidi stated investors are fundamentally driven by the returns startups offer them. He advised founders to explore investment through diverse channels rather than focusing exclusively on VC funding.
Zaidi cautioned founders against adopting only Western startup narratives. He stated Pakistan’s entrepreneurial ecosystem should draw lessons from successful local examples instead. Zaidi urged participants to move away from the idea that everyone wants to be Bill Gates. He recommended studying homegrown companies like TRG and Rehmat-e-Shereen that scaled successfully within local realities.
Zaidi addressed challenges of building enterprises in a weak institutional environment. He noted significant capital remains accumulated in the grey economy outside formal channels. This structural reality directly impacts compliance, growth, and access to formal finance for legitimate startups.
Dr. Lalarukh Ejaz, Director IBA CED and ORIC, welcomed Zaidi at the event. She noted his unique blend of public policy leadership and private-sector experience provides critical perspective.
Zaidi served as FBR chairman from May 2019 until April 2020. He previously worked as senior partner at A. F. Ferguson & Co., now PwC.
