In the midst of an economic crisis marked by volatile currency rates, soaring inflation, and crippling external debt, Pakistan’s start-up ecosystem is in dire need of support. With two-thirds of its population under 30, the country boasts one of the largest youth demographics globally. A 2019 UNDP report indicated that 23% of young Pakistanis expressed a desire to start their own businesses—a number likely to have risen in the past five years. Today, the start-up landscape in Pakistan is rapidly expanding, encompassing diverse sectors such as e-commerce, fintech, health tech, agritech, and edtech.
However, significant challenges persist. The lack of venture capital, rising employee costs, reluctance from international investors, and declining consumer spending have created obstacles for start-ups in Pakistan, complicating resource acquisition. This situation is exacerbated by an oligopolistic market structure, leaving many entrepreneurs struggling to navigate the complexities of the ecosystem.
In response to these challenges, Grenlit Studios has secured the rights to the internationally acclaimed reality TV franchise, Shark Tank. Founders Usman Malik, Rizwan Siddiqui, and Tariq Qazi believe that the show’s introduction to Pakistan could serve as a vital lifeline for the country’s entrepreneurs.
Originally launched in the US in 2009, Shark Tank invites aspiring and established entrepreneurs to pitch innovative business ideas to a panel of seasoned investors (the “sharks”). The show has gained immense popularity worldwide, with successful adaptations in countries like India, Bangladesh, Australia, and the UK. In these regions, Shark Tank has significantly influenced the start-up culture, democratizing access to finance and providing equal opportunities for entrepreneurs from various backgrounds to showcase their ideas based on merit rather than connections.
The question remains: can Shark Tank replicate this success in Pakistan? The founders of Grenlit Studios are optimistic. Their vision extends beyond bolstering the start-up ecosystem; they aim to enhance the content landscape of Pakistan’s television industry, which has seen little international media investment.
Malik highlights the rarity of a standalone content company acquiring the license for a global franchise, and the team’s strategy reflects an understanding of Pakistan’s unique production capabilities. By pitching a smaller-scale production to Sony following Shark Tank India’s success, Grenlit Studios aims to improve the quality of local content, aspiring for a 30% to 50% increase in production standards.
Shark Tank Pakistan is envisioned as a transformative force, showcasing local entrepreneurial talent while revitalizing the country’s content panorama. Qazi emphasizes the importance of producing sustainable content and preparing the audience for the show, while Siddiqui acknowledges the long-term commitment required to cultivate a robust entrepreneurial culture.
To ensure diverse representation, the panel will include six investors, with a focus on incorporating two female sharks. The Grenlit team is committed to moving beyond traditional elite circles in venture capital, seeking self-made sharks who reflect the diverse entrepreneurial landscape of Pakistan.
Presenting varied and inspirational narratives, Shark Tank Pakistan aims to challenge stereotypes and foster a supportive environment for start-ups. The show will not only attract local viewership but also reach international audiences, showcasing Pakistani entrepreneurs on a global stage.
However, assembling a competent panel of sharks presents challenges, particularly in identifying successful entrepreneurs willing to participate, especially women. The Grenlit team is also focused on ensuring the sharks possess both business acumen and on-camera charisma, necessitating media training prior to filming.
Among the inaugural sharks are notable figures such as Rabeel Warraich of Sarmayacar, Aleena Nadeem of Ventura Capital, and Romana Dada, a Forbes-featured entrepreneur.
Recognizing the urgent need for engaging content, Grenlit Studios has partnered with TikTok to target Gen Z and Millennials, making it the official entertainment partner for Shark Tank Pakistan. The marketing strategy includes announcing shark participants to build excitement leading up to the show’s debut.
Scheduled to air on November 3, 2024, on Green Entertainment, Shark Tank Pakistan is set to make a significant impact on the nation’s start-up ecosystem. With a well-structured approach that addresses Pakistan’s unique challenges, the show is poised to set new benchmarks for entrepreneurship and content creation in the country.
