Allworld Network recognizes ‘Pakistan 100’
Allworld Network’s inaugural Pakistan Fast Growth 100 summit highlighted the successes of some of the fastestgrowing unlisted companies in Pakistan, delivering the message that Pakistan is very much open for business.
After more than 15 years of promoting entrepreneurship in the developed and developing worlds, Allworld Network was established in 2008 by Deirdre Coyle Jr., Anne Habiby and Michael Porter, Harvard Business School Professor and global competitiveness expert.
The Pakistan 100 is made up of 87 ranked companies that reach Allworld’s international standards for competitive fast growth companies and 12 “start-ups to watch” that tend to be younger or smaller but otherwise have a strong growth trajectory that should qualify them in the near future.
According to Samad Dawood, CEO, Cyan Limited, “The Pakistan 100 are a testament to the zeal and passion of the Pakistani private sector. Their accomplishment is even more impressive given the challenges that they have had to endure in the recent years. They and others like them have inspired Cyan to create an ecosystem where entrepreneurs, large corporations, providers of capital and regulators can actively engage to share best practice, create business opportunities, seek out capital and ultimately create regulatory environments that further foster entrepreneurship. Our goal is simple: invest in businesses that have the potential to take centre stage in the global economy while improving the lives of millions in the process. I think we are off to a great start!”
Allworld systematically identifies private growth companies and ranks the fastest growing companies for Arabia 500, Africa 500, Asia 500, Eurasia 500 and Latin America 500. Being on Allworld ranking puts companies on the world map, drawing the market to them – precisely called Visibility Economicstm. Ranked companies “go public”, attracting new investors, customers, joint venture partners and talent and continue to grow and get up to scale.
It was felt by the founders of Allworld that the companies in the emerging economies are being held back more by a visibility deficit than capability deficit. The invisibility of competitive and successful firms creates massive economic inefficiencies, as investors have to choose from limited options.
Allworld rankings are based on revenue growth rates and not company size. Interested companies, having a revenue growth rate of over 40 percent for at least three years, apply online for consideration and provide audited financial statements. Brilliant startups and younger companies are also included as Companies to Watch. Allworld evaluates these growing companies on the same lines as the Forbes annual or the Fortune 500 list.
After ranking companies in Saudi Arabia, Jordan, Lebanon, Turkey, Pakistan, India and South Africa, the listings are now being expanded to Regional 500s. The latest release was that of Arabia 500 in December 2011, in which Pakistan claimed number 2 spot among 14 countries.
The report indicates that the Pakistan 100 companies are growing at a stellar CAGR (compound annual growth rate) of 55 percent per annum, employ over 41,000 people, and their total revenues went up to roughly $1.5 billion in 2010.
The rankings contain a well-balanced industry representation, with software services and products leading with 10 percent, followed by construction and engineering at 9 percent, and textiles and fashion at 8 percent. A young company, the six-year old E2E Supply Chain, topped the list.
The spirit of entrepreneurship is such that half of the ranked firms have helped their employees set up their own ventures. Moreover, 82 percent of the firms’ leaders plan to start another 140 companies within the next two years, after having started 264 companies already.
Importantly, inaccessible finance did not hold these ventures back as 83 percent of them started out sans the support of angel investors or venture capitalists. It is a bright prospect that at the time when investment inflows have sharply declined, these companies have indeed made a strong case that Pakistan is a vibrant and happening business environment, despite the odds.
The level of entrepreneurship is rapidly growing in Pakistan with a number of innovative entrepreneurial ventures emerging on the country’s economic landscape. This is a welcome signal for a fresh wave of local and foreign investments in Pakistan.