A wave of innovation, energy, and ambition swept through Islamabad this week as women entrepreneurs from diverse fields took center stage at WECON 24, proving that when women lead, change is inevitable.
The fifth edition of the Women Entrepreneurship Conference (WECON) 2024, under the powerful theme “Mumkin Hai!” (It’s Possible), lit up the Jinnah Auditorium at NUST H12 Islamabad on November 14, 2024.
Organized by the National Incubation Center (NIC) Islamabad and Change Mechanics Pvt Ltd., WECON 2024 spotlighted the transformative role of women in the digital economy, emphasizing that collaboration is key to overcoming the challenges women face in the business world.
This year’s event gathered a vibrant mix of entrepreneurs, industry leaders, policymakers, and key stakeholders, united by a shared mission: to propel Pakistani women entrepreneurs to new heights.
Building an inclusive Entrepreneurial Ecosystem
The event attracted a wide range of stakeholders, including leading institutions such as the Securities and Exchange Commission of Pakistan (SECP), GSMA, Pakistan Single Window, NAVTTC, Ignite National Technology Fund, TiE Islamabad, and Invest2Innovate. These organizations participated in discussions that explored how to build a more inclusive entrepreneurial ecosystem. Key partners like the World Bank Group, Jazz, CARE Pakistan, and Ignite also committed to advancing financial inclusion and digital literacy for women across the country.
The “Mumkin Hai!” theme emphasized the power of collaboration to unlock new opportunities and drive sustainable change.
Sayyed Ahmad Masud, Project Director at NIC Islamabad and Director at Change Mechanics Pvt Ltd., highlighted the importance of collective effort in making a difference. “Collaboration—when people support each other—that’s when magic happens,” said Masud, stressing the need for organizations to work together to build each other’s success. He pointed out that while only 14% of women in Pakistan are in business, two out of three women are not involved in any form of entrepreneurship. He called for a unified vision and clear objectives to foster peer learning and mutual growth.
Women entrepreneurs are critical to Pakistan’s future
Federal Minister for Planning, Development, and Special Initiatives, Ahsan Iqbal, delivered a powerful keynote address. Reflecting on his generation’s journey from basic education tools like the takhti (wooden slate) to the cutting-edge technology of 5G tablets, Ahsan Iqbal noted that innovation and vision of young people has driven Pakistan’s progress. He emphasized the importance of empowering women, especially in the fields of science and technology. “Our young women are not just excelling in startups but are making strides in science and technology globally,” he said, citing the example of Narowal University, where women make up over 70% of the total students.
He further elaborated on Pakistan’s vision for a “digital economy“, noting that an export-led growth model and increased technological adoption are crucial for the nation’s future. “We need to focus on equity, ethics, and empowerment, ensuring that women have equal opportunities,” Iqbal added, underscoring the government’s commitment to addressing challenges such as climate change, water security, and sustainable development through policies that also prioritize women’s inclusion.
Empowering Women in Education and Innovation
Dr. Rizwan Riaz, Pro-Rector for Research, Innovation & Commercialization at NUST, shared his insights into how educational institutions like NUST are supporting women in entrepreneurship. He revealed that at NUST, women make up 40% of the students, with 30% of faculty and 25% of staff also being women.
“NUST is providing a safe, inclusive environment for women, with hostels and daycare facilities, ensuring that women feel secure while pursuing their education and career goals,” said Dr. Riaz. He highlighted that 70% of women-led startups at NUST have women in leadership roles, including in cutting-edge programs like aerospace engineering and chip design, where 50% to 60% of participants are women.
Tackling barriers to Women’s success
The conference featured numerous panel discussions focusing on critical areas for women entrepreneurs, including Digital Public Services, Reskilling and Upskilling initiatives, and Building a more inclusive Entrepreneurial Ecosystem.
Afifa Javed of Change Mechanics, shared that WECON initiative has supported more than 5,000 women nationwide over the past seven years, providing them with the tools, networks, and knowledge needed to succeed. She emphasized the importance of peer learning and collaboration in overcoming obstacles.
Meanwhile, Khalida Habib, Executive Director at SECP, highlighted the role of regulatory frameworks in fostering an environment where women entrepreneurs can thrive. “We need to streamline processes and provide more opportunities for women to access capital and markets,” said Habib. Atifa Asghar, Public Policy Consultant at Tencent Games, contributed valuable insights on empowering women in the entrepreneurial sector during the first panel discussion.
Claire Louise Sterngold, Market Engagement Manager at GSMA, underscored the importance of digital skills for women in business. She shared success stories from countries like the Philippines, where government policies focus on increasing the participation of women in technology sectors. “Safety, security, collaboration and access to digital skills are key to overcoming barriers to women’s digital empowerment,” she added.
Fatima Akhtar, Head of Communications and ESG at Jazz, spoke about how digital technologies can empower women in rural Pakistan, creating scalable businesses. She highlighted the importance of upskilling and bridging the connectivity gap that limits women’s economic potential. “When women have access to digital tools and connectivity, they can create immense value for their communities and businesses,” said Akhtar.
Path Forward: Reskilling, Access to Finance, and Support Networks
The WECON 24 conference addressed the importance of reskilling and upskilling women, particularly in rural areas.
Bilal Abbasi, General Manager at Ignite, noted that 51% of Pakistan’s population is female, but most are not engaged in economic activity. He called for more focus on reskilling housewives and encouraging women to take part in the growing startup ecosystem. “Unfortunately, global venture capital funding for women-led startups is less than 1%,” said Abbasi, calling for more investment in women’s entrepreneurship.
Gulmina Bilal, Chairperson of National Vocational and Technical Training Commission (NAVTTC), highlighted the challenges faced by micro-entrepreneurs, especially women who often use borrowed phones and lack access to formal financial resources. She stressed the need for targeted initiatives that equip women with the skills and resources needed to scale their businesses.
Kiran Afzal, Senior Private Sector Development Specialist at the World Bank, addressed the barriers women face in accessing finance, including wage disparity and the lack of resilience in women-owned businesses. She called for better financial products that cater to the specific needs of female entrepreneurs. “Women workers and entrepreneurs in Pakistan are often unable to benefit from their skills due to a lack of access to capital and business opportunities,” she said.
Syed Sajid, Director Learning and Development at National Institute of Banking & Finance (NIBAF) emphasized the importance of integrating digital and financial literacy into entrepreneurial development programs. He pointed out that empowering women with these skills is essential for unlocking their full growth potential.
Shafqaat Shah, Senior Director Commercial at S&P Global, highlighted the challenges women entrepreneurs face, particularly the lack of relevant education and limited access to financial capital. He noted that the fragmented approach to supporting female founders only contributes to inefficiency in addressing these issues.
Nazia Bilal, Senior Program Officer at British Asian Trust, stressed that without access to financial capital, women entrepreneurs struggle to grow and scale their businesses. She pointed to the need for better access to digital banking services and loans to help bridge this critical gap.
The event concluded with Sayyed Ahmad Masud reinforcing the importance of collaboration across sectors and organizations. “WECON’s mission is not only to provide resources but to create a community of support for women entrepreneurs across Pakistan,” said Masud, highlighting the launch of the WECON portal and peer learning mechanisms that will help entrepreneurs connect and grow.
Women-led startups at WECON 2024 Islamabad
FitHer — Dr. Shaista Khalid, founder of FitHer, brought energy and fun to WECON 2024 with her energizing stretching session, highlighting the importance of fitness for women entrepreneurs. Her interactive session encouraged participants to prioritize their health and well-being in their entrepreneurial journey.
EV2 — Aiman Shafique, founder of EV2, is revolutionizing sustainable transportation by offering affordable electric vehicle conversions and solar-powered ECO chargers. Aiman and her brother Muhammad Hassan, she is addressing environmental pollution by promoting clean energy solutions across Pakistan.
Yumkins — Founded by Hira Mubeen and Abdul Rahman, Yumkins is dedicated to combating child malnutrition with a research-based, natural baby food cereal. Their product aims to provide essential nutrition to children, improving their health and development from an early age.
3 Musafir — 3 Musafir, a women-friendly tourism initiative, is focused on normalizing travel for women in Pakistan. By offering safe and inclusive travel experiences, they are empowering women to explore the country and break down barriers to female travel.