Friday, February 28, 2020

Karachi's NED University Alum's AI Startup Named "Most Innovative" at RSA Conference

Securiti.ai has been named "Most Innovative Startup" at RSA Conference in San Francisco, according to media reports. It has been founded by Rehan Jalil, a serial Silicon Valley entrepreneur of Pakistani origin who graduated from NED University located in Karachi. Jalil's startup is taking advantage of the growing global data privacy market being fueled by new regulations like European Union's GDPR and California's CCPA.

In a statement issued after winning the RSA award, Jalil said: “Privacy is a basic human right, and companies want to honor individual rights of privacy and data protection. Privacy compliance and operations are only getting more complex for businesses around the world, and we’re humbled that the judges recognized our vision for AI-powered PrivacyOps and data protection.”

L to  R: Shahjahan Chaudhry, Jahan Ara, Riaz Haq, Rehan Jalil

Securiti.ai, a startup that recently raised $50 million in series B funding, is using artificial intelligence to help companies comply with customer data privacy regulations like EU's GDPR and California's CCPA. The startup has raised a total of $81 million in two rounds since its inception in 2019. Securiti.ai creates digital personas for each individual and finds copies of data shared across systems or with third-party vendors or partners to help companies comply with right-to-be-forgotten laws.

Companies using securiti's software begin by defining their data sources, then send out a bot that gathers customer data across all of the data sources they have defined. Securiti supports links to more than 250 common modern and legacy data sources out of the box. Once the bot grabs the data and creates a central record, humans come in to review the results and make any adjustments and final decisions on how to handle a data request from the customer.

Rehan Jalil is a successful serial entrepreneur. Elastica, his last startup in cloud security space, was acquired by Blue Coat Systems for $280 million. Prior to that, Jalil he founded Wichorus and sold it to Tellabs for $165 million.

Karachi's NED University has produced many successful Silicon Valley entrepreneurs. Raghib Husain, Naveed Sherwani, Safwan Shah, Rehan Jalil and Khalid Raza just to name a few.


Related Links:

Haq's Musings

South Asia Investor Review

Pakistani-American VC Asad Jamal Invested Early in Baidu

Pakistani Students Win First Place in Stanford Design Contest

Pakistanis Win AI Family Challenge in Silicon Valley

Pakistani Gamer Wins ESPN E-sports Player of the Year Award

Pakistan's Expected Demographic Dividend

Pakistan's Research Output Growing Fastest in the World

AI Research at NED University Funded By Silicon Valley NEDians

Pakistan Hi-Tech Exports Exceed A Billion US Dollars in 2018 

Pakistan Becomes CERN Member

Pakistani Tech Unicorns

Rising College Enrollment in Pakistan

Pakistani Universities Listed Among Asia's Top 500 Jump From 16 to 23 in One Year

Pakistani Students Win Genetic Engineering Competition

Human Capital Growth in Pakistan

Pakistan Joins 3D Print Revolution

Pakistan Human Development in Musharraf Years

Thursday, February 20, 2020

Pakistan Tech Summit 2020 at Draper University in San Francisco Bay Area

Hundreds of Pakistanis and Pakistani-Americans attended Pakistan Tech Summit 2020 at Draper University in San Mateo, California on February 15, 2020. It was organized by Arzish Azam of Ejad Labs with sponsorships from JS Bank, Netsol, VisionX, Pakistan IT ministry, Pakistan National IT Board and Pakistan Software Exports Board. This event came after a recent report in Germany's Deutsche Welle (DW) by Miriam Partington who wrote in a story titled "Pakistan: The next big Asian market for tech startups?" that "Pakistan's young and tech-savvy population, market of over 220 million people and increasing levels of local capital are creating opportunities for tech entrepreneurs".

Pakistan Tech Summit:

At this conference, I was really encouraged by the presence of many young Pakistan entrepreneurs eager to realize the vision of Digital Pakistan. Enthusiasm is necessary but not sufficient. What is missing is serious attention to attract more risk capital to support these young enthusiastic entrepreneurs.  Unfortunately, I did not see any known Silicon Valley venture capitalists (VC) at the event. Recent McKinsey report on Pakistani startup ecosystem noted that per capita venture capital is just 6 cents, lower than 7 cents in Bangladesh and only a third of 18 cents in Nigeria. What Pakistan needs is a venture capital initiative along with digitization initiative.




Founders or cofounders of several Pakistani startups pitched their companies hoping to attract venture investors. Among the attendees were many young enthusiastic techies.



Najeeb Ghauri, Chairman of Netsol Technologies, made a pitch that focused on the opportunities presented to investors by Pakistan's growing young enthusiastic talent pool and large aspirational middle class population. JS Bank's Noman Azhar talked about his bank's fund that invests in Pakistani startups taking advantage of the government's Digital Pakistan Initiative. An example of their investment is e-challan systems in Islamabad and Peshawar.

Morning keynote speaker was Farrukh Mahboob of VisionX which offers custom-built digital products and mobile applications for businesses. Their digital solutions are tailored to clients’ needs and are powered by emerging technologies including artificial intelligence (AI), augmented and virtual reality (AR, VR).  VisionX clients includes Fortune 500 companies.

A number of startup pitches followed. Founders or co-founders of DontPort, Integry, Kumlaudi, SafePay, JoyCo and Social Pie pitched their ideas.

Examples of VC Funded Startups:

McKinsey report "Starting up: Unlocking entrepreneurship in Pakistan" has cited Daraz, Zameen, PakWheels, Tez Financial, Patari, AugmentCare and Sastaticket.  Monis Rahman, CEO of Rozee.pk, says this is an incomplete list. He personally knows about funds raised by the following companies that are missing from the McKinsey list:

Rozee.pk -- $9 Million across 3 rounds

Finja -- $4.5 Million seed + bridge (working on $15 Million round)

Airlift -- $12 Million Series A (working on $20 Million round)

Examples of VC Funded Pakistani Startups. Source: McKinsey

Lack of Venture Capital:

It was great to see many young Pakistan entrepreneurs eager to realize the vision of Digital Pakistan. Enthusiasm is necessary but not sufficient. What is missing is an enabling environment for startups to attract more risk capital to support these young enthusiastic entrepreneurs.  Unfortunately, I did not see any known Silicon Valley venture capitalists (VC) at the event. Recent McKinsey report on Pakistani startup ecosystem noted that per capita venture capital is just 6 cents, lower than 7 cents in Bangladesh and only a third of 18 cents in Nigeria. India's level of per capita is at $3.72 and UAE's $40 per capita VC investment is more than 10X India's.

Venture Capital Per Capita. Source: McKinsey

Need For Venture Investment Initiative:

Pakistan needs to have a venture capital initiative to ensure that Pakistani startups fully participate in  Digital Pakistan Initiative. Part of the venture capital initiative should create legal and policy framework to protect investors and facilitate their exit strategies. Pakistan government should invite  venture capitalists and offer to participate as a significant investor in professionally VC funds that invest in Pakistani startups. Experienced Pakistani VCs and entrepreneurs like Asad Jamal and Monis Rahman can be used as a resource to establish this venture investment initiative.

Enabling Startup Ecosystem. Source: McKinsey

Summary:

Recent "Pakistan Tech Summit 2020" at Draper University in San Francisco Bay Area attracted dozens of enthusiastic tech savvy young men and women ready with their startup pitches. It confirmed what Deutsche Welle's Miriam Partington recently reported in a story titled "Pakistan: The next big Asian market for tech startups?" in which she wrote: "Pakistan's young and tech-savvy population, market of over 220 million people and increasing levels of local capital are creating opportunities for tech entrepreneurs". Unfortunately, I did not see any known Silicon Valley venture capitalists (VC) at the event. Recent McKinsey report on Pakistani startup ecosystem noted that per capita venture capital is just 6 cents, lower than 7 cents in Bangladesh and only a third of 18 cents in Nigeria. India's level of per capita is at $3.72 and UAE's $40 per capita VC investment is more than 10X India's. Pakistan needs to have a venture capital initiative to ensure that Pakistani startups fully participate in  Digital Pakistan Initiative. Part of the venture capital initiative should create legal and policy framework to protect investors and facilitate their exit strategies. Pakistan government should invite  venture capitalists and offer to participate as a significant investor in professionally managed VC funds that invest in Pakistani startups. Experienced Pakistani VCs and entrepreneurs like Asad Jamal and Monis Rahman can be used as a resource to establish this venture investment initiative.

Related Links:

Haq's Musings

South Asia Investor Review

Pakistani-American VC Asad Jamal Invested Early in Baidu

Pakistani Students Win First Place in Stanford Design Contest

Pakistanis Win AI Family Challenge in Silicon Valley

Pakistani Gamer Wins ESPN E-sports Player of the Year Award

Pakistan's Expected Demographic Dividend

Pakistan's Research Output Growing Fastest in the World

AI Research at NED University Funded By Silicon Valley NEDians

Pakistan Hi-Tech Exports Exceed A Billion US Dollars in 2018 

Pakistan Becomes CERN Member

Pakistani Tech Unicorns

Rising College Enrollment in Pakistan

Pakistani Universities Listed Among Asia's Top 500 Jump From 16 to 23 in One Year

Pakistani Students Win Genetic Engineering Competition

Human Capital Growth in Pakistan

Pakistan Joins 3D Print Revolution

Pakistan Human Development in Musharraf Years

Tuesday, February 11, 2020

Who's Pete Buttigieg بو دجاج ? What Does He Stand For?

Thirty-eight year-old Mayor Pete Buttigieg (بو دجاج)  of a small Indiana town of South Bend has so far been the biggest surprise with his surge in Democratic Party primaries for the presidential nomination this year. His strong showing among the top two candidates in Iowa and New Hampshire has been as much of a shock to the pundits as the poor performance of former Vice President Joe Biden who is also seeking the nomination. Mayor Pete is now beginning to get more scrutiny by media pundits and commentators.

Mayor Pete's Last Name:

Mayor Pete Buttigieg, 38,  is Maltese-American. His last name literally means "father of chicken".  His parents came from Malta, a small Mediterranean island close to Sicily and North Africa.  His last name is in Maltese, a language strongly influenced by Arabic. It is attributed to settlers from Sicily where Siculo-Arabic was spoken after the island was conquered by the Fatimids from Egypt in the 9th century AD.

Buttigieg's Sexual Orientation:

Pete Buttigieg (بو دجاج) is the first openly gay leading candidate for the office of the President of the United States (POTUS). He has regularly introduced Chasten Glezman as his husband at his election rallies. Recent surveys show that two-thirds of Americans support gay marriage, an increase of more than 20 points since the turn of the century.

Mayor Pete's Corporate Background:

Pete Buttigieg is a graduate of Harvard and Oxford Universities. As a 20 year-old, he served as President of the Student Advisory Council at Harvard University’s esteemed Institute of Politics. He wrote twice-a-month columns in the Harvard Crimson.

After graduating, Pete Buttigieg worked for the elite management consulting firm McKinsey & Co. His work at McKinsey has been criticized by his opponents for helping corporate America move jobs overseas. Some have accused him of being corporations' favorite. He has received large contributions from the biggest US corporations.

Mayor Pete is Moderate:

As a millennial, Mayor Pete is the youngest candidate in a field dominated by senior citizens. He is openly gay, millennial and a veteran of the war in Afghanistan. Buttigieg served in Afghanistan for 7 months in 2014 as a lieutenant in US Navy Reserve. He speaks English, Norwegian, Spanish, French, Italian, Maltese, Arabic, and Dari.

He is close to the center of the Democratic Party when compared with his main rivals in the primary.
He opposes Medicare For All but supports universal health coverage. He favors granting citizenship to Dreamers, the people who were brought to the United States by their parents illegally when they were children.

Mayor Pete is for doubling federal minimum wage to $15 an hour. He wants to reverse 2017 corporate tax cuts and increase earned income tax credit (EITC).

Buttigieg's Israel Policy:

Unlike Bernie Sanders who wants to cut US aid to Israel, Buttigieg has said he would consider using it to “leverage” Israel to change its policies toward the Palestinians.

“I’m not going to commit now to all of the ways that that leverage can and should be used, but I will say that our policy goal will be to do what we do when a friend is moving in a way that you’re worried about, which is to put your arm around them and guide them somewhere better,” he said.

Summary:

Mayor Pete Buttigieg is the first openly gay presidential candidate in US history. He is also the youngest person to seek the nomination. His Maltese name Buttigieg  بو دجاج  is of Arabic origin. It means father of chicken.  He is a small town mayor from South Bend, Indiana, who has so far been the biggest surprise with his surge in Democratic Party primaries in Iowa and New Hampshire. He is considered a moderate in the Democratic field.  Even though he wants to reverse 2017 corporate tax cuts but some accuse him of being a corporate candidate and the recipient of large donations from the biggest US corporations. He supports increasing federal minimum wage to $15 an hour and favors universal health coverage. He also supports granting US citizenship to Dreamers, the people who were brought to the United States by their parents illegally when they were children.

Related Links:

Haq's Musings

South Asia Investor Review

Silicon Valley Indian-American Congressman Joins Pakistan Caucus

Muslim-Americans in San Francisco Bay Area

The Trump Phenomenon

Islamophobia in America

Silicon Valley Pakistani-Americans

Pakistani-American Leads Silicon Valley's Top Incubator

Silicon Valley Pakistanis Enabling 2nd Machine Revolution

Karachi-born Triple Oscar Winning Graphics Artist

Pakistani-American Ashar Aziz's Fire-eye Goes Public

Two Pakistani-American Silicon Valley Techs Among Top 5 VC Deals

Pakistani-American's Game-Changing Vision 

Minorities Are Majority in Silicon Valley 

Saturday, February 8, 2020

Pakistani Woman Industrial Designer Wins Lexus Global Design Award

Aqsa Ajmal, a graduate of Pakistan's National University of Science and Technology, is among six finalists for Lexus Design Award 2020 for industrial design.  Each of these finalists will receive 3 million Yen (over $25,000) in funding and mentorship in an exclusive program in New York City under the guidance of prominent design leaders from a variety of design fields.

Pursewit Sewing Machine. Source: Lexus

Aqsa's entry is named Pursewit. The device provides an easier way to incorporate sewing skills into income generation for the blind who rely upon touch and other senses. The thread path is much more simplified and streamlined; the user follows a straight, outlined path from the spool pin to the machine’s arm and through a loop, then down to the needle. The machine provides feedback at each step to ensure the process is completed, according to Lexus.

Aqsa Ajmal. Photo Credit Lexus
Aqsa's entry ranked among the top 6 from 2,042 submissions from 79 countries. The other finalists are from the China, France, Italy, Kenya, Russia and the United States.

Lexus describes Lexus Design Award competition as follows:

"Lexus Design Award provides a unique platform for young creators to demonstrate and further develop their talents. Founded in 2013 to support and foster up-and-coming creators, the program continues to evolve to inspire innovations in design that lead to a better tomorrow, and each year has seen a steady increase in number of entries from across the world. Last year, creators from 65 countries submitted 1,548 design proposals, many of which leveraged the power of technology."

Growing numbers of young Pakistanis are now participating and winning in international design and engineering competitions. Recent examples include Stanford Design Contest, AI Family Challenge World Championship and International Genetically Engineered Machine Competition. These wins offer increasing evidence of Pakistan's expected demographic dividend.


Related Links:

Haq's Musings

South Asia Investor Review

Pakistani Students Win First Place in Stanford Design Contest

Pakistanis Win AI Family Challenge in Silicon Valley

Pakistani Gamer Wins ESPN E-sports Player of the Year Award

Pakistan's Expected Demographic Dividend

Pakistan's Research Output Growing Fastest in the World

AI Research at NED University Funded By Silicon Valley NEDians

Pakistan Hi-Tech Exports Exceed A Billion US Dollars in 2018 

Pakistan Becomes CERN Member

Pakistani Tech Unicorns

Rising College Enrollment in Pakistan

Pakistani Universities Listed Among Asia's Top 500 Jump From 16 to 23 in One Year

Pakistani Students Win Genetic Engineering Competition

Human Capital Growth in Pakistan

Pakistan Joins 3D Print Revolution

Pakistan Human Development in Musharraf Years