In 2012, Pakistan’s start-up ecosystem had only two major business incubators and accelerators – it has quickly evolved since then. By 2019, the country had 24 incubators and accelerators and around 20 key investors, with many funds catering to early stage start-ups. The growth of Pakistan’s start-up ecosystem has resulted in a substantial increase in access to finance through venture capitalists (22 percent of investments) and angel investors (44 percent of investments). However, these developments are limited to major cities, and several policy bottlenecks remain, making it expensive and difcult for entrepreneurs to grow their businesses.