Being in constant state of war, 40% Pakistan citizen is registered as poor. The government seems unable to solve this problem immediately. But a young entrepreneur has a business solution for poverty. In the age of 22, Zain Ashraf founded Seed Out.
Not a loaning company,Seed Out is a crowd funding platform
Seed Out is a crowd funding platform based on Islamic rules. It is meant to connect funders and potential but poor micro entrepreneur. Using Islamic rules, it offers a 100% interest free, non-profit and transparent investment. Moreover, Seed Out also deprived 2,5% of their assets constantly to the poor, adding more to the list of what government has to be thankful for.
Partnership with Telenor in 2016 allows investors to just send money via PayPal or Visa to Seed Out account. The money would not be given in cash to the borrowers. Seed Out takes a step further to make sure the money is used for the right purpose. So it offers a business plan making and trainee for the borrowers.
Alleviating poverty in every possible way
The goal is not just to raise the number of entrepreneurs, but also to alleviate poverty in the country. And Seed Out knows that an investment only is not enough for it. On its homepage, the Pakistan company stated that for every new entrepreneur, at least two children are back to school.
Seed Out really did it. By 2019, they had raised 600 entrepreneurs, bringing 1800 children back to or start school. In total, round 3000 lives receives the impact of Seed Out in their changing life.
With his achievement through Seed Out, Ashraf received a lot of prizes. His name is on the list of Forbes 30 Under 30 Asia 2018. And he also received Commonwealth Youth Award 2018 for excellence in development. Not stopping there, the Pakistan government also awarded him as he Pakistani Poverty Alleviation Programme award in 2017.