Startup Bangladesh Seeks New MD Amidst Scrutiny and Shake-up
State-owned venture capital firm Startup Bangladesh is in search of a new Managing Director (MD). A recruitment notice was posted on LinkedIn on Tuesday, outlining various qualifications and conditions for applicants, although the announcement did not disclose any details regarding salary or benefits.
Signed by the company secretary, the job posting specifies that candidates must possess an MBA in addition to holding at least one professional certification such as CFA, CAIA, FRM, FCCA, CMA, or PMP. Moreover, applicants must have at least 15 years of professional experience in venture capital, private equity, investment banking, capital markets, or other financial services. Of those, at least five years must be at the C-level. The maximum age limit is set at 55 years.
The search for new leadership comes following the sudden departure of the company’s most recent MD, Sami Ahmed. Although it is unclear whether he resigned or his contract was not renewed, sources indicate that his exit followed ongoing criticism and internal disputes. Before Sami Ahmed, the position was held by Tina F. Jabeen.
Startup Bangladesh Limited was officially approved by the government in December 2019 to foster investment and promote a culture of entrepreneurship. Through this company, eligible startups may receive seed-stage investments of up to BDT 1 crore, and up to BDT 5 crore under growth-guided investment rounds.
The initiative stems from the ICT Division’s Startup Bangladesh project, which has been operational since 2016. Recently, Bangladesh Bank launched a proposal to establish a special startup fund ranging from BDT 800 to 900 crore to provide financial support to new and innovative entrepreneurs. Earlier, the national budget of 2019 allocated BDT 100 crore for the startup sector.
It is noteworthy that under Sami Ahmed’s leadership, the firm faced numerous allegations of irregularities, nepotism, political influence, and corruption. On April 13, members of the Anti-Discrimination IT Entrepreneurs Council organized a human chain protest in front of the Bangladesh Computer Council in Agargaon, demanding reforms in Startup Bangladesh’s investment practices.
