You can become a smart entrepreneur only if you have support, inspiration and opportunity. This is why there are trillion dollar companies in the Middle East, but there is no startup culture there. Due to these three opportunities, the government, private enterprises and educational institutions will jointly work together to build a $50 billion startup sector in Bangladesh by 2041. Today’s 50 startups will be built million dollar companies in the country. However, in June next year, the smart entrepreneurs of 64 districts will be given a grant of 10 lakh each from iDEA project for the 9th year of Grameenphone Startup Accelerator from inclusive smart Bangladesh. Besides, Tk 5 crore will be invested in every round from Startup Bangladesh.
State Minister for ICT Zunaid Ahmed Palak informed so while addressing a discussion on ‘Smart Entrepreneurship’ organized by Grameenphone at a hotel in the capital on Wednesday evening. He urged the 33 mentors present to be turned into at least one billion dollar startup company within the next five years from outside Dhaka.
Yasir Azman, CEO of Grameenphone, moderated the discussion while Sami Ahmed, Managing Director and CEO of Startup Bangladesh Limited presented a demonstration to the entrepreneurs before the launch of the discussion. He said the regional design bootcamp titled “Smart Entrepreneurship in the District level” is a significant step forward. Startup Bangladesh is happy to partner with GP Accelerator to create an initiative where young entrepreneurs can present their innovative ideas in a realistic and market-oriented way. These bootcamps will not only provide training and advice, but will also provide important materials to entrepreneurs, which they can use to achieve the impossible. We believe that this initiative will open a new chapter in the startup ecosystem in Bangladesh.”
Bangladesh Telecommunication Regulatory Commission (BTRC) Finance, Accounts and Revenue Division Commissioner Dr Mushfiq Mannan Chowdhury was present on the occasion.
Mohammad Ashiqur Rahman, Director of SmartUp Bangladesh Bank; Rezauddin Ahmed, Managing Director of IDLC; Sadia Haque, Co-Founder of ShareTrip and Anita Gazi, Founder of The Legal Circle also spoke on the occasion.
Rezauddin Ahmed, Managing Director of IDLC, said, “I have been investing for the last 7-8 years. It’s positive. However, while it is easy to determine the market value of an existing organization, it is not so easy for startups. So, we need to be careful about that. At the same time, their funding needs to be smooth.
Mohammad Ashiqur Rahman, Director of Bangladesh Bank, said that although there is a fund, it remains unused. Citing lack of communication and coordination as the main reason for this, he said 71 entrepreneurs, including 13 women, have been funded Tk 60 crore from a fund of Tk 860 crore.
Anita Gazi, founder of startup company The Legal Circle, said, “We learned the foreign languages of Unlimited and Loyalty in proprietorship from Cohort. Technology has made this learning process easier. So budgeting, legal service support and licensing to new startups should be rendered at the initial stages.
The event titled “Smart Entrepreneurs in the District level” will encourage innovative initiatives to address various challenges at the regional level and solve various problems locally. Consisting of 30 community builders and pitch sessions in 20 regions of the country, the event will find and reward the top 20 ‘idea entrepreneurs’. The event is designed primarily with university students and promising young entrepreneurs in mind. The Regional Design Bootcamp will provide support and guidance to young people interested in taking up new business ventures using the power of innovation in acquiring important skills, networking and funding. This effort is in line with Bangladesh’s goal of becoming a smart nation by harnessing the potential of its young population.
Speaking on the occasion, Grameenphone CEO said GP accelerator has been making a significant contribution to the startup sector of the country since its launch in 2015. It has created employment opportunities for 5 lakh people through 50 startups. Under this, the market value of many promising startups has increased up to 10 times, and has achieved valuations of more than $ 5 million. From this, the contribution of GP Accelerator to the economic growth of the country can be understood. “To build a successful startup, you have to build more than 100 successful CEOs.