Investment in Bangabandhu Innovation Grant (BIG) has increased to 6 crore taka from 100,000 dollars for the best innovator. Instead of 36 initiatives, the number has been increased to 50. Direct investment facility has also been added. However, international level competition has been left out.
This information was announced at the opening ceremony of the third phase of ‘BIG’, the biggest event of the investment competition at BCC Conference Center of ICT Tower on Tuesday.
In the afternoon, the State Minister for Information and Communication Technology Zunaid Ahmed Palak inaugurated this competition with the slogan – ‘Dare to stand BIG’. He expressed hope that Bangladesh will become a hub for investors in the future. He further said that the application to get this investment can be made till April 22.
While speaking as the chief guest, referring himself as the startup minister, Palak said that Bangladeshi startups have received over 800 million investments from India and Singapore. Startups don’t grow slowly; Goes up at rocket speed. Ope D Factory; bKasht, Nagad and ShopUp have already become billion dollar companies. It will stay in space at rocket speed. For this we have developed pitching, mentoring pad like launching pad. Innovation and Entrepreneurship Academy has also been developed.
The State Minister for ICT Zunaid Ahmed Palak said that there is no shortage of talent among our youth while calling on young innovators to tackle the economic crisis with technology-based solutions to the country’s problems. They need cooperation. We are providing that opportunity through the Bangabandhu Innovation Grant- BIG.
He also said that our young innovators will not only solve the problems inside the country but also abroad.
In his speech, the state minister highlighted various initiatives taken by the government to fulfill the dreams of startups and called on the entrepreneurs and said that we will deal with the economic crisis with technology-based solutions. We will build Smart Bangladesh by 2041.
Stating that the job market will shrink, the Secretary of Information and Communication Technology Division Md. Samsul Arefin urged to use artificial intelligence-AI.
The Project Director iDEA Project and Joint Secretary Md. Altaf Hossain presided over the program. The Executive Director of Bangladesh Computer Council (BCC) Ranjit Kumar and Managing Director of Startup Bangladesh Limited Sami Ahmed also spoke in the event. While speaking, Sami Ahmed said that ‘social impact is prioritized in the evaluation rather than profit’.
The e-CAB President Shomi Kaiser, ISPAB President Imdadul Haque, BIJF President Nazneen Nahar and others were present at the inaugural function of the National Award for Entrepreneurs and Startups.
In the event, it was informed that any technology-based entrepreneur can participate in this competition. The BIG Authority plans to select 300 innovative startups in the initial stage from among the applications received. Later, a 3-day bootcamp will be organized with selected top startups. In this bootcamp, day-long workshops with startups, mentoring, Pitching will be done. The best 51 startups of “BIG 2023” will be selected from the best startups of the bootcamp, and the final round of BIG will be organized with the best 5 startups selected from among them. From this final round, a selection panel consisting of experienced judges will select the final result of this grand event. As an award of ‘Bangabandhu Innovation Grant 2023’, the best startup will be given a special award and a grant of taka 1 crore. The top 50 startups in the rest of the selected list will be given a grant of Taka 10 lakh each. Besides, there are various opportunities for startups including the facility of getting investment. That is, the best 51 startups will be given a total grant of 6 crore taka.