If you want to move forward, you need to know the story of entrepreneurs: Palak

State Minister for Information and Communication Technology Zunaid Ahmed Palak thinks that it is not possible to take forward the initiative without knowing the story of the journey of entrepreneurs. And for that purpose, funding potential entrepreneurs; training; Incubation and networking - all these four basic needs are being provided through the government's iDEA project, said the state minister. Palak expressed optimism that by utilizing this opportunity, at least five billion dollar companies will be built in the country by 2025 and thousands of new jobs and employment opportunities will be created for the youth.

Addressing budding entrepreneurs, he said, if you are not aware of the story of the startup journey; you can't advance the initiative'.

In Silicon Valley, only 10 percent of startups succeed, Palak said, quoting Prime Minister's ICT Adviser Sajeeb Wazed Joy in 2016 in his speech as the chief guest at the Startup Compass University Activation Program at the Conference Hall of Asian University for Women's Mahsa Amini Campus in Chittagong on Sunday (October 1). The remaining 90 percent of startups fail. But the returns of those 10 percent startups compensate for 90 percent of the losses. And in 2016, when the iDEA project was pitched at the ECNEC meeting, the Prime Minister gave us the courage and permission to fail like this.

The state minister also said that Hon'ble Prime Minister Sheikh Hasina has always encouraged the youth to be entrepreneurs and job creators instead of job seekers. Because an entrepreneur can create thousands of jobs, but an employee can only meet the needs of a family. That is why we encourage our young students to be entrepreneurs, start their own businesses and solve existing problems. For that purpose we have set up Innovation Design and Entrepreneurship Academy. Also, we have started setting up the University Incubation Center at the university campus of Chittagong University of Engineering and Technology-CUET. Now, we are setting up business incubators in seven more universities. Since then we have allocated hundreds of crores taka to 300 different startups. 30 percent of these startups have been doing really well for the past five to seven years.

Addressing the students, the state minister said, if you have a creative mind, you can solve any problem with your creative ideas. Don't try to solve all problems alone. Most of the established companies in the world have succeeded due to joint efforts and financing. So joint efforts and financing are very important. 30 companies have already invested through Startup Bangladesh Company. Like Shopup, Chaldal, Pathao, Ten Minutes School etc.  

The Vice-Chancellor of the Asian University for Women Dr. Rubana Haque presided over the event while the Pro Vice-Chancellor Dr. David Taylor and Dr. Mizanur Rahman delivered their speeches.