In recent years, Bangladesh has become a fertile ground for startups, driven by economic growth, innovation, a tech-savvy population, and improved digital infrastructure.
The Bangladesh Computer Council Auditorium at ICT Tower recently hosted a press conference where State Minister of Posts, Telecommunications, and IT Zunaid Ahmed Palak attended as Startup Bangladesh unveiled plans for the upcoming ‘Bangladesh Startup Summit 2024’. Scheduled for July 27-28, this year’s summit carries the theme ‘Smart Bangladesh: Endless Possibilities’, aiming to position Bangladesh’s startup ecosystem among Asia’s rapidly growing potential markets.
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Worldwide, startup growth is on the rise, with Asian startups gaining notable global recognition. Bangladesh, in particular, is dignified for considerable expansion in startup funding, positioning itself as a major player in Asia’s burgeoning startup landscape. As the global startup focal point shifts to Asia, Bangladesh emerges as a distinct hub for lucrative investment prospects.
Speaking about startup, Palak said startup or entrepreneurial culture can play a big role in the economy and internal development of a country.
Over 2,500 successful startups have been launched in Bangladesh since 2010, he said, adding, about 15 lakh employments have been created in the sector.
How has Bangladesh’s Startup Summit 2024 Doubled Global Participation?
Building on the success of last year’s inaugural event, the 2024 summit has garnered exceptional international interest. The number of global participants has doubled, with over 100 international attendees expected. The event will host more than 55 venture capital and investment organizations, alongside numerous angel investors, startup enthusiasts, and international startups.
Distinguished speakers and contributors will include Mayank, MD of Unicorn Startup Upgrad from India, global startups from Silicon Valley, and leading Bangladeshi founders. With over 100 renowned speakers from around the world, the summit promises 30+ engaging sessions, making it a pivotal event for the regional startup ecosystem.
The summit will feature an array of sessions covering crucial topics in the startup world. Attendees can expect discussions on –
The event will kick off with an opening session on the Bangladesh Startup Outlook, followed by an in-depth exploration of AI’s future with ‘Leveraging AI in Bangladesh: Today and the Next 5 Years’. Additional talks will cover ‘The Art of Fundraising’ and ‘Future of Learning’, while industry-specific discussions will delve into electric vehicles, agri-tech, health tech innovations, and fintech. The summit offers numerous opportunities for startups to grow and connect. Participants will have the chance to acquire new skills to build AI-enabled tech products and effectively navigate the startup ecosystem. Selected startups will also have the opportunity to pitch directly to seasoned investors, enhancing their chances for investment and collaboration.
Attendees can connect with various government initiatives, receive training and mentoring, and learn how to start and grow their startups with the help of ecosystem enablers. The summit will address queries related to business operations and growth, offer special AI certification courses, and provide expert advice on intellectual property (IP) patenting through dedicated booths.
Previous Startup Summit in Bangladesh, 2023
The inaugural Bangladesh Startup Summit took place on July 29-30, 2023, under the theme ‘Smart Bangladesh, Endless Possibilities.’ The two-day event attracted over 100 global venture capital investors, 100 international speakers, and 600 startups, featuring seminars, interviews, and networking sessions on edu-tech, health tech, fin-tech, software services, and startup investments.
On the first day, eight local startups, including ShopUp, Pathao, bKash, 10 Minute School, UNDP YouthCo Lab, Nagad, SBK Tech Ventures, and Next Funding, received ‘Startup Awards’ in various categories, while two entrepreneurs were granted the Bangabandhu Innovation Grant. Distinguished sessions included the Fintech Keynote by Sushmit Nath, Head of Visa Consulting & Analytics – India and South Asia, on ‘Embracing Digital Banking and the Path to a Cashless Society,’ and the Logistics and Mobility Keynote by Rezwanul Haque Jami, Head of e-Commerce, a2i – Aspire to Innovate, discussing ‘The Future of Movement in Megacities.’
Waseem Alim, Co-founder & CEO of Chaldal, delivered a keynote on E-commerce and Retail, followed by a panel discussion. Additional discussions covered ‘Gender Lens Investment,’ VC insights from Oscar Ramos, Managing Director, Orbit Startups, on ‘Secrets of Startup Success,’ and interplanetary travel in a session titled ‘Going to Mars.’ The summit successfully fostered innovation and collaboration within Bangladesh’s startup ecosystem.
A Vision for Smart Bangladesh
Sami Ahmed, Managing Director of Startup Bangladesh Limited, emphasized the summit’s role in showcasing Bangladesh’s potential: From the 2-day summit, attendees will have the opportunity to see the finest of Bangladesh while also learning from top startup leaders worldwide. Industry professionals will provide startup founders with strategic insights into market trends, business strategies, and prospects for scaling.
Global And Local Challenges
Global and Local Macroeconomic Challenges:
Investors are cautious amid inflation, exchange rate fluctuations, and economic downturns, dampening startup investments. To counter this, the government is lifting bank lending rate caps, launching startup-specific loan programs, and exploring dual currency trade deals to ease forex challenges. These reforms aim to stabilize inflation and boost local business growth.
Disruption in the Global Startup Funding Market:
The collapse of major U.S. banks like Silvergate, Signature, and Silicon Valley Bank has global repercussions for tech startups. To counter this, proactive steps include unlocking local funding, notably through Startup Bangladesh Limited (SBL), which has a USD 65 million fund to mitigate international banking setbacks
Limited Human Capital and Resources:
Limited capacity building opportunities in rural and marginalized communities lead to a skilled labor shortage. To tackle this, the government has launched programs enhancing entrepreneurial, digital, and employability skills for youth. These initiatives aim to bridge the skill gap and empower individuals across communities.
Limited Access to Finance and Support:
Startups face challenges in securing finance, exacerbated by banks’ reluctance to offer favorable loans. A scarcity of angel investors and venture capital further complicates matters, with female entrepreneurs encountering additional institutional and cultural barriers. To address these hurdles, government initiatives like Startup Bangladesh Limited (SBL), central bank regulations supporting startups, and the Securities and Exchange Commission’s alternative investment policy are promoting local funding. These measures play a crucial role in fostering ecosystem development and easing financial barriers for startups, including those led by women.
Market Access Challenges:
Entrepreneurs, especially in rural and marginalized areas, struggle with complex supply and value chains. To tackle this issue, the government is driving digitization efforts across public and private sectors. The goal is to leverage technology for streamlined and transparent supply chains, offering a solution to the challenges faced by entrepreneurs.
Conclusion
The Bangladesh Startup Summit 2024 represents a significant step towards realizing the vision of a Smart Bangladesh. By bringing together local and international innovators, investors, and industry leaders, the event aims to catalyze growth in the country’s startup ecosystem and position Bangladesh as a key player in the global innovation landscape.
