Home ›› 13 Oct 2022 ›› Stock
Though the country’s startup ecosystem is booming it is still facing plenty of challenges as well. Some regulatory changes in this regard can help startups thrive to the next level, speakers said.
Currently, Bangladesh has as many as 1,200 active startups, putting a significant impact on people’s lives through the generation of new and innovative products and services, they said.
A total of $505 million was invested in the country in 2021 and 2022 (up to the second quarter) of which $498 million came from global investors, they added.
The speakers made the remarks during a virtual roundtable styled ‘Building a Vibrant Startup Ecosystem’, jointly organised by the Bangladesh Securities and Exchange Commission (BSEC), Venture Capital and Private Equity Association of Bangladesh (VCPEAB), and World Social Innovation Forum (WSIF) to celebrate World Investor Week 2022.
The roundtable discussed the required improvements or changes in the existing rules and regulations for ameliorating a better and stronger startup ecosystem in the country.
The speakers also discussed the vision of creating five unicorns by 2025.
BSEC Commissioner Dr Shaikh Shamsuddin Ahmed attended the meeting as the chief guest, while Quest Venture Managing Partner James Tan, and VCPEAB Director and Constellation Asset Management Company Chief Investment Officer Tanveer Ali delivered the keynote presentation.
VCPEAB Vice President and SEAF Bangladesh Ventures Managing Partner Asif Mahmood moderated the session while VCPEAB Chairman Shameem Ahsan presided over the event.
While addressing the event, Shaikh Shamsuddin Ahmed said, “We are jointly working on building a triangle relationship with two other vital regulators — Bangladesh Bank and NBR — to promote foreign investment, venture capital, and private equity firms in the country.”
“Our education system needs to be transformed in a way so that the younger generation, who are the actual producers and nurturers of innovations, can be integrated into our startup ecosystem,” said Asif Mahmood.
Startup Bangladesh’s Managing Director, Sami Ahmed said, “We only read about various innovations that are happening in other countries, but it is overwhelming to see how similar types of ideas and innovations are also nurtured and pitched to us almost every day.”
WSIF Board Member and Women in Tech Conference Asia founder Jenni Risku said, “Women can be a catalyst for the entire startup ecosystem. I believe that the ecosystem diversity pays back in several ways to the investors, to the startups, as well as to the government.”
VCPEAB Director and SBK Tech Ventures Managing Director Sonia Bashir said, “If we consider women as an asset class, cater to them, groom them and ensure gender balance, there will be a lot of value addition in this field.”
Delivery Tiger CEO Fahim Mashroor said, “We need to be very pragmatic on startup funding so that we will not be flooded with global VC funds in the next 2 to 3 years. So, we need to work on the policy level and ensure higher capital efficiency so that we can get maximum output from the funding we get.”
Capital Market Journalist Forum President Ziaur Rahman said, “Media can play a vital role to attract foreign investment and increase the brand equity of Bangladesh startup ecosystem globally by writing up features, articles, and reports on innovations and talented entrepreneurs.”
