Local startups ripe for drawing investment

Global investors can pour funds into Bangladesh's burgeoning startups as the country has a large pool of internet users, a growing middle class and an entrepreneurial spirit among its youth.

This is how local and foreign speakers showed their optimism at the Bangladesh Startup Summit 2023, which is a first-of-its-kind, largest congregation of the country's startup ecosystem.

The two-day event, which ended yesterday, was hosted by Startup Bangladesh Limited, the flagship venture capital company of the Information and Communication Technology Division of the Government of Bangladesh.

The summit brought together startups, enterprises, venture capitalists, angel investors, regulators, think-tanks and experts from both local and international markets to chart the way for collaborations, opportunities and innovation in the country.

The event featured more than 34 presentations, workshops, and panel discussions on various eminent sectors and industries, as well as insights from key players in the ecosystem.

Key sectors highlighted through presentations and panel discussions include fintech, logistics and mobility, e-commerce and retail, education, software-as-a-service (SaaS), artificial intelligence, agriculture and food, and healthcare.

In addition, the summit featured engagements on broader topics encompassing gender lens investing, impact investment, venture capital, innovation, and insider startup insights.

The summit also brought together 100+ global and local venture capital firms and investors, featuring 100+ national and international speakers, and engaging 600+ startups across the country beyond networking opportunities and startup-focused lessons.

Besides, 50+ startups pitched their ideas to investors at the event.

The speakers also said Bangladesh boasts over 2,500 active startups, from the idea to implementation stages, which generate more than 1.5 million jobs to support the economy.

Since 2010, homegrown startups have raised over $900 million in funds and are projected to cross the $1 billion mark by next year.

While the ecosystem has seen a significant involvement of global investors over the years, active participation from private sector players and supportive government initiatives have also made way for the increasingly more deals made by local investors, they added.