Startup Bangladesh Limited is the first venture capital company sponsored by the Government of Bangladesh with a committed fund of taka 500 crores. Officially registered in March 2020, the company’s mission is to make equity investments in seed and growth-stage startups through direct investments, co-invest, fund-of-fund, and strategic partnerships. Tina Jabeen is the current Managing Director.
Startup Bangladesh fosters an innovation-led economy. It collaborates with accelerators, universities, etc across the country. As of October 2020, the program has granted 150+ investments; and has helped startups such as Moner Bondhu – mental wellbeing; shop-up, among many others.
Venture capital investments spur innovation, create employment, and make significant contribution to economic growth. With the population growing, globalization rapidly changing international business climate and sometimes making it uncertain, a culture of innovation can provide its own energy for Bangladesh by affording us opportunities for our young entrepreneurs. Where done correctly, the impact of government intervention in fostering an innovation economy in have successfully created venture capital ecosystems in many countries.
The government of Bangladesh hopes to replicate similar success by founding Startup Bangladesh that will catapult its young generation of entrepreneurs to the next level who can accelerate the pace of innovation and lead the economy to a self-sustained path to growth. With this in mind Startup Bangladesh aims to pursue the following goals:
· Create an accelerator and its accompanying ecosystem of entrepreneurs, investors, mentors, advisors to promote Bangladesh as a global hub for tech entrepreneurship.
· Actively collaborate with entrepreneurs, industry, academia, financial institutions, and government to stimulate innovation.
· Create the appropriate business, operational and regulatory frameworks to support bold dreams.
The vision is to create a national entrepreneurship platform to enable Bangladesh to innovate faster, create new opportunities, develop technical skills and help realize the vision of Digital Bangladesh.
Through iDEA (Innovation, Design & Entrepreneurship Academy) create an Accelerator and its accompanying eco-system. Offer mentoring, funding, co-working spaces, marketing and legal support to selected startup entrepreneurs to help realize their visions.
Create Industry/Academia/Government partnerships to stimulate innovation, sustain transformational efforts. Promote Bangladesh as a global hub for novel startups, and create the appropriate regulatory framework to support bold dreams.
Through iDEA Accelerator, the government will nurture innovative ideas in the areas of Education, Agriculture, Health, Financial Services, eCommerce, eGovernance, Environment, Transport, and Infrastructure. Evaluate concepts based on potential impact, execution strategy, and public benefit.