The finale of “Get in the Ring,” a global startup competition where promising start-ups from different public and private universities of Bangladesh took part, was held on January 17, at Radission Blu Dhaka Water Garden. Daffodil International University (DIU) is the host of the international competition considered as the olympic of start-ups. This was the first time such a competition was introduced in Bangladesh.
Atiur Rahman, governor at Bangladesh Bank, graced the event as the chief guest. Md Sabur Khan, chairman of Board of Trustees of Daffodil International University conducted the program. The judges pannel comprised of Abdul Matlub Ahmed, president of the Federation of Bangladesh Chamber of Commerce and Industry (FBCCI); Sukomal Singh Chowdhury, a consultant of Bangladesh Bank; Naaz Farhana Ahmed, president of Dhaka Women Chamber of Commerce and Industry; and Ishtiaq Ahmed, chief executive officer of Omera Petroleum.
A start-up that redistributes leftover food from social functions, restaurants etc to slum dwellers won the inaugural edition of the competition in Bangladesh among seven other competitors. The four members of the app’s Food for People led by Atiqur Rahman from Entrepreneurship Department of Daffodil International University, will get a chance to present their idea at the regional finale of the competition in Ryadh, Saudi Arabia. The other members are co- founder Nusrat Jahan Happy, Iqbaq Hossain Shimul and Ansara Humaira Lima. Other contestants were from Dhaka University, Institute of Business Administration (IBA), DU, Brac University and North South University.
Dr Atiar Rahman said that all the eight start ups that made it to the national finale deserve finance and investment, so the banks can look at them as profitable projects. He further commented: “It is heartening to see that the competition puts them in the spotlight, giving them a podium to create a global fan base and connecting investors”.
He also said that regulation is needed to encourage start-ups and the government too, has to come forward as a facilitator.
He also said that the nuts-and-bolts of doing business such as providing taxpayers identification number, trade licenses, winding up of a business, entrepreneurial and equity finding, providing incubation facilities and tax breaks must be made easily available to start-ups. “We all have to handhold these small entrepreneurs and help them grow into successful groups of business leaders at a large stage” he added.
FBCCI president Abdul Matlub Ahmed, said: “Industrialists look for new ideas to make investment. I think this platform will give us ideas and we hope to partner with them to take them forward”.
In his presidential address Md Sabur Khan that said 90 start-ups applied for the competition but only 36 made the cut. Through two rounds of the competition the number was brought down to eight for the national final. “These start-ups will create jobs and lay the foundation for the economy,” he added.