When it comes to furthering the bounds of our economy, unleashing the power of our local businesses pays dividends.
To that end, local e-tailer business Pickaboo's success in raising $1.5 million in funding from both local and international investors is a testament to the attractiveness and resilience of the Bangladeshi startup landscape. A number of local success stories have recently made their mark on the international landscape in terms of offering out-of-the-box solutions to universal problems and offering said solutions at scale.
Success stories that not only help us meet both local and international demands in innovative and sustainable ways, but also creates jobs and builds up the economic landscape of the country in a timely and holistic scale.
This is especially commendable given global economic conditions and investor uncertainties regarding return on investments. While this is an issue that is prevalent in the Bangladeshi startup ecosystem as well (in the third quarter of 2022, Bangladeshi startups raised only $5ml, a year-on-year decline by 93%), it is still inspiring to see our local players being able to carve out a piece of land for themselves.
However, the fact still remains that the administration still needs to take pro-active measures to support our private sector. One of the biggest complaints against Bangladesh by investors both foreign and local is just how difficult it is to conduct business in our country, with needless bureaucratic red tape and unchecked corruption always getting in the way.
This needs to be rectified.
The government also needs to have a more pro-active participation in propping up the local business landscape. Thankfully, due to active participation through government funds and grants, it seems like we are on the right track.
It is our collective achievement that we have been able to foster an ecosystem where local entrepreneurs thrive. Investing in ourselves has never been more important.