There is no doubt that if Bangladesh is to succeed as an economy and reach all its goals, it must change the way it operates, establishing new industries and corporations to power the future.
Start-ups, to that end, have been among the biggest success stories for Bangladesh in recent times; over the past 18 months, 1,200 active start-ups have attracted over $1 billion in investments, with this number particularly encouraging as this funding came in during a global economic downturn.
As Bangladesh has always set ambitious goals, the authorities' latest ambition, of creating five billion-dollar start-ups by 2025 is a promising sign of intent.
Nevertheless, we have also been historically guilty of formulating plans without following through. With that in mind, if Bangladesh is indeed to succeed in establishing multiple billion-dollar start-ups, then there is no alternative to a strengthened start-up policy to facilitate ease of starting and operating start-ups with streamlined regulations and requirements, as well as encouraging investments towards start-ups through better incentives for investors.
However, it is encouraging to see that the ICT Division is cognizant of what Bangladesh needs to take its start-up culture to the next level, and aware that it is only by encouraging innovation and harnessing the power of technology will we succeed. The fact that there is a venture capital fund sponsored by the government shows that the government is indeed serious about funding its start-ups and is a big believer in the impact they can create.
Moving forward, as Bangladesh inches closer to achieving its broader economic targets, start-ups will play a critical role in ensuring we succeed and we must do everything we can to ensure there are no roadblocks that halt their progress.