This week saw the launch of StartupBash, an event that brought together successful entrepreneurs and people interested in startups in order to inspire more people to innovate and create new businesses.
This type of an initiative is much needed in the current context of Bangladesh and we hope that many more similar initiatives will be undertaken by the private sector and the government to encourage entrepreneurship among young people.
Bangladesh is a young country with half its population under the age of 25. In order to reap the demographic dividend, we not only need to create jobs for the youth, but also develop the supportive infrastructure that will allow young people to venture into entrepreneurial activities.
Currently there are very few sources for young entrepreneurs to get funding for their projects. The lending environment is also notoriously risk-averse which stifles innovation since it discourages people from trying out disruptive, risky new ideas.
Entrepreneurship also cannot happen in a vacuum. More training opportunities are needed for young entrepreneurs on topics such as developing business plans, management, accessing finance (including from global sources) and marketing. Platforms where entrepreneurs can connect and learn from each other’s successes and failures are also crucial.
The creativity of young entrepreneurs can give Bangladesh the competitive edge needed to succeed in the global stage. It is now up to our policy makers and private sector partners to create the nurturing environment that will help us tap into that potential.