There is huge potential for Bangladeshi entrepreneurs to create new businesses in the field of IT-led startups.
With internet use expanding rapidly and continuing improvements in mobile infrastructure, it is getting cheaper for new businesses to set up and grow.
As a recent crowd-funded documentary, Startup Dhaka, highlights, there is growing interest in Dhaka’s startup scene. In September, the consultants AT Kearney included Bangladesh for the first time this year in its Global Location Services Index for IT services. Placing Bangladesh at 26th overall out of over 50 IT investment locations, it also ranked Bangladesh top for financial attractiveness, and highlighted the country’s huge untapped potential.
This attention is vital as talent and money in IT start-ups is proven to be more successful if it clusters around hubs of expertise. The success of NewsCred, a content syndication service started by entrepreneurs from Bangladesh, which raised $45m in venture funding, has provided an inspiring example for others to follow.
Further encouragement needs to be given to entrepreneurs if Bangladesh is to take advantage of the demographic dividend offered by over half of our population being less than 25 years old.
All types and sizes of businesses can benefit from improvements to the regulatory environment to make it easier to set up businesses. Policy-makers have to cut red tape and keep improving the country’s physical infrastructure and communications, so the economy can benefit from creating more start-ups.
