Vision 2025 Launched to Create Startup and VC-friendly Ecosystem in Bangladesh
tartup World Cup is known as the most prominent startup competition all over the world. In the regional event of Startup World Cup in Bangladesh, for creating a startup and CV-friendly ecosystem in Bangladesh, the Vision 2025 was launched.
The Startup World Cup 2020 Bangladesh was organized because of marking the beginning of the countdown of ‘Mujib Borsho’. According to Dr A K Abdul Momen, the Foreign Minister of Bangladesh, the government of Bangladesh is celebrating Mujib Borsho this year, and they have taken many initiatives to support the startup sector of Bangladesh, for which a Developed Bangladesh is what we will be witnessing by 2021.
Ministry of Foreign Affairs organised The grandest startup event in Bangladesh this year, ICT Division,Venture Capital & Private Equity Association of Bangladesh (VCPEAB), and International Finance Corporation (IFC) also as the organiser.
eGeneration sponsored the regional event of the Startup World Cup in Bangladesh. The media partner and knowledge partners of this event were RTV and BUET, respectively. Evaly was the platinum sponsor, with SSL Wireless, Chaldal, and Agrani Bank as the gold sponsors while Startup Bangladesh was the strategic partner of this event.
To know more about the regional event of Startup World Cup in Bangladesh, make sure you visit the official website Bangladesh Regional 2020.
The Vision 2025 Launched to Create Startup and VC-friendly Ecosystem in Bangladesh
Moving to Vision 2025, the main aim of Vision 2025 is to develop Bangladesh Startup Ecosystem seven times by accomplishment of the declared objectives of Vision 2025. The displayed objective number of Vision 2025 is four which includes more establishment of billion-dollar companies and the recruitment of more people in these companies.
At present, there is only one company in Bangladesh which is worth 1.0 billion dollar means there is only one Unicorn company in Bangladesh. Vision 2025 stands for establishing five more Unicorns or companies worth billion dollars in Bangladesh within 2025.
Mr Salman F Rahman, the Private Industry and Investment of our Prime Minister Sheikh Hasina, said.
Bangladesh already has seen growing startups like bKash, which is a billion-dollar unicorn.
He added that he would like to welcome the vision 2025 and the objectives set for Vision 2025, for building an investment-friendly startup ecosystem in Bangladesh in the next five years.
The value of the current ecosystem of Bangladesh is 1.45 billion while having the potential for reaching a valuation of 10-billion-dollar. Currently, these startups are employing more than 1,50,000 people in Bangladesh and also providing almost 700 indirect jobs.
The Vision 2025 aims at increasing direct employment and indirect employment to 1.0 million and 5.0 million respectively within 2025.
Shameem Ahsan, as the moderator of the event, presented the mission, the title of which was “Venture Capital for Double Digital Growth”. He addressed this mission in front of the prime minister’s private sector advisor during the inaugural ceremony of the Startup World Cup 2020 grand finale event in Bangladesh.
The moderator of the event is the General Partner of Pegasus Tech Ventures, Chairman of eGeneration, Venture Capital and Private Equity Association of Bangladesh (VCPEAB). Shameem Ahsan himself presented the proposal which came with a policy, innovation, financing and country branding framework.
The presenter, Shameem Ahsan, also placed a recommendation comprised of 11 points before the eminent persons present there for achieving the targets of Vision 2025. He emphasised that VC fund (an investment fund) can be improving Bangladesh as well as the other countries in the world and it has tax rebate facilities.
For enabling fund of funds provided by NBFIs and Banks, he presented another proposal for reforming policy. According to him, Bangladesh should have funds that would be created by central and local banks for providing capital, just like foreign countries which will work to grow the stage companies.
Shameem added proposals about a Startup World Cup in Asia and South Asia in his keynote, Capacity Development with BUET and IBA for Industry Collaboration, Innovation led by the Government Sector, Tech Board in Securities Exchange, NASDAQ Country Branding through Global VC and PE Linkage with roadshows in Silicon Valley, Tokyo, Singapore and London.
In the regional finale of Startup World Cup 2020 in Bangladesh, the top 10 startups pitched their businesses in front of a live audience and jury. The judging panel of investors who selected the winner of the event included –
- James Tan – Managing Partner of Quest Ventures
- Jeeni Risku – Founder of Women in Tech Asia
- Ian Sikora – Director of Openspace Ventures
- Masa Isono – Principal of DEETA Partners
By winning the Startup World Cup’s regional finale in Bangladesh, Gaze Technology became the startup of Bangladesh that would be going to Silicon Valley for presenting Bangladesh in the Startup World Cup 2020. They will compete with the startups belonging to other countries of the world to win the prize of USD 1.0 million investment.
The State Minister of ICT Division of Bangladesh, Zunaid Ahmed Palak said,
The Government of Bangladesh is creating a Startup Culture and an Innovation Center for implementation of steps to reach the goal which is set for creating employers by Mujib Borsho.
He added that they’re working to establish Startup Bangladesh as a Limited Company, and a $1 million support fund for supporting this sector.
He wished for the startup that would be going to the USA for representing Bangladesh in the Startup World Cup’s final event.
The first and second runners up of Startup World Cup Bangladesh Regional Finale were AlterYouth and Truck Lagbe respectively while Poshapets and Cookups secured the fourth and fifth position. All these startup teams, with the support of ICT Division, will be going to Silicon Valley.
The Chairman of Startup World Cup, Mr Anis Uzzaman, who presented the grand keynote at the Startup World Cup Grand Finale, said that they would be taking the regional winner of Bangladesh to Silicon Valley, mentor the team and enable them for competing with the other startups in the global startup competition.
To know more about Startup World Cup 2020, you can visit their official website, which is Startup World Cup: Home.
Tarannum Jahan Tanha
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