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ED: Supporting our start-ups

  • Published at 10:30 pm February 28th, 2021
startup
BIGSTOCK

Local confidence in our start-ups will have a ripple effect and encourage more foreign investment

It is a disappointing reality that, as the start-up culture grows in Bangladesh, locally, we have been unable to support them to reach their full potential. According to a recent study , less than 6% of the funding managed by Bangladeshi start-ups over the past decade came from local sources -- $317 million has been received since 2010 and only $18 million was from local sources.

While the fact that our start-ups managed to secure funding from international investors is certainly promising, it must not detract from the issue we have locally, that our start-ups are failing to garner the necessary local support to take their operations to the next level.

Furthermore, local confidence in our start-ups will have a ripple effect and encourage more foreign investment as well, and it does not bode well for the industry to only be dependent on foreign investors, who themselves have expressed frustration over the lack of infrastructure as well as the numerous bureaucratic bottlenecks that continue to act as barriers for businesses.

Indeed, ultimately, it once again boils down to Bangladesh’s struggles with ensuring the ease of doing business, and it is a shame, because our start-ups have demonstrated that they hold immense potential, and often just require the support to get over their initial struggles and thrive.

Bangladesh is at an extremely crucial juncture and as such, the authorities concerned must enact the right policies to ensure that our businesses -- of which start-ups will be a key component -- are not held back. The right policies upheld by local support will provide Bangladeshi start-ups the impetus to grow.