“Government to Fund startups”- That’s the news that Bangladeshi entrepreneurs have been waiting to hear for a long time. The government is all set and ready to form a specialized firm in order to nurture startups and talented ICT entrepreneurs.
The Innovation Design and Entrepreneurship Academy of the ICT division has taken all the responsibility for the establishment. The motive behind this is to encourage entrepreneurs to do something innovative.Reportedly, all the preparatory work is done and dusted.
“We are trying to establish a startup culture in Bangladesh and to achieve that goal this company can play a huge role.”
said Mr Zunaid Ahmed Palak (state minister of the ICT division).
Bangladesh government has targeted almost 1000 startups and decided to help them to develop.
Needless to say, that startup companies face issues with capital as they may not get the money they need. So programs like this should help the new entrepreneurs massively.
The name of the firm that the Government has established to fund the entrepreneurs is “Startup Bangladesh Company Limited”. Its initial target is to provide BDT 10 lakh each to almost 200 local startups.
In the company, 36 employees will be appointed and the company is going to get a government-appointed board. The board will be led by the secretary of the ICT division.
“It will take some time to get that money but we have some funds of our own to get the company rolling,” Mr. Palak said.
He also added, “We are trying to create a culture of tech companies here and that’s why we are taking the lead. If we can produce just one world-leading startup it would be good enough for us,”
All in all, it an excellent initiative taken by the Bangladesh Government to fund startups. However, it’s only the beginning, and we have to see how things pan out in the future as there will be other issues along the way. However, this is the start that the entrepreneurs desperately needed.