IBA, Praava, and Leo Lion Foundation unite for US$ 250,000 startup contest

The Institute of Business Administration Communication Club (IBACC) at the University of Dhaka (DU), Praava Health, and the Leo Lion Foundation have come together to launch 'The Future of Capitalism - Startup Competition.' This competition aims to connect aspiring entrepreneurs with potential investors and help transform Bangladesh's startup ecosystem. Registration opened on December 25, 2024, marking a new milestone for entrepreneurs across the country.

The Leo Lion Foundation, an organisation committed to bring a positive impact in society through innovative and transformative businesses, has been organising the competition across 58 countries every year in order to invest in tech startups that share their ethos, and aim to reconnect company success with social impact. 'The Future of Capitalism' comes at a time when the youth of the nation need to be given a platform to bring substantial positive change to this country.

With seed funding up to US $250,000, 'The Future of Capitalism - Startup Competition' brings not only the opportunity for startup founders to connect with actual potential investors, but also allows the participants to understand their business and refine it better through each round of the competition. Open to all, regardless of educational or professional background, the competition focuses on pre-revenue and early-stage startups with a technological edge. Teams from the same university or cross-university collaborations consisting of one to three members, or even individual entrepreneurs, are encouraged to apply.

The competition will be conducted across four rounds. The registration for the competition is ongoing, with the deadline being January 24, 2025. The first round will be the Ideation Round, then the Feasibility Round, after which participants will advance to the semifinal - the IMC & Deployment Round. Prior to the grand finale, each of the eight qualifying teams will be assigned an industry leader either from Bangladesh or abroad as a mentor to help them scope out their business and refine their pitch for the grand finale. From the grand finale, three winning teams will receive accolades, and up to US $250,000 seed funding will be distributed among deserving startups at the discretion of the investors. The judges panels for the competition will consist of experienced judges and industry leaders to ensure meticulous judgement through each round.

The global version of 'The Future of Capitalism-Startup Competition' is held across 58 countries with a purpose to connect commercial gain to social impact. Previous winners of the competition include startups like Endulis, a HealthTech startup from USA focused on gastrointestinal medicine with an endoscopic drug delivery system; CloudFO, a FinTech startup from the UK, that works with an AI finance colleague that takes the time and complexity out of managing a company's finances; and Hormony, a HealthTech startup from Mexico/India pioneering company focused on empowering women to effectively navigate the challenges of perimenopause through both at-home testing along with AI-driven analytics.

Discussing about the key focus of the competition, Director (Acting) of IBA, DU Professor Shakil Huda noted: "The key difference between this initiative and existing business competitions is how we are committed not only to scale up innovative startup ideas at any stage of their development, but also to actively guide them toward the successful completion of their projects." He said, "IBA feels honoured to launch this platform in collaboration with Praava and Leo Lion Foundation. We hope this endeavour will establish another benchmark in Bangladesh duly focusing on and supporting our start-ups of the future."

Sylvana Q Sinha, founder & CEO of Praava Health, said, "We are thrilled to sponsor this event with Leo Lion Foundation to identify Bangladesh's next generation of disruptive entrepreneurs. As our country emerges from years of autocratic rule thanks to the courage and vision of our youths, we are inspired to see what the future will hold. We can't wait to see the ideas that will come out of this competition!"

The contest is an unparalleled opportunity for visionaries all across Bangladesh to take their startup to the next level.