Dhaka an entrepreneurs\\\' hub on global scale now

Though still in infancy, the Bangladeshi business ecosystem is undoubtedly on the rise, and Dhaka is right at the centre of this upward momentum. It is no longer a question whether Bangladesh will become a big player on the global scale. Rather the question is 'when'.
Bangladesh is currently the 7th largest country in the world, with a population of 165 million. What is most remarkable about our demographics is that 70% of our population is under the age of 35. There is enormous potential in this age group, not only as a customer base for various markets, but also as a source of entrepreneurs.

International experts are already describing our country as a frontier market, one that will provide important access not only to our own considerable populations, but larger neighbouring markets such as India and China.
It is not easy to build startups anywhere, but the process can get even more daunting in Bangladesh is context. $200 million is lost every day if there is a strike, and that is a big question mark to both prospective entrepreneurs and investors alike. Nevertheless, big strides are being made by entrepreneurs in e-commerce, mobile apps, software for the local textile industry and various other sectors. Let us look at us three important factors have triggered the current startup movement in Dhaka.
Firstly, the Internet and mobile infrastructure has improved considerably in the last few years. Little needs to be said of our thriving mobile economy: as of now there are over 114 million mobile phone users. Nowadays broadband providers such Aamra Networks and Link3 Technologies are providing customized business solutions along with home services, being used by 35 million users across the country.
Secondly, a handful of frontier entrepreneurs have done a great deal to put Dhaka on the map, even achieving international success in the process. NewsCred, for instance, is a content syndication startup founded by Shafqat Islam, Iraj Islam, and Asif Rahman in 2008; it has raised $45 million in venture funding to date.
G & R Technologies, founded by Nash Islam and Muhammad Nazimuddaula in 2012, is currently the biggest online advertising marketplace in Bangladesh. What is really notable here is that G&R is the Consulting Partner for Amazon Web Services in Bangladesh and the AdSense and AdWords partner for Google. Recently, it was acquired by GenEx Infosys Ltd in a multi-million dollar deal.
Thirdly, the community of various startups working in Bangladesh has become organized and started to thrive. Facilitators like SD Asia are working to shine a spotlight on exciting entrepreneurial developments and organizing various networking events and sessions to encourage more collaboration and connectivity between startups as well as inspire future entrepreneurs.
Numerous global players have expressed interest in the emerging business scene in Dhaka, but what is great is that several of them have shown great commitment in active participation.
GrameenPhone might seem a like strange first mention in this context, but it is important to remember that it began as a joint venture between Telenor and Grameen Bank, where Telenor is currently the majority stake holder. Already the largest mobile operator in the country, GrameenPhone is working closely with local entrepreneurs to encourage innovative solutions to various relevant problems, supplementing its expansion plans for the future.
Rocket Internet Group, a German-based startup incubator, has launched five companies in Bangladesh in just two years. These include Carmudi, classified sites for cars; Lamudi, a classified site for real estate, Kaymu, an online marketplace; Foodpanda, an online delivery system; and Daraz, an online retailer. It is clear that Rocket Internet is determined to gain a good foothold in our rapidly growing business landscape.
Google is closely working with several sponsored communities such as Google Development Groups (GDGs) and Google Business Groups (GBGs) in Bangladesh to provide customized solutions to Bangladesh for their services, such as Google Street View and Google Bus. These communities are entirely composed of local talent who have shown exceptional enthusiasm about contributing to the promotion of internet literacy and proficiency in our countries.
There has also been a noticeable rise in investor activity. 500 Startups, a California-based seed fund, invested an undisclosed amount in ChalDal, an online grocery store. Fenox, a US-based Venture Captial firm, announced a $200 million fund for Bangladeshi startups. The company has already invested in Priyo.com, a company that has been often called the Yahoo of Bangladesh for its similar business model.
The momentum for business progress is high, and as activity increases it is going to reach even higher levels. This growth won't be without challenges, as political, infrastructural and economic instability still pose significant problems, but the entrepreneurial ecosystem is very aware of them and actively working around them, with an eye on future efforts to mitigate them.
Business-wise for Bangladesh, there is nowhere to go but up.
(The writer is a BBA student at the IBA, Dhaka University. Email: dray253@live.com)