The securities regulator is ready to provide required services to build startup ecosystem in a bid to facilitate implementation of innovative ideas generated by young enthusiastic entrepreneurs.
The chairman of the Bangladesh Securities and Exchange Commission (BSEC) Prof. Shibli Rubayat Ul Islam said this on Saturday at a webinar titled 'Venture Capital and Startup Investment Forum'.
The securities regulator and Venture Capital & Private Equity Association of Bangladesh (VCPEAB) organised the webinar in observance of World Investor Week, 2020 and Mujib Centenary.
BSEC chairman Prof. Islam said venture capital is a demand of the day as the country has a large number of young entrepreneurs having a lot of innovative ideas.
"But sometimes they face fund crisis to materialise their ideas. We should encourage them who play effective role in employment generation," said Mr. Islam.
Mentioning the good of intention of financial institutions division of the ministry of finance, the BSEC chairman said those who want to be employer without searching for jobs should be provided with funds to facilitate implementation of ideas.
"Bangladesh has enough preparation to help the entrepreneurs having innovative ideas," said the BSEC chairman as the chief guest of the webinar.
Prof. Islam also said the country has huge demographic advantage which is very rare in this world as almost 60 per cent of our population is below 38.
"They are our assets as they possess the ability to generate several innovative ideas."
Two BSEC commissioners Prof. Dr. Shaikh Shamsuddin Ahmed and Prof. Dr. Md. Mizanur Rahman attended the webinar as special guests.
The keynote speaker was Anis Uzzaman, General Partner & CEO, Pegasus Tech Ventures, and the session was chaired by Shameem Ahsan, President, VCPEAB.
Jenni Risku, founder, women in Tech Conference, James Tan, managing partner, Quest Ventures, Asif Hossain Khan, professor, Department of Computer Science and Engineering, Dhaka University, Craig Bristol Dixon, general partner & CEO, Accelerating Asia, Vinod Shankar, co-founder and partner, Java Capital, Svet Sedov, founder, The First International Incubator for Silicon Valley Companies, and Afshin Moayed, partner, Razor Capital were the speakers in the event.
BSEC commissioner Prof. Dr. Shaikh Shamsuddin Ahmed said a lot of job holders are losing job due to economic fallout amid COVID-19 pandemics.
"Hence, it is essential to build a robust venture capital and startup ecosystem which can give rise to employment opportunities in our nation," Prof. Ahmed said.
Another BSEC commissioner Prof. Dr. Md. Mizanur Rahman said the Tokyo Mother's market and Shanghai STARS Market models have given us a course of action to reflect upon.
"The small cap board of the capital market will be an opportunity for developing a simple, easier and less regulated environment for startups. This will ensure access to funds," Prof. Rahman said.
Shameem Ahsan, president of VCPEAB, said entrepreneurs need a functioning ecosystem that offers access to capital, talent, networks, and other resources to flourish.
"At present, there is only one Unicorn or billion-dollar company in Bangladesh. By 2025, our vision is to create a startup-ecosystem that will have at least five companies with billion-dollar valuation and will create 5 million direct employments," Mr. Ahsan said.
He has also expressed optimism about 2.0 per cent to the GDP from the ICT and startups.
Anis Uzzaman, General Partner & CEO, Pegasus Tech Ventures said, Bangladesh needs a small and mid-cap market model similar to Shanghai's STARS market or Tokyo Mother's market.
Jenni Risku, Founder, Women in Tech Conference said, said the startup ecosystem in Bangladesh is very lively, especially in regard to technology.
"Bangladesh has witnessed a notable transformation in the venture capital and startup arena."
James Tan, Managing Partner, Quest Ventures said, said the government can play an important role to make the venture capital and startup ecosystem vibrant.
"The government can introduce favorable policies and subsidise credits for startups and SME which will be extremely beneficial for the venture capital and startup community."
Asif Hossain Khan, Professor, Dhaka University laid importance on promotion of local products along with bringing changes in policies.
"This will encourage companies to conduct Research and Development (R&D) with the local universities. Implementing such policies will help to close the gap between the industry and the academia."
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