In recent years, Bangladesh has witnessed the emergence of a compelling cases in sustainable entrepreneurship, thanks to the Sustainable Enterprise Project (SEP) funded by the World Bank and the Palli Karma-Sahayak Foundation (PKSF) with the help of the Government of Bangladesh. This initiative has not only addressed the challenges faced by sustainable enterprises but has also underscored the intricate relation between economic growth, environmental stewardship, and social responsibility.
Sustainable enterprises in Bangladesh encounter various obstacles, from difficulties in selling products and lack of modern technology adoption to obtaining funding for growth. Recognizing these challenges, it is imperative to extend a helping hand in managing waste, embracing new technology, and enhancing sales strategies. The SEP focuses on enhancing the adoption of eco-friendly technologies, improving marketing strategies, and building brand development capacity for MEs in agribusiness and manufacturing sectors. SEP collaborates with over 60,000 microenterprises, striving to integrate environmental protection into this sector. Through strategic interventions, the project has made significant strides in mitigating environmental issues and reducing pollution.
The project, through collective intelligence workshops over the last six months, has successfully brought hundreds of micro-entrepreneurs together, facilitating the sharing of difficulties and ideation for innovative solutions using design thinking approach. The recent youth conference, 'Exploring Sustainable Enterprises: Challenges and Solutions for Micro-entrepreneurship and Youth Empowerment in Bangladesh,' held recently, echoed the collective commitment to promoting sustainable entrepreneurship. A total of 150 youth and 100 micro-entrepreneurs along with policy makers, PKSF and World Bank officials in Bangladesh participated in the conference. The outcome of the conference is a declaration termed as "Youth declaration on promoting sustainable enterprises."
The conference highlighted the significance of entrepreneurship and youth participation, emphasizing the need for comprehensive training, eco-friendly product education, and recognition systems for green practices. The youth conference attendees, along with micro-entrepreneurs from across the country, have articulated a set of urgent calls to action to promote sustainable micro-entrepreneurship which are summarized below:
Building a supportive ecosystem: The participants emphasized on the role of different stakeholders including, community members, government officials, and non-governmental players, to champion policies that support growth in sustainable micro-enterprises. They suggested to host more networking events, create awareness, and provide funding opportunities to foster a thriving ecosystem for micro-entrepreneurs, ensuring long-term social and economic development.
Empowering women entrepreneurs: All the participating actors realised that it is crucial to focus on specialized initiatives that empower women entrepreneurs. They call to challenge societal limitations, foster diversity, and encourage innovation to create an inclusive entrepreneurial landscape for women.
Stakeholder support for the youth: The youth and micro-entrepreneurs also call upon stakeholders to invest in mentorship programs, funding opportunities, and networking events for young entrepreneurs. This support will promote an eco-friendly economic system, fostering sustainable youth entrepreneurship.
Consumer responsibility: All the actors recognise the role of consumers in promoting sustainable enterprises as their choices matter. They urge the consumers to consider paying slightly higher prices for sustainably produced goods. This helps producers cover the extra cost of eco-friendly production and safe technology use while paving the way to compete with the market challenges and gradually reducing the price by selling more.
Microenterprise promotion: The youth particularly recognise their role to be a vocal supporter. They urge all the youth to encourage microenterprises through word-of-mouth and social media. Advocate for more sustainable business approaches to drive positive change.
Sustainable sourcing: Micro-entrepreneurs urge all other micro-entrepreneurs to prioritize the use of sustainably sourced and recycled materials. They emphasize on gradually shift towards sustainable waste management systems for an eco-friendlier business.
Eco-certifications and dialogues: Entrepreneurs are requested to obtain eco-certifications, actively participate in dialogues and seminars, and use their voice to implement sustainable approaches.
Direct consumer sales: Acknowledging the challenges of increased raw material prices, the entrepreneurs seek support to sell products directly to consumers so that they can compete with larger retail establishments.
Market manipulation control: The micro-entrepreneurs advocate for control over market-manipulating syndicates. They urged the government to monitor the market and prevent limitations on the entry of sustainable entrepreneurs.
Micro-finance cooperation: Entrepreneurs and micro-finance organizations are requested to cooperate effectively. The government actors are requested to streamline financing procedures and provide low-interest loans to support the growth of micro-enterprises.
PKSF and World Bank initiative: All of the micro-entrepreneurs urged that PKSF and the World Bank should organize fair at different levels and try to bring in international buyers allocating stalls directly to micro-entrepreneurs during fairs and organize regular workshops for their benefit.
Through these collective efforts, the youth of Bangladesh and the representing micro-entrepreneurs envision a greener, more resilient future. Together, they aim to shape a sustainable ecosystem that benefits businesses, communities, and the environment. By intertwining economic growth, environmental stewardship, and social responsibility, SEP declaration can pave the way for a brighter sustainable tomorrow.
Dr. Sayed Saikh Imtiaz is a professor at DWGS of DU and Dr. Ifterkharul Amin Shatil is a professor at IBA of DU