Bangladesh Securities and Exchange Commission (BSEC), Venture Capital & Private Equity Association of Bangladesh (VCPEAB) and World Social Innovation Forum (WSIF) organized a roundtable titled “Building A Vibrant Startup Ecosystem” to celebrate World Investor Week 2022 which is a week-long, global campaign promoted by International Organization of Securities Commission (IOSCO). The roundtable discussed the required improvements or changes in current rules/regulations/provisions for
ameliorating to a better and stronger Start-up Ecosystem. Speakers also discussed about the vision to create five Unicorns by 2025.

Bangladesh’s startup ecosystem is heating up, but still facing challenges. Currently, Bangladesh has 1,200 active startups creating drastic impacts in day-to-day Bangladeshi lives through new, innovative products and services. The country has attracted a total investment of USD 505 Mn in 2021 and 2022 (up to quarter 2), with a total contribution of USD 498 Mn from global investors. Though Bangladesh’s position as a maturing startup hotspot has started grabbing international attention, the support for startups needs to evolve. Some improvements or changes in current rules/regulations/provisions can bring development to a better and stronger industry.

In the roundtable, Dr. Shaikh Shamsuddin Ahmed, Commissioner, BSEC attended as the special Guest. The keynote presentation was delivered by James Tan, Managing Partner of Quest Venture and Tanveer Ali, Chief Investment Officer of Constellation Asset Management Company Ltd B; Director of VCPEAB. The moderator of the session was Asif Mahmood, Vice President of VCPEAB, Managing Partner of SEAF Bangladesh Ventures.

Dr. Shaikh Shamsuddin Ahmed, BSEC Commissioner, BSEC said, “We are collaboratively trying to build a triangle relationship with two vital regulatory bodies which are Bangladesh bank and NBR to promote foreign investment, venture capital and private equity firm in Bangladesh.”

Sami Ahmed, Managing Director, Startup Bangladesh Limited said, “It is an exhilarating time for startup ecosystem in Bangladesh as we see a lot of innovations coming to us for funding. We only read about various innovations those are happening in other countries, but it is really overwhelming to see similar types of ideas and innovations are also nurtured and pitched to us almost every day.”

Asif Mahmood, Vice President, VCPEAB and Managing Director, SEAF Bangladesh Ventures LLC said, “Our education system needs to be transformed in a way so that the younger generation who are the actual producer and nurturer of innovation can be integrated in our startup ecosystem”.

Jenni Risku, Board Member, World Social Innovation Forum (WSIF) and Founder, Women in Tech Conference Asia said, “Women can actually be a catalyst to the entire startup ecosystem. I believe diversity in ecosystem pays back in a number of ways- to the investors, to the startups as well as to the government.”

James Tan, Board Member, World Social Innovation Forum (WSIF) and Managing Partner, Quest Ventures said, “Singapore, one of the world’s leading startup ecosystems in terms of multiple successful startups, is the regional hub for incorporation, venture capital, and international connections. I really think the world stands ready to invest in potential great economies such as Bangladesh.”

Sonia Bashir, Director, VCPEAB and Managing Director, SBK Tech Ventures said, “Being a VC, and women entrepreneur, I think that women entrepreneurs or women VCs need to get more attention. If we consider women as an asset class, cater them, groom them and ensure gender balance, there will be a lot of value addition in this field.”

Fahim Mashroor, CEO, Delivery Tiger; CEO & Co-Founder, AjkerDeal.com; Managing Director, Bdjobs.com said, “We need to be very pragmatic on startup funding that probably we will not be flooded with global VC fund in next 2 to 3 years. So, we need to work on policy level and ensure higher capital efficiency so that we can get maximum output from the funding we get.”

Tanveer Ali, Director, VCPEAB and Chief Investment Officer, Constellation Asset Management Company Ltd said, “Collaboration and empathy can contribute towards better vibrancy in the ecosystem. It is important for each stakeholder to understand the challenge of others and work collaboratively to reach a common goal. The other considerations which are needed to be considered are legal supports, tax exemptions and exit opportunities.”

Ziaur Rahman, President, Capital Market Journalist Forum (CMJF) and Editor, Arthoshuchok said, “Media can play a vital role to attract foreign investment and increase the brand equity of Bangladesh startup ecosystem globally by writing up features, articles and reports on innovations and talented entrepreneurs.”

Carman Chan, Global Steering Committee Member, World Social Innovation Forum (WSIF); Managing Director, Click Ventures (China); Zia U. Ahmed Ph. D, Senior Vice President, VCPEAB, Chairman, VIPB Asset Management Company Ltd; Sajid Rahman, Managing Partner, MyAsiaVC, Board Member, ICANN; Noel Akpata, Global Steering Committee Member, World Social Innovation Forum (WSIF), CEO, Stratex Pro (Nigeria); Shafique-ul-Azam, Vice President, VCPEAB, Managing Director, BD Venture Limited; Shawkat Hossain, Director, VCPEAB, Managing Director, Velocity Asia Ltd; Waseem Alim, Co-Founder & CEO, Chaldal were also present.

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World Social Innovation Forum and theunconnected.org have jointly announced partnership in a webinar attended by top-level representatives from both organizations for cooperation, synergizing opportunities, and collaboration in projects that align with the shared goals of the organizations.

World Social Innovation Forum is the global platform of social changemakers, social innovators, impact investors, policymakers and thought leaders in government, non-profit, and corporate sectors that aims to improve the lives of people and build stronger, healthier communities across the globe.

theunconnected.org aims to bridge the digital divide by connecting people to the internet. They understand that the internet is a vital component for economic and social development and that data connectivity enables access to employment opportunities, education, healthcare, agriculture, financial services, and entertainment. They focus on keeping schools and students connected, as well as bringing rural villages, farmers, and impoverished communities wherever they are based into the economy by funding their mobile or satellite connections.

Shameem Ahsan, Chairman of World Social Innovation Forum said, “We are committed to partner with organizations such as theunconnected.org, as they possess the drive, expertise, and passion to bring sustainable change. This partnership is established to strengthen both organizations’ ability to address pressing societal challenges and to elevate and create healthier communities.”

Joseph Eid, Ambassador of theunconnected.org said, “We’d be happy to collaborate with the World Social Innovation Forum and looking forward to work jointly on several initiatives to successfully serve our communities and empower people throughout the world.”  

This partnership unifies two organizations with a mutual purpose of transforming the lives of people along with building thriving communities through each organization’s respective initiatives.

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World Social Innovation Forum (WSIF), Startup World Cup, and Startup Hub Nepal jointly organized a webinar titled “Funding Social Innovation: Fostering a Green & Resilient Economy Through Startups” to provide the startup ecosystem of Nepal with guidelines on establishing impact and compassionate capitalism. The webinar was held on May 16, 2021 bringing together more than one hundred startups from Nepal and around the world, global investors, social changemakers, and top executives of global prominent companies.

WSIF aims to play a leading role in achieving the Sustainable Development Goals (SDGs). Currently, WSIF will focus on the following six SDGs: Good health and well-being; Quality education; Gender equality; Decent work and economic growth; Industry, innovation, and infrastructure; and Sustainable cities and communities.

Going forward, WSIF, Startup World Cup and Startup Hub Nepal will work together to connect Nepali startups with global startups, social innovation networks and investors. These platforms will also help the government of Nepal formulate frameworks for implementing impact and compassionate capitalism through the startup ecosystem. Nepali startups in Health-tech, EdTech and other impact-creating domains will get support from these platforms to generate employment, entrepreneurship, and solve ESG challenges.

Shameem Ahsan, Chairman, World Social Innovation Forum, and General Partner, Pegasus Tech Ventures said, “We need to collectively come up with initiatives and action plans to heal the world, and one such solution is within our grasp, fueled by impact investment. It allows us to address the disparity in society, and degradation of our planet and lead us to a sustainable new world. We strongly believe that in next 15 years, majority organizations in the world will initiate impact-driven businesses and majority of world population will consume products and services from impact-driven companies. It will also help us become less susceptible to pandemics like COVID-19 and build a resilient economy.”

Jenni Risku, Board Member, World Social Innovation Forum, and Founder, Women In Tech said, “It is imperative to give voice to the women struggling with starting their own ventures, and it varies between women of different countries. Because of varying cultures and roles, asking women of different countries what it is they need to help smoothen their journey to start and sustain a startup is important, and must be backed up by government policies.”

James Tan, Board Member, World Social Innovation Forum, and Chairman, Action Community for Entrepreneurship (The national voice for Singapore startup ecosystem) said, “The startup ecosystem rests on five pillars: the government and the public sector, startups, corporations, risk capital, and higher learning. The government alone cannot support the startup ecosystem, it requires the joint effort of all five pillars. However, the government interference should be minimal, because the public sectors know little about the functioning of the startup ecosystem. The private sector is better at understanding and navigating the startup ecosystem.”

Dr. Shambhu Pokharel, Founder, Startup Hub Nepal said, “To create a long-lasting and real social impact, we all need to actively play a major role in addressing the challenges faced by our aspiring entrepreneurs which will help to ignite a robust startup ecosystem.”

Shalabh Mittal, CEO, School for Social Entrepreneurs India said, “The concept of impact capital should be changed to compassionate capitalism, where pivotal roles are played by the entrepreneurs, learning and incubation, and investors, laced with government service. Out of all these, the entrepreneur plays the most important role, as the sole bringer of the idea that can create impact. Furthermore, more efforts must be taken to make spaces for women to be a part of all platforms and give them an equal footing when launching startups and attaining resources.”

Deependra Bajracharya, Corporate Account Orchestration, Microsoft said, “Microsoft has been involved in start-up culture for years. If I look at the current situation of the startup ecosystem and culture, our focus is on sustainability, using sustainable and eco-friendly practices. We aim to restore more land than we use, reduce our water usage, and use resources efficiently to reduce waste by recycling more by the year 2030.”

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‘Shohojoddha’ a plasma network has been initiated by the ICT division, Directorate General of Health Services (DGHS), UNDP, World Innovation Forum, a2i Innovation Lab, and eGeneration to facilitate the collection and distribution of plasma from coronavirus recovered patients. It is a plasma network platform designed with the intent to connect plasma donors and recipients in Bangladesh. Chief guest Zunaid Ahmed Palak MP, State Minister, ICT division; and Special Guest Dr. Md. Aminul Hasan, Director, Directorate General of Health Services (DGHS) were present among others in the event chaired by Dr. Md Abdul Mannan, PAA, Project Director (Additional Secretary), a2i. In the event Shameem Ahsan, Group Chairman, eGeneration, presented his keynote presentation on the ‘Shohojoddha’ platform.

Chief Guest Zunaid Ahmed Palak MP, State Minister, ICT division, said, “The government has been taking successful measures to keep our population safe during this global health crisis. The ‘Shohojoddha’ platform is a continuation of all the government efforts to cure people infected by the coronavirus. We want to effectively use the existing infrastructure that promote the public’s health and implement IT infrastructure over the existing system to contribute to improved individual and communal health outcomes concerning coronavirus.”

Special Guest Dr. Md. Aminul Hasan, Director, Directorate General of Health Services (DGHS), said, “Coronavirus is a crisis of a completely different magnitude and one that will require a response of unprecedented scale. Platform like ‘Shohojoddha’ is much needed in our country’s current situation. Health sector needs to adopt with digital technologies like this to fight a challenge like COVID-19. We wish this initiative a resounding success.”

Chair of the program Dr. Md Abdul Mannan, Project Director, a2i said, “a2i has been working continuously to collaborate with public and private sector to initiate different project. We hope that platforms like ‘Shohojoddha’ will be integrated into our public health system.”

Anir Chowdhury, policy advisor, a2i said, “The plasma donor does not feel any illness as only plasma or aqueous part of blood is taken from the body of a corona recovered patient in plasma therapy. It is easier to give plasma than to give blood and there is no reason to be afraid. A major silver lining is that most infected people get completely cured from the infection. I would like to request the recovered people to register through the ‘Shohojoddha’ network so that you can contribute to stopping corona.”

Shameem Ahsan, Director, World Innovation Forum and Chairman, eGeneration said, “We are living through an exceptional time, and our greatest strength lies in working together. The transmission of coronavirus has become a major concern for our public health, and we need proper implementation of information technology through collaboration of our government, private sector, and healthcare service providers to keep pace with the ongoing situation. The ‘Shohojoddha’ platform is the manifestation of the ideology to bring about technology innovation to our health sector.”

Faruq Ahmed Jewel, Head of Technology for i-Lab at a2i said, “To solve our national problems innovation lab has been doing research with RND partners and researchers. ‘Shohojoddha’ is one of those initiatives that we are launching. Our belief is that the platform will play a vital part in binding different stakeholders to facilitate the plasma distribution in our country.”

Dhaka Medical College (DMC), Bangabandhu Sheikh Mujib Medical University (BSMMU), United Hospital, Universal Hospital, Military Institute of Science and Technology (MIST), e-Cab, Praava Health, Pulse Health, OIwell, Grey, Ayat Foundation and Bangladesh Super Market Owners’ Association Pathao, Shohoz, BAGDOOM and Chaldal have become partners of this initiative.

In the platform, donors can register to become part of a digital plasma bank in Bangladesh that will serve patients infected by coronavirus. The digital plasma network will enable infected patients to search and collect necessary plasma in case of a doctor prescribes convalescent plasma therapy. The platform is available through www.shohojoddha.com web portal and Facebook page.

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