July 25, 2021

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13% of government grants startups are in a good position

So far, 160 startups in the country have been officially sponsored. Of these, 13 percent are in a good business position. However, those involved in the sector say that the success of startups globally is not more than 10 percent.

However, the names of some startups outside the government support are now in the mouths of people. Technicians think that there is a lot of potential for startups in Bangladesh. This requires proper guidance, knowledge and adequate support.

When it comes to startups in the country, there are several names including Pathao, Shopup, Sahaj, Seva XYZ, Chaldal. Apart from this, the names of some startups are also coming, including government-sponsored adventurers, cookups, shipping and truck labs.

Under the Innovation and Entrepreneur Development Academy Establishment (Idea) project under the Department of Information and Communication Technology (ICT), the government has officially started sponsoring startups since 2016. The cost of the project is Tk 261.06 crore.

According to the project, more than Tk 10 crore has been given to 160 startups so far. Several startups have received foreign investment of more than Tk 265 crore. Granted initiatives include health, education, business products, and communications.

According to the Idea Project’s 2020 report, 13 percent of government-funded organizations are doing well, 32 percent are surviving, 2 percent are emerging, 22 percent are fighting, 28 percent are new and 2 percent are lost. In addition, 2 percent of startups did not take money.

StartupBlink works with the rankings of the global startup ecosystem. In their 2020 report, Bangladesh ranks 97 out of 100 countries. In the ranking, Bangladesh is 11 steps behind the previous year. In the ranking, India is 23rd, Pakistan is 72nd, Sri Lanka is 99th and Nepal is 100th. The report says that without government support, good infrastructure and stable internet, Bangladesh will not be able to reach its full potential and become the desired startup hub.

State Minister for ICT Junaid Ahmed, however, said the receipts were much higher than expected in five years. Domestic and foreign investment has reached over 300 million. Many of those who started from scratch have now turned into institutions worth Rs 150-200 crore.

Successful and backward startup
Ananya Raihan, a member of the government’s Idea Project selection committee, said the type of new initiatives was initially platform-centric but is now very diverse.

Adventurer is a startup that does well with grants. They work with travel. They started their journey with one lakh rupees, which now stands at crores of rupees. They received a grant of Rs 10 lakh from the government.

Nazmul Islam, one of the entrepreneurs of the adventurer, told Prothom Alo, “If you want to succeed, you have to stick. About 60 percent of the ideas we came up with had to be changed. We have to do a lot of market research. ‘

‘Over ৩ 300 million has been invested. Many who started from scratch have now turned into institutions worth Rs 150-200 crore. ‘
Junaid Ahmed, Minister of State for ICT
Garbageman gets Rs 10 lakh from Idea project. Its founder Fahim Uddin told Prothom Alo that they are trying to do better.

M Roknuzzaman, a professor at North South University, told Prothom Alo, ‘The main job of startups is to develop ideas. But we are being given a digital service of internet, smartphone and cloud computing. It’s not sustainable. ”

The Idea project provides a maximum grant of Rs 10 lakh in the pre-seed stage. This money is given step by step by reviewing the progress of the work.

Mohammad Shaheen of Driverbd.com, one of the entrepreneurs who stopped the grant, told Prothom Alo: So let’s stop. ’He took a grant of five lakh rupees.

FiveD technology for making smart beds and wheelchairs with a grant of Tk 10 lakh is no longer effective.

Minhaj Anwar of consulting firm Better Stories told Prothom Alo that the success of startups globally is not more than 10 percent. Bangladesh has many weaknesses.

Recently, Startup Bangladesh Limited has invested Tk 15 crore in seven startups. This year, they have announced an investment of Rs 100 crore in 50 startups.

Syed Mujibul Haque, director of the ICT department’s Idea project, told Prothom Alo that there is a 15-member committee to provide grants. He said now investment has also started coming from abroad.