Bangladesh’s Startup Ecosystem has experienced incredible growth since its journey began in the early 2010s. The ecosystem is now coming of age, riding on - USD 200 million in investments, government initiatives, global & local accelerator programs propelling 1,000+ active Startups, who have created 1.5 million+ employment in Bangladesh with products and services which are increasingly becoming part of the country’s everyday life.
Check out the latest update on the Bangladesh Startup Ecosystem.
Tips for the Food sector: To keep up with this constantly shifting consumer behavior, look for early signs by using Google Trends to see how demand for certain food products or delivery services is changing to meet people’s needs.
Tips for Travel marketers: Our APAC travel recovery itinerary revealed that people have local trips and safety in mind, so marketers should seek to provide safety information upfront and present local product offerings and fun activities.
Tips for keeping people entertained: Though some people who signed up for a new entertainment source might stay, there’s also a higher likelihood of churn when their trial period ends. If you saw an increase in people signing up for your online products and services, focus on retention to keep them coming back, especially if you offered a free trial during the pandemic.
Tips for merchants: Make sure you integrate digital payment options for your consumers. Digital payments are expected to see a continued boost post-COVID-19, and trust in e-Wallets will likely increase.
Although there is still some instability, the internet sector in SEA is set to emerge stronger than ever in a post-COVID-19 world. The digital economy remains a bright spot in a very challenging economic environment, and e-Commerce remains a key driver of growth. The biggest takeaway for brands and marketers is the need to focus on people and their changing habits online, as well as keeping up with changing trends, as we continue to understand what our new normal will look like in the future.
MEDICI’s new ‘Indonesia FinTech Report 2021’ analyzes the country’s FinTech sector and trends in the last three years—a deep-dive by segments & subsegments, funding patterns, M&As, ecosystem partnerships, industry drivers, and perspectives drawn out of regulatory, geopolitical, economic, and market dynamics.
Beyond Banking: New Business Models for the Digital EraJessica Wilkinson
The banking and financial services industry is undergoing a period of unprecedented disruption, which is re-shaping the competitive landscape.
Criterium Group believes we’re experiencing a fundamental change in how people manage, save and spend their money –which means banks and credit unions will need to re-imagine how they deliver value to customers and members.
We’re experiencing a disintegration of the financial industry. But disruption is exciting, not scary. As our relationship with money evolves, there are endless opportunities to delight customers and deliver value. However, competing in a digital age takes a completely different approach.
Criterium Group has considered the changing landscape from a competitive, financial, technological and operational perspective to re-design the traditional banking business model to win in a digital world.
Para vencer nesse novo normal, as organizações devem prioritariamente aproveitar dados e análises para tomar melhores decisões nesse cenário de incerteza, entender seu cliente e adaptar-se rapidamente, e investir na automação como forma de ser mais eficiente e entregar mais valor.
Facebook-BCG Report on the impact of digital in the Financial Services IndustrySocial Samosa
India is on the cusp of a digital
revolution. With rising internet and
smartphone penetration, the digital
DNA of India is rapidly changing.
The first 100 million ‘digital Indians’
were largely men, millennials and
metro based. However, with higher
adoption among women, lower tier
cities and older age groups, the face of
an average internet user is changing.
They are also engaging in mature
activities, going beyond search and
social networking to online shopping
and banking. In 2013, only 7% urban
internet users with digital age less than
2 years adopted online shopping. This
grew more than four fold in four years.
A similar trend has been seen in online
banking as well.
Also, with increasing smartphone
penetration, the way consumers are
accessing internet is changing. In
2013, only 44% of urban population
preferred mobile for internet access,
but now almost 3/4th prefer mobile.
Find More Case studies at - https://www.socialsamosa.com/category/indian-social-media-case-studies/
Tips for the Food sector: To keep up with this constantly shifting consumer behavior, look for early signs by using Google Trends to see how demand for certain food products or delivery services is changing to meet people’s needs.
Tips for Travel marketers: Our APAC travel recovery itinerary revealed that people have local trips and safety in mind, so marketers should seek to provide safety information upfront and present local product offerings and fun activities.
Tips for keeping people entertained: Though some people who signed up for a new entertainment source might stay, there’s also a higher likelihood of churn when their trial period ends. If you saw an increase in people signing up for your online products and services, focus on retention to keep them coming back, especially if you offered a free trial during the pandemic.
Tips for merchants: Make sure you integrate digital payment options for your consumers. Digital payments are expected to see a continued boost post-COVID-19, and trust in e-Wallets will likely increase.
Although there is still some instability, the internet sector in SEA is set to emerge stronger than ever in a post-COVID-19 world. The digital economy remains a bright spot in a very challenging economic environment, and e-Commerce remains a key driver of growth. The biggest takeaway for brands and marketers is the need to focus on people and their changing habits online, as well as keeping up with changing trends, as we continue to understand what our new normal will look like in the future.
MEDICI’s new ‘Indonesia FinTech Report 2021’ analyzes the country’s FinTech sector and trends in the last three years—a deep-dive by segments & subsegments, funding patterns, M&As, ecosystem partnerships, industry drivers, and perspectives drawn out of regulatory, geopolitical, economic, and market dynamics.
Beyond Banking: New Business Models for the Digital EraJessica Wilkinson
The banking and financial services industry is undergoing a period of unprecedented disruption, which is re-shaping the competitive landscape.
Criterium Group believes we’re experiencing a fundamental change in how people manage, save and spend their money –which means banks and credit unions will need to re-imagine how they deliver value to customers and members.
We’re experiencing a disintegration of the financial industry. But disruption is exciting, not scary. As our relationship with money evolves, there are endless opportunities to delight customers and deliver value. However, competing in a digital age takes a completely different approach.
Criterium Group has considered the changing landscape from a competitive, financial, technological and operational perspective to re-design the traditional banking business model to win in a digital world.
Para vencer nesse novo normal, as organizações devem prioritariamente aproveitar dados e análises para tomar melhores decisões nesse cenário de incerteza, entender seu cliente e adaptar-se rapidamente, e investir na automação como forma de ser mais eficiente e entregar mais valor.
Facebook-BCG Report on the impact of digital in the Financial Services IndustrySocial Samosa
India is on the cusp of a digital
revolution. With rising internet and
smartphone penetration, the digital
DNA of India is rapidly changing.
The first 100 million ‘digital Indians’
were largely men, millennials and
metro based. However, with higher
adoption among women, lower tier
cities and older age groups, the face of
an average internet user is changing.
They are also engaging in mature
activities, going beyond search and
social networking to online shopping
and banking. In 2013, only 7% urban
internet users with digital age less than
2 years adopted online shopping. This
grew more than four fold in four years.
A similar trend has been seen in online
banking as well.
Also, with increasing smartphone
penetration, the way consumers are
accessing internet is changing. In
2013, only 44% of urban population
preferred mobile for internet access,
but now almost 3/4th prefer mobile.
Find More Case studies at - https://www.socialsamosa.com/category/indian-social-media-case-studies/
The COVID-19 pandemic has affected all spheres of life and business but one of the hardest hit are the already vulnerable SMEs due to dependence on a short cash cycle, supply chain disruption, and loss of sales. To understand the current impact of the crisis on SMEs in detail, LightCastle Partners & Sheba.xyz collaborated on an independent study about the “COVID-19 Impact on the SMEs of Bangladesh".
The "India Digital SME Credit Report 2023," a collaboration between GetVantage and Redseer Strategy Consultants, reveals that a significant credit deficit of approximately $220 billion is impeding the economic progress of digitized businesses. Despite an infusion of $53 billion in FY22 and an estimated $165 billion being serviceable after accounting for unviable businesses, the current working capital deficit remains at $112 billion. The report predicts that the demand for credit will surpass $570 billion in the next five years as the number of digital SMEs doubles. This deficit hampers innovation, job creation, scaling, and efficiency building among new-economy businesses. The report underscores the crucial role of alternative financing platforms, such as revenue-based financing, in addressing this gap and fostering economic growth.
Global banking outlook 2018: pivoting toward an innovation-led strategyEY
Banks are seeking to become digitally mature, completing the transition from regulatory-driven transformation to innovation-led change. EY’s Global banking outlook 2018 survey provides actionable insights for banks as they prepare.
Employee Inspiration: How to Create Energy That Drives Better Customer OutcomesQualtrics
Engagement has become the new holy grail for satisfied employees and a key issue for business leaders. But what does it mean to be engaged? Bain & Company is redefining the employee experience with a system for building inspiration through productive team discussions, candid frequent feedback and an outer loop for addressing systemic issues. Inspired employees should be everyone’s priority to fuel customer loyalty and organic, sustainable growth. We will share the results from our latest study, describe the mechanisms required and the behaviors to aspire towards – all key ingredients of a customer centered Employee Inspiration system.
Diving deep into literally millions of interactions and conversations with different networks such as Facebook, Twitter and Instagram, blogs, forums and news sites in order to bring you analytical info about how social media affects different sectors like:Sharing Economy, Banking and Finance, Ecommerce, Telecom and Fintech.
Digital Powers Consumer Durables: A $23 billion Opportunity by 2023Social Samosa
Capturing the growth of digital influence and key consumer insights in the consumer durables sector in India, Boston Consulting Group (BCG) and Google India released a report, ‘Digital Powers Consumer Durables: A $23 billion Opportunity by 2023’. Projecting a healthy growth rate for Consumer durables (Televisions, Refrigerators, Washing Machines, Air Conditioners, Microwaves, Water Purifiers & Small Kitchen Appliances), the report states that overall Industry will see a growth of 13% to reach $36Bn by 2023.
[Presentation] Startup Ecosystem: Bangladesh — Coming of AgeLightCastle Partners
Bangladesh’s startup ecosystem has picked up rapidly since 2013 – driven by participation from angels; rise of eco-system enablers like co-working space, community events, local and global incubators; and a growing active interest from government/development partners. However, major deals and growth have started happening since the end of 2017. While a number of international/local funds have present operations along with incubator/accelerator programs for pipeline development in the economy, Series A funding is yet to properly kick off. The embedded presentation gives a high level overview of the current status, the story of evolution and growth, the promising and thriving sectors, the potential bottlenecks and the role of ecosystem enablers. The conclusion is clear: Bangladesh’s startup ecosystem is slowly, but surely, coming of age.
The Democratic Republic of the Congo offers huge market potential for technology start-ups. The political environment supports entrepreneurship and digital services. The aim of the National Digital Plan is to drive market and improve infrastructure to surge opportunities for financial inclusion.
Impacts of Information Technology on Banking Industry A Case Study of Akure B...ijtsrd
As information technology is the modern trend on banking today, its very imperative for banks to access its impact operational performance so as to justify if the capital invested on it is Justifiable or not, analyze their problem and profit possible solutions. The objective of this research is to examine how the adoption of information technology affects the operations of commercial banks and the impact of information technology on banks and customer relationship. The main research instruments used are questionnaire from staffs and customers of the bank,156 questionnaire were distributed and 150 questionnaire were administered. The simple frequency percentage was adopted as the statistical measure and hypothesis testing was analyzed using chi square statistical tool, at 0.05 level of significance to show whether they should be upheld or rejected. The results of this research affirmed that there is significant relationship between management disposition and the utilization of information technology by banks in Nigeria. In conclusion, the study reward that information technology has tremendously improved growth and performance of the Nigeria commercial banks. Information technology has lead to increase customer satisfaction, improved operational efficiency, reduced transaction time, and gives the bank a competitive edge. The study recommends that every bank in Nigeria should not only invest heavily on IT especially the point of sales POS , but should distribute same to business outlets where business owners and customers will have access to smooth and hassle free transactions. It is therefore necessary for the government to emphasize the need for more policies that will boost the efficiency in utilization of IT equipment by reducing the cost of acquiring them so as to reduce cost and boost the growth of the economy. Consequently, it is hereby suggested that further studies be carried out on the impact of Information Technology on development finance institutions. Olaitan S. K | Arijeniwa O. C "Impacts of Information Technology on Banking Industry (A Case Study of Akure Bank Area)" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-5 | Issue-5 , August 2021, URL: https://www.ijtsrd.com/papers/ijtsrd45242.pdf Paper URL: https://www.ijtsrd.com/management/management-development/45242/impacts-of-information-technology-on-banking-industry-a-case-study-of-akure-bank-area/olaitan-s-k
Bangladesh Startup Ecosystem - The Untapped Digital Goldmine of AsiaLightCastle Partners
Bangladesh’s Startup Ecosystem has experienced incredible growth since its journey began in the early 2010s. The ecosystem is now coming of age, riding on - USD 200 million in investments, government initiatives, global & local accelerator programs propelling 1,000+ active Startups, who have created 1.5 million+ employment in Bangladesh with products and services which are increasingly becoming part of the country’s everyday life.
Bangladesh Startup Ecosystem Report- The Untapped Digital Goldmine of AsiaImpactors Connect
Bangladesh’s Startup Ecosystem has experienced incredible growth since its journey began in the early 2010s. The ecosystem is now coming of age, riding on - USD 200 million in investments, government initiatives, global & local accelerator programs propelling 1,000+ active Startups, who have created 1.5 million+ employment in Bangladesh with products and services which are increasingly becoming part of the country’s everyday life.
The COVID-19 pandemic has affected all spheres of life and business but one of the hardest hit are the already vulnerable SMEs due to dependence on a short cash cycle, supply chain disruption, and loss of sales. To understand the current impact of the crisis on SMEs in detail, LightCastle Partners & Sheba.xyz collaborated on an independent study about the “COVID-19 Impact on the SMEs of Bangladesh".
The "India Digital SME Credit Report 2023," a collaboration between GetVantage and Redseer Strategy Consultants, reveals that a significant credit deficit of approximately $220 billion is impeding the economic progress of digitized businesses. Despite an infusion of $53 billion in FY22 and an estimated $165 billion being serviceable after accounting for unviable businesses, the current working capital deficit remains at $112 billion. The report predicts that the demand for credit will surpass $570 billion in the next five years as the number of digital SMEs doubles. This deficit hampers innovation, job creation, scaling, and efficiency building among new-economy businesses. The report underscores the crucial role of alternative financing platforms, such as revenue-based financing, in addressing this gap and fostering economic growth.
Global banking outlook 2018: pivoting toward an innovation-led strategyEY
Banks are seeking to become digitally mature, completing the transition from regulatory-driven transformation to innovation-led change. EY’s Global banking outlook 2018 survey provides actionable insights for banks as they prepare.
Employee Inspiration: How to Create Energy That Drives Better Customer OutcomesQualtrics
Engagement has become the new holy grail for satisfied employees and a key issue for business leaders. But what does it mean to be engaged? Bain & Company is redefining the employee experience with a system for building inspiration through productive team discussions, candid frequent feedback and an outer loop for addressing systemic issues. Inspired employees should be everyone’s priority to fuel customer loyalty and organic, sustainable growth. We will share the results from our latest study, describe the mechanisms required and the behaviors to aspire towards – all key ingredients of a customer centered Employee Inspiration system.
Diving deep into literally millions of interactions and conversations with different networks such as Facebook, Twitter and Instagram, blogs, forums and news sites in order to bring you analytical info about how social media affects different sectors like:Sharing Economy, Banking and Finance, Ecommerce, Telecom and Fintech.
Digital Powers Consumer Durables: A $23 billion Opportunity by 2023Social Samosa
Capturing the growth of digital influence and key consumer insights in the consumer durables sector in India, Boston Consulting Group (BCG) and Google India released a report, ‘Digital Powers Consumer Durables: A $23 billion Opportunity by 2023’. Projecting a healthy growth rate for Consumer durables (Televisions, Refrigerators, Washing Machines, Air Conditioners, Microwaves, Water Purifiers & Small Kitchen Appliances), the report states that overall Industry will see a growth of 13% to reach $36Bn by 2023.
[Presentation] Startup Ecosystem: Bangladesh — Coming of AgeLightCastle Partners
Bangladesh’s startup ecosystem has picked up rapidly since 2013 – driven by participation from angels; rise of eco-system enablers like co-working space, community events, local and global incubators; and a growing active interest from government/development partners. However, major deals and growth have started happening since the end of 2017. While a number of international/local funds have present operations along with incubator/accelerator programs for pipeline development in the economy, Series A funding is yet to properly kick off. The embedded presentation gives a high level overview of the current status, the story of evolution and growth, the promising and thriving sectors, the potential bottlenecks and the role of ecosystem enablers. The conclusion is clear: Bangladesh’s startup ecosystem is slowly, but surely, coming of age.
The Democratic Republic of the Congo offers huge market potential for technology start-ups. The political environment supports entrepreneurship and digital services. The aim of the National Digital Plan is to drive market and improve infrastructure to surge opportunities for financial inclusion.
Impacts of Information Technology on Banking Industry A Case Study of Akure B...ijtsrd
As information technology is the modern trend on banking today, its very imperative for banks to access its impact operational performance so as to justify if the capital invested on it is Justifiable or not, analyze their problem and profit possible solutions. The objective of this research is to examine how the adoption of information technology affects the operations of commercial banks and the impact of information technology on banks and customer relationship. The main research instruments used are questionnaire from staffs and customers of the bank,156 questionnaire were distributed and 150 questionnaire were administered. The simple frequency percentage was adopted as the statistical measure and hypothesis testing was analyzed using chi square statistical tool, at 0.05 level of significance to show whether they should be upheld or rejected. The results of this research affirmed that there is significant relationship between management disposition and the utilization of information technology by banks in Nigeria. In conclusion, the study reward that information technology has tremendously improved growth and performance of the Nigeria commercial banks. Information technology has lead to increase customer satisfaction, improved operational efficiency, reduced transaction time, and gives the bank a competitive edge. The study recommends that every bank in Nigeria should not only invest heavily on IT especially the point of sales POS , but should distribute same to business outlets where business owners and customers will have access to smooth and hassle free transactions. It is therefore necessary for the government to emphasize the need for more policies that will boost the efficiency in utilization of IT equipment by reducing the cost of acquiring them so as to reduce cost and boost the growth of the economy. Consequently, it is hereby suggested that further studies be carried out on the impact of Information Technology on development finance institutions. Olaitan S. K | Arijeniwa O. C "Impacts of Information Technology on Banking Industry (A Case Study of Akure Bank Area)" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-5 | Issue-5 , August 2021, URL: https://www.ijtsrd.com/papers/ijtsrd45242.pdf Paper URL: https://www.ijtsrd.com/management/management-development/45242/impacts-of-information-technology-on-banking-industry-a-case-study-of-akure-bank-area/olaitan-s-k
Bangladesh Startup Ecosystem - The Untapped Digital Goldmine of AsiaLightCastle Partners
Bangladesh’s Startup Ecosystem has experienced incredible growth since its journey began in the early 2010s. The ecosystem is now coming of age, riding on - USD 200 million in investments, government initiatives, global & local accelerator programs propelling 1,000+ active Startups, who have created 1.5 million+ employment in Bangladesh with products and services which are increasingly becoming part of the country’s everyday life.
Bangladesh Startup Ecosystem Report- The Untapped Digital Goldmine of AsiaImpactors Connect
Bangladesh’s Startup Ecosystem has experienced incredible growth since its journey began in the early 2010s. The ecosystem is now coming of age, riding on - USD 200 million in investments, government initiatives, global & local accelerator programs propelling 1,000+ active Startups, who have created 1.5 million+ employment in Bangladesh with products and services which are increasingly becoming part of the country’s everyday life.
Bangladesh’s hi-tech industry is gaming forward on the back of steady economic indicators that signal rising per capita income, a surging young-consumer market indicative of future demand for tech products and services, and favorable policies that paved the ground for local and international players to explore the market. The emerging startup ecosystem has also been playing an instrumental role in channeling FDIs to industries like FinTech, Logistics, and Mobility since 2016. While the ongoing government initiatives in building capacities to sustain investment are portraying a positive future, over-supply of low-cost labor remains one of the major growth drivers for the hi-tech industry.
LightCastle Partners - Digital Commerce in Bangladesh : Policies & PossibilitiesLightCastle Partners
Despite the pandemic, Bangladesh, till Sep 2020, has clocked a GDP growth rate of 5.2% (ADB, 2020) - one of the highest in Asia.
Digital transactions are growing faster than ever. The first three quarters of 2020 saw a total od USD 65 billion+ digital transactions, where 72% of the transactions were dominated by MFS banking. With 96 million registered MFS users and USD 202 million daily MFS transactions, digital transactions can unlock new potentials of the digital commerce industry.
The eCommerce market (including f-commerce) has grown at a steady pace to USD 2.1 billion in 2020. The market holds the potential to become USD 3 billion by 2023 and can create around five lakh jobs in digital commerce industry.
Can the Digital Commerce Industry become a critical driving force of the future economy of Bangladesh?
LightCastle Partners presents "Digital Commerce in Bangladesh: Policies & Possibilities"
Bangladesh: Forecast of Growth Industries & Tax Incentives for IndustriesLightCastle Partners
Unlike many of its South Asian neighbors, Bangladesh has been experiencing a continuously increasing GDP growth rate for the last five years – driven by strong consumption and public investment, recovery of apparel exports and high remittance growth. The Government has created liberal investment and business operation policies regarding taxation, import duties and work documentation among others, in a manner that encourages greater foreign investment in the secondary and tertiary sector. Drawing lessons from the Chinese economic success story, Bangladesh is promoting industrialization by setting up Special Economic Zones across the country, while attracting investments through investment friendly policies like tax holidays. The policy focuses heavily on thrust sectors that are primarily export oriented such as agro-based industries and manufacturers that specialize in ICT, artificial flower-making, electronics, frozen food, jute goods, jewelry, leather, oil, gas, textiles, construction and tourism.
The Indian market is complex and poses challenges. With over 122 major spoken languages and a diverse number of ethnic and cultural groups, India is one of the most diverse nations in the world. However, understanding the consumers and the market has helped global companies enter and become successful in India. Read about the opportunities that are emerging in India: http://bit.ly/298h7gH
This report offers a comprehensive overview of the situation in Malaysia focusing on the business perspective. Malaysia in Southeast Asia has a robust economy. Its GDP per capita ranked 54th in 2019. In the same year, the Malaysian population increased by 1.3% and reached a total of 32 million. Corruption controls are moderate in Malaysia, whereas its level of regulatory quality ranks high: #56 out of 160 countries
What's included?
Economic conditions (incl. COVID-19 economic impact), public finances, and detailed information on the labor force
Demographics, consumption, and income
Imports, exports, foreign direct investments
Fitch Solutions operational risk indexes
Business culture and local habits
Government structure, overview of stability and threats, and the political environment
Territorial CO2 emissions, energy shares, and PM2.5 exposure
“After all, in order to achieve impressive results as other advanced countries, Vietnam needs to accelerate its labor productivity. The confrontation between the world’s development models ultimately lies in the fact that which model creates higher productivity. That is also the reason why we see great world’s powers competing against each other primarily not about trade, but technology. As technology is the way to help Vietnam get rid of its short-sightedness and strive for ambitious visions, the dream of Vietnam becoming an IT nation will soon come true."
In the last 5 years, Vietnam has been going through positive changes in digital transformation, thus moving forward into a digital economy and a digital society. Therefore, the wave of tech startups as well as startup projects from large companies, has continuously been on the rise. With the entire technology industry’s substantial growth in general, it can be said that by 2020, Vietnam will be considered as an IT nation of Southeast Asia. Minister of Information and Communications Nguyen Manh Hung said that an additional 50,000 IT businesses (ICT) is necessary for Vietnam to accelerate its digital transformation. A trend called Make In Vietnam is on a strong momentum where the developers and technology experts have considered more about bringing Vietnamese products to the world. Product companies are gradually showing their appearance.
At present, the IT industry is being evaluated as one of the leading industries in Vietnam. There is a number of more than 153 institutions training 50,000 IT personnel. According to experts’ assessment, Vietnam will be an ideal destination for leading technology companies in the world and the region to have their product development located. Particularly in the Vietnam market, there are numerous small and large startups developing potential projects directly related to AI and Machine Learning, which creates an abundance of outstanding values for the technology industry as a whole.
Report includes:
- Vietnam - New Destination;
- Vietnam - IT Talent Pool;
- Vietnam Developers' Salary;
- Vietnam IT Personnel Supply-Demand
Report by: https://topdev.vn
Dubai Expo 2022 presentation Bangladesh Hi-Tech park. Bangladesh Hi-Tech Park Authority has been established under the 'Bangladesh Hi-Tech Park Authority Act-2010' with the objective of creating an investment-friendly environment and creating employment through the development and growth of high-tech industries in the country. Since its inception, the Bangladesh Hi-Tech Park Authority has been working for socio-economic development by establishing Hi-Tech Parks / Software Technology Parks / IT Training and Incubation Centers in different parts of the country to ensure employment of the country's huge youth and create skilled human resources. According to the administrative structure, the managing director of the Bangladesh Hi-Tech Park Authority is the chief executive officer. There is an Executive Committee chaired by the Minister / Minister of State for Information and Communication Technology and a Board of Governors (BOG) chaired by the Hon'ble Prime Minister to oversee and guide the activities of the organization. The head office of Bangladesh HiTech Park Authority is located on the 10th floor of ICT Tower, Agargaon, Dhaka. Bangladesh Hi-Tech Park Authority has set up 28 (eighty) Hi-Tech Parks (HTP) / Software Technology Parks (STP) / IT Training and Incubation Centers across the country. The construction work of 4 (four) parks has already been completed and business activities are going on. Construction work on the remaining parks is underway.The main responsibility of the Bangladesh Hi-Tech Park Authority is to bring economic prosperity to the country through development of appropriate investment infrastructure and skilled human resources to increase investment and employment in the IT / ITES sector. In a nutshell the functions of the Bangladesh Hi-Tech Park. International recognition (ISO Certified): Considering the achievements and success of Bangladesh Hi-Tech Park Authority, it has been certified International ISO 9001: 2015 on 25.02.2019. Certification has been updated again in the current financial year (2019-20). As the Bangladesh Hi-Tech Park Authority is maintaining international standards in providing all works and services, domestic and foreign investors are being attracted to invest in various parks.Digital Bangladesh Award-2018: Bangladesh High-Tech Park Authority has been awarded Digital Bangladesh Award in 2018 for its outstanding contribution to the development of hi-tech information and communication technology, development of human resources, employment opportunities and attracting domestic and foreign investors. Achieving WITSA 2019 International Award: The largest conference on information technology World Congress on Information Technology (WCIT) 2019 held in October 2019 in Yerevan, Armenia. Bangladesh Hi-Tech Park Authority was nominated by the selection committee for the WITSA Unveiling of the name plate of 'Bangabandhu Sheikh Mujib Hi-Tech Park, Sylhet' 2019 Chairman Award category for its significant contribution
Edelman India Analysis
Standing in for Mr Arun Jaitley, Finance Minister (FM), Piyush Goyal presented the Union Budget of India earlier today. Highlighting achievements of various Government schemes, Mr Goyal stated that the Government led by Prime Minister Modi has been the most decisive and transformational in executing structural reforms.
Focused on rural and inclusive development over the next 5-10 years, the Budget included significant announcements ahead of the General Elections while also outlining ten dimensions of the Government’s Vision for India’s development by 2030. The launch of, “Pradhan Mantri Kisan Samman Nidhi (PM-KISAN),” which aims to supplement rural income, captured the limelight of this year’s budget. The middle class has also benefited with higher gratuity, broadening of the tax-exempt bracket and waivers on income tax on notional rent. A mega pension scheme for workers in the unorganised sector was also announced along with health coverage under the ‘Ayushman Bharat’ scheme.
The Government has budgeted for overall expenditure of INR 27.8 trillion in 2019-20, an increase of 13% over the previous year’s estimates, while targeting a fiscal deficit of 3.4% in 2019-20 and 3% in 2020-21.
this slide is all about the economic condition of Bangladesh. it describes the whole economic situation with very details description with the number of population, growth rate, GDP rate as well as its working rate su
Similar to Bangladesh Startup Ecosystem Report 2021 (20)
Empowering Jute Diversified Products (JDP) Enterprises for Export ReadinessLightCastle Partners
“Women in Trade for Inclusive and Sustainable Growth (WITISG)” is a 5-year project funded by Global Affairs Canada & ITFC (Islamic Trade Finance Corporation). The project aims to contribute to inclusive growth in the economy by increasing the percentage of women in international trade as exporters and by increasing the share of exports generated by women-led Small and Medium-sized Enterprises (SMEs).
As the local coordinator for the WITISG project, LightCastle Partners assisted Trade Facilitation Office (TFO) Canada and the SME Foundation (SMEF) in empowering Jute Diversified Products (JDP) enterprises for export readiness. LightCastle Partners is the local coordinator & implementer for TFO Canada in Bangladesh for the project.
LightCastle’s role encompassed gathering applications from SMEs, screening and selection, assistance with skill development and documentation, and providing wide-ranging consultative support. As a consequence of LightCastle’s intervention, 14 Bangladeshi SMEs from the Jute Diversified Product (JDP) sector traveled to New York, USA, to participate in the New York Now 2023 (NYN 23’) Fair. This gave them the opportunity to showcase their product portfolio to key buyers in the US market, ranging from mega-retailers to boutique gift shops.
If you are interested to learn more, the infographics below will provide more in-depth information about the WITISG project and the impact of the intervention made by LightCastle.
The Biniyog Briddhi Investor Dealbook 2021 features the startups that applied and successfully secured the SIINC and IRMF fundings from Biniyog Briddhi in 2020 and 2021. These startups range from retail to agritech, spinning in various industries and impacting thousands of lives. The startups featured here are Apon Wellbeing, HelloTask, iFarmer, iPAGE, Joikko, Light of Hope, Romoni, Safewheel, Shuttle, and Solshare.
As access to finance is one of the key challenges these startups face in the early stage, it is important to select financing instruments that match an enterprise’s business model, needs, and the stage of development that the firm finds itself into, in order to help ensure the impact enterprise success and foster its development.
Apon Wellbeing is one of the successful enterprises to receive Social Impact Incentives (SIINC) from the B-Briddhi program. Through this partnership, Apon will benefit from financial incentives for achieving its impact goals in a scalable manner. How is Apon Wellbeing, an omnichannel marketplace, creating an impact for marginalized people working in large factories in Bangladesh?
Since Bangladesh’s independence back in the early 70s, the country has been evolving into an economic powerhouse. Bangladesh’s growth has accelerated over the last couple of decades, spearheaded by the apparel sector and augmented by remittance earnings, resulting in rising per capita income, which crossed the USD 2,200 mark in 2020.
From being dependent on donor funding for basic healthcare and nutrition to utilizing assistance in developing sustainable agricultural programs, Bangladesh’s Development Sector has evolved rapidly over the last 50 years. Donor funding has clearly played an instrumental role in the transformation of Bangladesh’s socio-economic landscape over the past five decades, lifting millions of poverty, empowering women and marginalized individuals, and facilitating access to basic education and healthcare facilities.
Check out how the donor funding landscape will evolve in light of Bangladesh’s shifting socioeconomic conditions and upcoming LDC status graduation. LightCastle Partners recently conducted a study to analyze the evolving landscape of donor funding in Bangladesh and the whitepaper highlights the key trends in the funding landscape over the last 50 years and evaluates the development sector’s funding trajectory for the next five years.
The state of the ecosystem for youth entrepreneurship in bangladeshLightCastle Partners
UNDP – under the Youth Co:Lab initiative co-led by UNDP and Citi Foundation – the Islamic Development Bank (IsDB) and Startup Bangladesh Limited produced this first-of-its-kind study to provide data-driven recommendations to strengthen the ecosystem for youth entrepreneurship in Bangladesh and amplify the potential of youth-led enterprises. The research for this paper was conducted and consolidated by LightCastle in an effort to provide an overview of the youth entrepreneurship ecosystem of our country.
LightCastle takes a look at the role of NGOs/NPOs in Impact Investment and how they can make a change in the journey of budding SMEs and small businesses.
LightCastle Partners’ annual flagship publication titled ‘The LightCastle Business Confidence Index 2019-20’ gauges the business sentiments of private sector leaders across several sectors, that have a notable contribution to the country’s economy. The industries to feature in this study were purposefully determined to include sectors that had the highest level of contribution to the country’s GDP.
This slidedeck attempts to answer the question by evaluating lockdown easing strategies applied by other nations and recommends adaptations for Bangladesh to employ such strategies.
Since March of 2020, Bangladesh is experiencing the wrath of COVID-19 pandemic. As business shut down due to the lockdown, the entire startup ecosystem has been shaken to its core, threatening thousands of startups that create over a million jobs.
To understand the impact further, LightCastle Partners commissioned an independent study - “COVID-19 Impact on the Startups of Bangladesh”. The survey was conducted in late April with responses from over 200 startups from Bangladesh.
The information technology and information technology-enabled services (IT/ITES) industries require skilled
human resources to unlock their potential. This will provide the foundation for take-off, which, for now, is falling
short. As envisioned in Digital Bangladesh, the IT/ITES industries can adopt the latest technologies across
different industries and should grow hand in hand with other drivers of growth.
Access to quality higher education must rise to develop future industry leaders in IT/ITES. While the gross
enrollment rate of tertiary education in Bangladesh has more than doubled from 7.7% in 2007 to 17.6% in 2017,
this is still below the lower-middle-income country average of 24%. Demand for higher education in Bangladesh will
surely increase as the economy expands; thus, the question now is what higher education fields should Bangladesh
prioritize for investment. The IT/ITES industries need skilled graduates who can work up to global standards.
This tracer study, which aims to improve the labor market outcomes of tertiary graduates of computer science and
engineering and/or institutes of information technology in Bangladesh, will help in the preparation of a new highereducation project in the country to be funded by ADB, the Improving Computer and Software Engineering Tertiary
Education Project. While that project selected only four universities, this tracer study covered an additional five
universities in Dhaka. I hope that the study findings will prove informative and improve computer science and
engineering and/or institutes of information technology beyond the nine universities included.
As the apparel industry of Bangladesh aims to gain higher export in an increasingly competitive global market, sustainability, quality and digitization have become crucial forms of differentiation and competency. Wage digitization in the apparel sector directly affects the lives of 3.5 million people, who are employed in the industry, living under an income bracket of less than USD 150 a month.
Wage digitization is seen to have direct positive correlation with increase in financial inclusion and currently close to a million workers in the apparel industry are now receiving their salary as digital wages.
This report is published in association with Bill & Melinda Gates Foundation and focuses on the prospects of wage digitization in the apparel sector of Bangladesh and the inherent challenges and opportunities of the process.
The report covers the dynamics of the supermarket industry in Bangladesh and the sourcing methods of the major players. Also the challenges and the ways to overcome them and take this industry further.
Bangladesh is predominantly a rice-consuming country but with the rise in health consciousness, price hike of rice and industrial use to make biscuits, bread and other snacks, flour consumption is going up in Bangladesh. At present flour is the second most important food staple in Bangladesh and accounts for around 12 percent of cereal food consumption.
This article gives you a holistic view of Flour Industry in Bangladesh.
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2. 2
Bangladesh startup ecosystem is coming of age riding on key drivers:
▪ Strong Economy Vitals for Startups: Tech adaptable young population 62%+ under 35 years, 165 million people (8th largest
in the world) with high density (1200 people/Sq Km). Middle class growing at 10% per annum to reach 34 million by 2025,
105% mobile phone connection, 70% internet penetration, 115 million+ people on internet with 106 million mobile internet
penetration. The pandemic has also accelerated the use of ICT technology, including digital commerce, education, healthcare,
agriculture.
▪ Demographic Bulge with the Right Skill-sets: The country generates 5,000+ IT graduates each year is creating a strong group
of entrepreneurial waves focused on solving critical problems, including those during the pandemic. The country’s
median age of 28 years means more young people are willing to take risks and explore innovations in the economy. With
limited opportunities from STEM graduates (due to the absence of large-scale industrialization except for RMG/Textile, which
is still more labor-intensive than automation) - they are looking into forming ICT enabled companies and Startups. NRBs (Non-
Resident Bangladeshis) are also returning, bringing in both investment capital and knowledge remittance.
▪ Bangladesh Startup Ecosystem at an Inflection Point: The Bangladesh Entrepreneurship Ecosystem is at an inflection point
with an excess of U$ 330 million accumulated over the last decade, in international investments from big-name corporate
investors and venture capitals, investing in industries like FinTech, Logistics, and Mobility over the last five years. The
emergence of active Angel Investment Networks, Impact Investing, host of local and international operating accelerators/
incubators propelled 1,200+ active Startups, generating 1.5 million+ employment - embracing products and services of
Startups as part of the country’s everyday life. Additionally, B-SEC (Bangladesh Securities and Exchange Commission) has
also approved small-cap stock exchange guidelines, which is a big step towards providing investors with Startup exits.
Government Support:
▪ The Government of Bangladesh deployed the National ICT Policy in 2009 to become Digital Bangladesh by 2021. Government
policies and projects from the ICT Ministry, such as IDEA Project and Startup Bangladesh Limited with 500 crore BDT
(U$ 65 Million) funds, are taken to improve the local startup ecosystem. Additionally, GoB is setting up 28+ Hi-Tech Parks,
including infrastructure support like data centers, to support technology companies.
COVID-19 Impact:
▪ Since March 2020, the country and all its businesses and startups have been affected drastically by the COVID-19 disruption.
24% of companies reported to have stopped operations, with 56% of startups seen at least a 50% drop on revenue
generation. 63% of Startups have runway less than three months threatening 1.5 million employment and an annual loss of
over U$ 53 Million in 2020. The disruption, however, is also propelling accelerated adoption of digital services with Digital
Financial Services, Logistics, and Grocery on-demand, EdTech, HealthTech seeing steep growth.
Executive Summary
3. 1. Executive Summary
2. Bangladesh: The Untapped Economy in Chindia
i. Economic indicators of the past decade, suggest growth for the country
ii. MAC population will double to 34Mn in 5 years, increasing consumer appetite
iii. Markers of digital penetration are increasing, boosting startup activity
iv. Investment in the country has grown ~4X over the last decade
v. Right time to attract foreign investors as the startup epicenter of the world shifts towards Asia
3. Bangladesh Startup Ecosystem is Coming of Age
i. Bangladesh Startup Ecosystem: A glance of growth in numbers
ii. Government initiatives boosting the startup ecosystem to come of age
iii. Bangladesh Ecosystem is diverse and operating in multiple sectors
iv. With Fintech leading the ecosystem, the overall confidence of ecosystem was positive in 2019-2020
v. Increasing number of accelerators and incubators are acting as enablers in the ecosystem
vi. Bangladeshi Startups are attracting global and local investors
vii. Bangladeshi Startups raised over USD 272 Mn in last 5 years
viii. Notable Local Initiatives leading the local investment landscape
ix. Homegrown Startups have raised USD 300Mn+ of foreign investment
x. USD 33 Mn+ raised in investments in the first half of 2021
4. Challenges in the Ecosystem
i. Bangladesh Startup Ecosystem ranks far behind in comparison to the Global Startup Ecosystem
ii. Finding the right talents & access to financing still remains top problems for emerging startups
iii. Funding in Bangladesh as percentage of GDP is significantly low
iv. FDI as % of GDP low compared to peers
v. Need to solve Doing Business Index Challenges
vi. Covid-19 impact
5. Way Forward and Recommendations
Table of Contents
3
4. Bangladesh: The Untapped Economy
in Chindia
01 | Economic indicators of the past decade, suggest growth for the country
02 | MAC population will double in 5 years, increasing consumer appetite
03 | Markers of digital penetration are increasing, boosting startup activity
04 | Investment in the country has grown ~4X over the last decade
05 | Right time to attract foreign investors as the startup epicenter of the world shifts towards Asia
4
5. U$2,227
GDP Per Capita
FY 2020-21
~28
Median Age
2020
Bangladesh, the 37th largest economy and one of the fastest
growing countries, showed an impressive average annual GDP
growth rate of ~6.8% over the last decade. The country’s annual
GDP growth rate officially surpassed that of India’s in 2016 and has
been higher than that of its neighbor since then.
GDP per capita has been growing at rates over 5% since 2015
peaking at U$ 2,227 (as of June 2021). Final consumption
expenditure, which accounts for private consumption and general
government consumption, has been growing positively for the last
10 years.
The economy is on track in graduating from the LDC status in 2024
and has made impressive strides in human development. PwC, a
global consultancy, also predicts Bangladesh to become the 25th
largest economy in the world by 2035.
It dominates the global RMG market in 3rd position, right after
China and Vietnam, earning U$ 28Bn (83% of total export earnings)
as of 2020. The ICT sector is booming, exporting U$ 800Mn worth
of service across the globe.
The country has a population of 165 Mn and has reached 37%
urbanization. Connectivity has reached its peak, with 105% mobile
phone connection (174Mn) and 70% internet penetration (115Mn)
and 64% mobile internet penetration (106Mn).
Source: BTRC, World Bank, UNCTAD, Ministry Briefings, BBS, EPB & Bangladesh Bank
165Mn
Population
2020
U$28Bn
RMG Exports
FY 2019-20
5
174Mn
Mobile Subscribers
April 2021
115Mn
Internet Users
April 2021
106Mn
Mobile Internet Users
April 2021
U$2.37Bn
FDI
FY 2019-20
U$33.7Bn
Total Exports
FY 2019-20
U$800Mn
ICT Exports
FY 2018-19
~6.8%
GDP Growth Rate
FY 2020-21
U$365Bn
GDP
FY 2020-21
Economic indicators of the past decade
suggest growth for the country
6. MAC population will double to 34Mn in 5 years
increasing consumer appetite
Bangladesh’s rapidly growing economy has spawned an economic
class of urbanites, who are upwardly mobile with a growing appetite
for consumer spending. This Middle and Affluent Class (MAC)
population is young, tech-savvy and optimistic about their future,
leading them to spend on living standard enhancing goods and
services.
According to a study by The Boston Consulting Group (BCG) on
Bangladesh’s surging MAC population, the projected MAC population
stands at 19 Million as of 2020 and is projected to grow at 10% per
annum to reach 34 Million by 2025.
84 80 77 73 69 66 62 59 55 52 48
44 48 52 56 60 64 70 75 81 86 92
17 18 19 20 21 22 23 24 25 26 27
12 13 15 16 18 19 22 25 28 31 34
0
50
100
150
200
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Millions
Bangladesh Income-wise Population
BoP Aspirant Emerging Middle Middle and Affluent
Bangladesh recorded an impressive annual GDP growth rate of 8.1%
in 2020 despite the pandemic. The strong performance is attributable
to several factors that have contributed to inclusive economic growth
According to The Bangladesh Bureau of Statistics (BBS), the country
has a young population with a median age of ~28 years and 62% of
the population below the age of 35.
The country also benefits from ‘density dividend’, as 164 Million
population is nestled in a country with land size like that of Michigan,
USA.
6.1% 6.6% 7.1% 7.3% 7.9% 8.0%
5.2%
0.0%
2014 2015 2016 2017 2018 2019 2020
GDP
Growth
(%)
Annual GDP Growth (%)
Bangladesh India Vietnam Srilanka Pakistan
Source: BCG, World Bank & LightCastle Analysis 6
Forecast
Pre-pandemic Estimation*
7. 13.6 20.5 30.1 38.8 45.1 51.1 66.1
51% 47%
29%
16%
13%
30%
0%
10%
20%
30%
40%
50%
60%
70%
0
10
20
30
40
50
60
70
2014 2015 2016 2017 2018 2019 2020
MFS is growing steadily at a 20% CAGR
Transaction (U$ Bn) Annual Growth
MFS is growing steadily at a 20% CAGR over the last 5 years
▪ Every one out of two persons (99Mn) has a MFS account in Bangladesh
▪ 9.6Mn transactions of U$ 214Mn+ everyday
eCommerce market is expected to grow to U$ 3Bn by 2023
▪ 2,000 e-commerce sites and 50,000 Facebook-based outlets which delivers
around 30,000 products everyday
▪ 80% of online sales are concentrated in Dhaka, Chattogram and Gazipur
▪ Bangladesh eCommerce market stands at U$ 1.6Bn, ranking 46th in the
global ranking
ICT sector has grown by 40% annually since 2010
▪ Over 1,500+ IT companies thrive in the country capturing a significant
share in the international markets worldwide is expected to produce 1% of
the country’s total GDP in the next five years
▪ Bangladesh is the second largest supplier of online labor with over 650,000
registered freelancers generating U$ 100Mn+ annually
Government boosting Startup activity through ICT wing
▪ Government initiated its own public startup support wing, Startup
Bangladesh Limited with U$ 65Mn fund to catalyze investments
▪ Multiple competitions conducted to boost student entrepreneurship —
100+ startups received cumulative seed fund over U$ 1.5Mn+
▪ National ICT Budget for fiscal year 2020-21 stands at U$ 0.53Bn
Markers of digital penetration are increasing,
boosting startup activity
8th
Largest Population
In the World
~62%
Population
Under the age of 35
~28Years
Median Age
A country of youth
9th
Largest Mobile User
Market in the World
7
Source: Bangladesh Bank, World Bank, e-CAB, Statista, UNCTAD, BASIS, ICT Ministry & LightCastle Analysis
8. Investment in the country
has grown ~4X over the last decade
102 115 128 133 150 172 195 221 250 274 302 329
26% 26%
27%
28% 28%
29%
29%
30%
31%
31%
32%
32%
-
50
100
150
200
250
300
350
400
25%
26%
27%
28%
29%
30%
31%
32%
33%
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
GDP (U$ Bn) Investment as % of GDP
8
Alongside steady economic growth, the investment to GDP ratio of Bangladesh has grown to 32% (U$ 96Bn) in June 2020 from 26% (U$ 26Bn) in 2009-
10. Despite the excellent progress, the country’s Foreign Direct Investment (FDI) in CY 2019 stood at a mere 3% (U$ 2.87Bn) of the country’s total
investment. With policymakers devising policies to attract FDIs, investments are expected to increase in the new decade.
219 520 432 498 541 280 697 911 539 1,124 804 472
365 365 490 588 697 989 1,145 1,215 1,279 1,309 1,467 1,119
117 29 215 207 361 282 394 206 333 1,180 603 144
700 913 1,136 1,293 1,599 1,551 2,235 2,333 2,152 3,613 2,874 1,735
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Equity Capital Re-invested Earnings Intra-company Loans Total
Investment as % of nominal Annual GDP of Bangladesh FDI Breakdown by Component (U$ Mn)
Source: Bangladesh Bank, World Bank & LightCastle Analysis
Till Sep*
9. Emergence of Asia a startup hotspot
▪ Asia now has 42% (262 out of 615) of all the total unicorns
▪ Market valuation of unicorns from Asia stands at U$ 960 Bn
Boom in global startup funding
▪ 2018-19 saw record investment of total U$ 21.5Bn for mature stage companies
▪ 30% increase in funding in Asia Pacific countries the last 5 years
Aspiring ecosystem activates in Bangladesh
▪ Educational institutions are creating focused curriculum for integration of
technology, producing 5,000+ IT professionals annually
▪ 28 High tech parks are launched to support startups and innovations
▪ Ecosystem enablers such as, co-working spaces, competitions, accelerators
and incubators have come up in the last 5 years boosting the ecosystem
Government of Bangladesh focusing on ease of doing business
▪ GoB is on the mission to improve ‘Doing Business’ ranking from 168 to top 100
▪ GoB imposing new policies and pushing special economic zones in accordance
to Bangladesh’s formal graduation to middle income status in 2024
▪ Multiple incentives for foreign investment:
- Tax exemption for up to 15 years for foreign investors
- No import duties for export oriented sectors
- Retained earnings treated as new investments;
- Foreign ownership companies can also secure working capital/long term
financing from local financial institutions
Right time to attract foreign investors
as the startup epicenter of the world shifts towards Asia
Strategic Location
at the Heart of Asia
Beneficial location at
the crux of “Chindia”
China
India
9
Source: Startup Genome, learnbonds.com, NASSCOM, LightCastle Doing Business 2018-19 & LightCastle Analysis
10. Bangladesh Startup Ecosystem
is Coming of Age
01 | Bangladesh Startup Ecosystem: A glance of growth in numbers
02 | Government initiatives boosting the startup ecosystem to come of age
03 | Bangladesh Ecosystem is diverse and operating in multiple sectors
04 | With Fintech leading the ecosystem, the overall confidence of ecosystem was positive in 2019-2020
05 | Increasing number of accelerators and incubators are acting as enablers in the ecosystem
06 | Bangladeshi Startups are attracting global and local investors
07 | Bangladeshi Startups raised over USD 272 Mn in last 5 years
08 | Notable Local Initiatives leading the local investment landscape
09 | Homegrown Startups have raised USD 300Mn+ of foreign investment
10 | USD 33 Mn + raised in investments in the 1st quarter of 2021
10
11. Bangladesh Startup Ecosystem
A glance of growth in numbers
11
U$39Mn+
Startup Investment
Raised in 2020
U$308Mn+
International VC Fund
Brought in the last decade
1,200+
Active Startups
in Bangladesh
200+
New Startups
born every year
U$80Mn+
Alternative Investment Fund
Registered in Bangladesh
200+
Active Angels
Boosted by Angel Networks
92%
Global Investment
U$ 34Mn in 2020
Fintech
eCommerce
Logistics
Popular Growth Sector
In 2020
30+
Accelerators & Incubators
Active in the Country
1.5Mn+
Total Employment Created
by the Startup Ecosystem
Dhaka
Chattogram
Sylhet
Major Active Cities
in the Startup Ecosystem
U$65Mn
Startup Bangladesh Limited
VC Fund under ICT Ministry
Source: BSEC, Bangladesh Startup Survival Guide Group, LightCastle Startup Index & LightCastle Analysis
12. 2014 2015 2016 2017 2018 2019 2020 2021
Founder’s Institute
TiE Dhaka
GP Accelerator
Makerlab
Banglalink IT
Incubator; YGAP
R- Ventures YY Goshti
Tiger Cage
Bangladesh Angels
Startup Dhaka Incubator
Biniyog Briddhi
Startup Bangladesh VC
Bangladesh Startup
Consortium
U$1Mn : Priyo.com
Innovation Extreme
U$7Mn : Surecash
Digital World
U$2Mn : Cloudwell
U$1.3Mn:AjkerDeal
$1Mn : Direct Fresh
U$0.83Mn: Pathao
Connecting
Startups
Robi-Airtel M&A
Idea Project
Launched
U$2Mn :
Pathao
Social Media
Expo
Bangabandhu
Satellite launched
U$56Mn : bKash
U$15Mn : Shohoz
U$10Mn : Pathao
U$5.5Mn : Chaldal
U$5Mn : Zero
Gravity
U$3.8Mn : Bdjobs
U$1.7Mn :
SOLshare
U$1.6Mn : ShopUp
U$1Mn : Sheba
JTI - Akij M&A
Tier-4 Data Center
Launched
State owned VC
launched – Startup
Bangladesh Limited
Launched EkSheba,
EkPay, EkShop
U$4.2Mn : Sindabad
U$2Mn : Deligram
U$3.2Mn : ShopUp
Student to Startup
Competition
Accelerating Asia
Jerra - Summit Partial
M&A
BDT 500 Cr. Seed
Investment Fund by
Startup Bangladesh
28 High-tech Parks
launched
2,650 Unions under
broadband internet
connectivity
U$ 22.5Mn : ShopUp
U$18Mn : Augmedix
U$1.1Mn : SOLshare
U$0.83Mn : Gaze
U$0.6Mn : LoopFreight
Call 4 Nation
COVID Accelerator
EverCare - Apollo M&A
Unilever-GSK M&A
Janata Jute Mills M&A
Startup Bangladesh
Limited – “Shoto
Borshe Shoto Asha”
Fund” – investment
in 7 startups
BIG: Bangabandhu
Innovation Grant
$2.16Mn: Maya
$3Mn: Truck Lagbe
$5.6Mn: Praava
Health
$6Mn: Frontier
Nutrition
$11.8Mn: Paperfly
Government Initiatives, Private Sector Participation is
boosting the startup ecosystem to come of age
12
Multiple events initiate the
entrepreneurship spirit
Ecosystem enablers,
accelerators & incubators initiate
Local & global investors
bet on the ecosystem
Govt initiatives boost the startup
ecosystem to come of age
Government Initiatives
Notable Investments
Notable Events
Merger & Acquisition
Ecosystem Enablers
LEGENDS
Source: LightCastle Analysis List is indicative only and not exhaustive*
13. Bangladesh Startup Ecosystem
is diverse and operating in multiple sectors
Growth Sectors: Sectors with large funded startup base with the highest adoption of deep-
tech coupled with local & global investor attraction
Emerging Sectors: Sectors with medium funded startup base with relatively low-to-high
adoption of technology and medium investor interest
Nascent Sectors: Sectors with small startup base with relatively low investor activity
Investment
Index
=
f
(Total
investment
/
Total
Start-up,
Funding
by
stages)
Maturity Index
= f (No. of Startups, % of funded, adoption of technology)
Nascent Sectors
• Gaming
• Agri-tech
• IOT, Analytics,
Deep Tech
Emerging Sectors
• EdTech
• Health Tech
• Service (Marketplace)
Growth Sectors
• Digital Finance & Fintech
• Logistics & Mobility
• Digital Media & Content
• eCommerce & Retail
Source: LightCastle Analysis 13
Fintech Logistics & Mobility
Travel Tech
Job Marketplace Service
eCommerce & Retail
Agri Tech Deep Tech
Digital Media and Content
EdTech
Health Tech
Software & Development
Startup Sector Maturity vs Investment
Not an Exhaustive List*
14. With Fintech leading the ecosystem,
the overall confidence of ecosystem was positive in 2019-20
A survey source from 100+ startup
founders and investors rated Fintech
and Ride-sharing and Logistics as the
most promising sectors.
Online-enabled service marketplace
platforms has captured the urban
market significantly over the last 5
years. Players like Sheba.xyz,
Smanager, Jantrik and Hellotask are
formalizing the unstructured SME
market and informal workers boosting
financial inclusion.
eCommerce & fCommerce sector
garners high confidence from
investors. Startup players like ShopUp,
Chaldal, eValy, Daraz and Sindabad
Meanwhile, digital marketing showed a
drop in confidence, due to market
saturation and thinning profit margin
coupled with latest TAX issuance.
14
Startup Ecosystem Confidence Index
Source: LightCastle Startup Confidence Index 2019
Sector-specific Confidence
Overall Confidence
15. Increasing number of accelerators and incubators, ecosystem builders
are acting as enablers in the ecosystem
15
GLOBAL
LOCAL
COMMERCIAL
IMPACT
Startup Media
Universities Competitions
Development Partners
Telecom
Gov. Initiative
Not an Exhaustive List*
Source: LightCastle Analysis
16. Bangladeshi Startups
are attracting global and local investors
16
GLOBAL
LOCAL
COMMERCIAL
IMPACT
Angel Networks
Corporate Foundation
Corporates
Gov. Initiative
Multilateral Development Agency
Investment Co.
THE ANGELS
NETWORK
Source: LightCastle Analysis Not an Exhaustive List*
Corporates
17. 17
Startups
Funded
81
Investment Deals
Closed
146
Investment Deals
Publicly Disclosed
48%
Investments made by
Local Investors
8%
Investments made by
Foreign Investors
92%
In the last 5 years,
Source: Compiled by LightCastle Partners and Anchorless Bangladesh with extensive support from Bangladesh Startup Consortium, Startup Bangladesh Limited, BAN, BD Startup Founders Group
Bangladeshi Startups
raised investments over USD 272 Millions in the Last 5 Years
Startup Funding in Bangladesh (USD Million)
3.6 100.1 78.6 34.8 33.2
3.0
2.8
8.8
4.3 2.4
2017 2018 2019 2020 2021
Global Local
$6.6Mn $102.9Mn $ 87.4 Mn $39.1Mn $36.6 Mn
18. 18
Notable Local Initiatives
Leading the local investment landscape
Startup Bangladesh Limited
SBL, the gov. backed VC fund recently
signed investment agreement with 7
startups investing an aggregate
$2Mn+. The fund aims to invest BDT
100 Cr (USD 12Mn) in 50 startups
Portfolio
Anchorless Bangladesh
Anchorless Bangladesh is an early
stage venture investment fund focused
on advancing the local startup
ecosystem and the brilliant founders
behind transformative ideas
Portfolio
Biniyog Briddhi
Biniyog Briddhi is impact investment
catalytic programme backed the
embassy of Switzerland in Bangladesh
with the mission to empower impact
enterprises in Bangladesh
Portfolio
19. Homegrown Startups
have raised USD 300Mn+ of foreign investment over the last decade
19
Full Funding Undisclosed
Source: Databd.co, Crunchbase & LightCastle Analysis
U$ 4.7Mn
TruckLagbe
Logistics
from
ARIA Group, Betatron &
Mount Parker Ventures
U$ 3.5Mn
Maya
HealthTech
from
Osiris, Anchorless Bangladesh
U$ 4.9Mn
SOLshare
cleantech
from
IIX Growth Fund
U$ 12.8Mn
Paperfly
Logistics
from
Ecom Express
U$ 9Mn+
Zero Gravity
(Sindabad & Kiksha)
ecommerce
from
Aavishkar VC & Frontier Fund
U$ 6Mn
Sheba.xyz
service marketplace
from
Epyllion Group, BFP-B DFID
and Local Angel Investors
U$ 26Mn+
SureCash
fintech
from
Osiris Group
U$ 8.8Mn+
BDjobs
job marketplace
from
SEEK
U$ 36Mn+
Pathao
logistics
from
GO-JEK, Osiris Group
Openspace Ventures, and
Battery Road Digital Holdings
U$ 19.6Mn+
Shohoz
logistics
from
Linear Venture,
Golden Gate Venture
U$ 28Mn+
Shop Up
Fintech and B2B Commerce
from
Sequoia Capital India, Omidyar
Network, Flourish Ventures
U$ 19.5Mn+
Chaldal
ecommerce
from
IFC, IDLC, Mir Group,
Y Combinator
U$ 81Mn+
Bkash
fintech
from
Money in Motion, BRAC Bank,
Gates Foundation & Ant Financial
U$ 10.6Mn
Praava Health
HealthTech
from
SBK Tech Ventures
and Angels
U$ 7Mn+
Bongo
entertainment
from
Razor Capital
Not an Exhaustive List*
20. 20
Notable Deals of 2021:
USD 33 Mn+ investments raised in first half of 2021
Startup Deal Lead Investor Investor Source Investment Type Investment
Pre-Seed Vint Valley Global Venture Fund $110,000
Pre-Seed _ Global Angels $200,000
Seed Robi Local Corporate $400,000
Seed IDLC Local Venture Fund $470,000
Seed
Anchorless
Bangladesh
Global Venture Fund $500,000
Seed Osiris Global Venture Fund $2,160,000
Bridge Skycatcher Global Venture Fund $3,000,000
Series A IFC Global DFI $3,000,000
Series A _ Global Angels $5,600,000
Series B Adjuvant Capital Global Venture Fund $6,000,000
Series A Ecom Express Global Corporate $11,800,000
Source: LightCastle Partners Startup Dashboard
21. 21
We have come a long way but now it’s time to go
further: Challenges in the ecosystem
01 | Bangladesh Startup Ecosystem ranks far behind in comparison to the Global Startup Ecosystem
02 | Finding the right talents & access to financing still remains the top problems for emerging startups
03 | Funding in Bangladesh as percentage of GDP is significantly low
04 | FDI as a percentage of GDP needs to go up
05 | Challenges in Doing Business Index and what we need to do
06 | Covid-19 impact
21
22. Category United States China India Indonesia Bangladesh
Global Startup Ranking 1 14 23 54 98
Global Innovation Index[1] 61.73 54.82 36.58 29.72 23.31
Total Number of Startups[5] 100,000+[3] 25,000+ 50,000+ 5,000+ 1,000+
Time taken to setup a new
business (days)
4-8 30-40 15-30 15-30 15-30
Corporate Tax Rate 39% 25% 34% 22% 25%-35%
Number of local VC Firms[5] 1000+ - 700+ 300+ 25+
Number of Angel Investors 300,000+ - 1,800+ 5,000+ 200+
Number of Accelerators/
Incubators
1,500+ 12,000+[4] 250+ - 20+
Bangladesh Startup Ecosystem ranks far behind
in comparison to the Global Startup Ecosystem
[1] The Global innovation Index
ranks the innovation performance
of 128 countries based on 82
indicators
[2]Global startup ranking by Startup
Blink ranks the top 100 countries
based on the quantity/quality of
startups and enablers in the
ecosystem coupled with business
environment and critical mass.
[3] United States has the highest
number of startups in the world
[4] China ranks #1 in number of
incubators and accelerators across
the world due to Chinese
Government initiatives
22
Source: Global Innovation Index 2019,Startup Blink, [5]Crunchbase, AngelList, Xinhua net, Swiss Global Enterprise & LightCastle Analysis
23. Finding the Right Talents & Access to Financing
still remains the top problems for emerging startups
23
4.0 4.0
3.6 3.6
3.3 3.2 3.2 3.1 3.0
2.9
2.6 2.6
2.3 2.3 2.2 2.1 2.0 1.9
-
1.0
2.0
3.0
4.0
5.0
0%
20%
40%
60%
80%
100% Finding
the
right
co-founder
Finding
a
good
team
Access
to
funding
Steady
cash
flow
Government
support
Legal
&
regulatory
affairs
Access
to
market
information
Retaining
a
good
team
Market
research
Traffic
Family
pressure
Retaining
clients
Strategic
Partnerships
Attracting
clients
Changing
technology
Political
unrest
Access
to
mentorship
Office
setup
Difficulty
Scale
Level
of
Difficulty
High Difficulty Medium difficulty Difficulty Scale
Startup Difficulty Index
Source: LightCastle Startup Index 2019
24. The already low Startup Funding State of Bangladesh (GDP 10x lower than India), (GDP 50x lower than
China) - is at stake due to COVID-19
$0.12 $0.03
Funding in Bangladesh
as percentage of GDP is significantly low
24
State of Startup Funding in Southeast Asia (2018)
Source: IMF, Crunchbase, Statista, Yourstory.com, Anchorless Bangladesh and LightCastle Analysis
25. Foreign Direct Investment
Comparison with regional peers
25
Source: UNCTAD World Investment Report, World Bank Data
Despite the excellent progress, the country’s Foreign Direct Investment (FDI) in CY 2019 stood at a mere 3% (U$ 2.87Bn) of
the country’s total investment. With policymakers devising policies to attract FDIs, investments are expected to increase in
the new decade
0%
1%
2%
3%
4%
5%
6%
7%
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
FDI
as
%
of
GDP
Bangladesh India Indonesia Myanmar Pakistan Sri Lanka Vietnam
0.5% 1.8% 2.2% 4.2% 0.8% 0.8% 6.2%
(FDI as % of GDP, 2019)
Comparison with Regional Peers: FDI as % of GDP
26. Source: World Economic Forum, Doing Business 2020 - World Bank, Doing Business- Economy Profile Bangladesh - World Bank, Destination Bangladesh - PwC
Doing Business Index
Govt. has taken an initiative to become double digit by 2025
26
Ranking in 2020
63rd
70th
73rd
99th
108th
168th
Bangladesh
The World Bank Group’s Doing Business 2020 study ranked Bangladesh 168th in the
global ease of doing business rankings this year from 176th in the previous year.
The government of Bangladesh has undertaken a number of initiatives to improve the
ranking :
• Setting up a new business became less expensive with the reduction of
registration and name clearance fees and removal of the certifying fee for digital
certificates.
• In Dhaka, obtaining an electrical connection was made more efficient as the city
invested in digitization and human capital. At the same time, the country reduced
the amount of the security deposit required for a new connection.
• Access to credit information was improved thanks to expanded coverage by the
credit information bureau. This reform delivered Bangladesh’s most significant
improvement.
• Bangladesh Investment Authority (BIDA) has introduced an One Stop Service
Center to assist foreign investors.
Maldives
India
Sri Lanka
Vietnam
Indonesia
27. 27
56% of businesses saw at least a 50% drop on revenue generation,
while 52% seed stage startups saw decrease in business
Reduction of Variable Cost and Salary are the first measure
taken by 54% of the startups
63% of Startups had less than 3 months of runway 59% of the Startups seek leverage (loans and bonds)
COVID 19 Impact
1 out of 2 businesses saw revenue was halved during 2020 wave 1 lockdown
Source: Bangladesh Startup Consortium, LightCastle COVID Impact Research
30. Source: LightCastle Analysis
Increase Focus Towards Creating Global Brand Perception
30
Source: LightCastle Analysis 30
Systemically promote Brand Bangladesh by emulating successful competitors
Capitalize on Government incentives and tax subsidy for value addition in country
Target Investors and Stakeholders including global brands to instill trust among
international investors.
Reforming the
Market Entry
Process
Strategic partnerships across platforms can play vital role in gaining
international coverage
Create advocates from globally acclaimed Bangladeshis / influential NRBs to reach
out to prospective investors and create positive association
Promote BIDA’s ‘one stop solution’ service
Creating global
brand perception
31. Recommendations
31
▪ Startup Policy: With the Digital Bangladesh agenda in Government’s core, it is eminent to form a startup
policy to offer multiple benefits for the startup and ecosystem players such as ease of access to debt
finance, reducing the cost of doing business, ease of doing business, fiscal policy support - VAT/tax
exemptions and rebates. An enabling policy will promote the growth of startups and the ecosystem
attracting foreign investment in the ecosystem, benefiting the country's growth and employment rate.
▪ Fund of Funds: Startup Bangladesh and ICT Ministry can form a fund of funds through a public private
collaboration to invest in Startups. The fund of funds makes downstream investments in venture capital
and alternative investment funds that in turn invest in startups.
▪ Investor Benefits: The government needs to ensure an investment friendly environment in Bangladesh.
Recommendations would be to update Foreign Exchange Regulation Act 1947, reduce entry barriers,
introduce TAX benefits and ease repatriation of profits of foreign investors to attract foreign investments.
▪ Ease of Doing Business: Business processes, policies, and regulations have to be streamlined and more
comfortable to start and operate startups/SMEs. A way forward could be to use technology and fintech
platforms to make tax payments seamless, transparent and secure.
▪ Industry-Academia Collaboration: Industry-academia is mandatory to set up the right kind of
infrastructure to nurture innovation and talents at school/university level as well as leverage knowledge
remittances from NRBs all over the world through incentivized initiatives.
▪ Corporate Venture Capital: Corporates investing in Startups would provide viable exits for early-stage
investors and founders as well as accelerate capital from both local and international markets. Also, this
portrays confidence in the ecosystem to the international audience
▪ Continued GoB Support: The ICT ministry has championed Startup growth be it in setting by the flagship
venture capital fund Startup Bangladesh Limited or supporting ecosystem building initiatives across the
country. Continue to provide infrastructure, policy and bringing in other ministries onboard in the process.
32. LightCastlePartners
Level 5, House 10/12, Road 1, Block B, Niketan,
Gulshan 1, Dhaka - 1212,Bangladesh
Email:info@lightcastlebd.com
Mobile:+8801744736621, +8801711 385988
Web:www.lightcastlebd.com
Dataon DemandPlatform:www.databd.co
Bijon Islam
Chief Executive Officer
LightCastle Partners
Silvia Rozario
Project Manager &
Sr. Business Consultant
LightCastle Partners
Mehad ul Haque
Project Manager &
Sr. Business Consultant
LightCastle Partners
Authors
Acknowledgement
LightCastle Partners acknowledges the valuable contribution of the following notable personnel
and organizations from the Bangladesh Startup Ecosystem to prepare this report.
Tina Jabeen
Investment Advisor
Startup Bangladesh,
iDEA Project, ICT Division
Rahat Ahmed
Founding Partner
& CEO
Anchorless Bangladesh
Asif Iqbal
Country Director
Entrepreneurship World Cup
GEN Bangladesh
Bangladesh
Fairuz Joyeeta
Business Analyst
LightCastle Partners
Salem Abrar
Business Analyst
LightCastle Partners