The ‘Bangladesh Startup Summit 2024’ is poised to be a landmark event, set to elevate the burgeoning startup ecosystem in one of Asia’s fastest-growing emerging markets. Organized by Startup Bangladesh Limited, the flagship venture capital company under the Information and Communication Technology Division of the Government of Bangladesh, this two-day summit will assemble a diverse array of stakeholders, including startups, enterprises, venture capitalists, angel investors, regulators, think tanks and industry experts from around the globe. The first ever Bangladesh Startup Summit was held in 2023 and building on last year’s huge success, Startup Bangladesh is organizing the summit with a massive event this year as well. Over 5000 people attended the 2023 summit and Startup Bangladesh Limited is gearing up to make the ‘Bangladesh Startup Summit 2024’ bigger, better and more impactful.
In recent years, Bangladesh’s startup landscape has witnessed a phenomenal surge. Over the past decade, more than $900 million has been invested, with the majority of this influx occurring in the last five to six years. The nation now boasts 2,500 active startups, thriving in both urban and rural settings. These dynamic enterprises have collectively generated over 1.5 million jobs, directly and indirectly. For instance, the ride-sharing startup Pathao alone has created employment for 300,000 motorcycle riders. By providing free access to educational content, 10 Minute School has reached over 6.7 million students through its online education platform and has over 3.2 million monthly active learners. iFarmer has supported over 1.12 million farmers by facilitating around BDT 2.42 billion in financing, which has improved agricultural productivity. This startup boom is driving substantial positive change, disrupting traditional industries, creating employment and enhancing social, environmental and inclusive development metrics. This remarkable progress can be attributed to the ‘Digital Bangladesh’ vision, championed by the Prime Minister over the past 14 years, focusing on essential infrastructure, skills development and policy frameworks.
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The economic and political backdrop of 2023 sets the stage for the 2024 summit. Despite facing significant macroeconomic challenges due to global geopolitical tensions, notably the Russia-Ukraine conflict, Bangladesh’s startup ecosystem has shown remarkable resilience. The nation grappled with inflationary pressures, sluggish export growth and a decline in remittances— crucial components of its economy. Nonetheless, the startup sector demonstrated adaptability, paving the way for boundless opportunities.
This year, the summit is designed to include sessions on key sectors such as Fintech, Climate, Agri & Food Security, Logistics & Mobility, Impact and RMG. Additionally, the event will feature networking opportunities, startup and ecosystem showcases, pitching events, investor matchmaking, learning opportunities and policy discussions.
In 2023, global startup funding experienced a 38% decline. However, Bangladesh bucked this trend, particularly in Q4, which saw a 2.5-fold increase in funding compared to the previous quarter. This surge signifies renewed investor confidence and highlights the immense potential of Bangladeshi startups. Key sectors attracting significant investments included financial services, garments & textiles and education, underscoring their vital roles in the country’s economic growth.
Last year, the BangladeshStartup Summit 2023 brought together over 100 global and local venture capital firms and investors, over 100 national and international speakers, and more than 1000 startups, with 50+ startups getting the chance to pitch to investors. Attended by over 5000 people, the event marked a significant milestone in the government’s support for startups, reflecting its commitment to building a Smart Bangladesh.
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This year, the Startups attending the summit will again benefit from unparalleled exposure to a diverse pool of local and global investors, significantly enhancing their chances of securing vital funding to scale their businesses. Beyond funding, the summit will provide numerous learning opportunities. Through interactions with industry leaders and experts, startups can gain deep insights into market trends, business strategies, and scaling opportunities. These interactions will equip startups with the knowledge and tools necessary to navigate complex global markets and expand their reach. Furthermore, the summit is an exceptional networking event, enabling startups to connect with like-minded entrepreneurs and potential collaborators, fostering strategic partnerships that drive business growth and innovation.
For investors, the summit offers a unique gateway to one of Asia’s most dynamic and rapidly growing startup ecosystems. It presents an exceptional opportunity to discover promising startups and innovative business ideas emerging from Bangladesh. By engaging with a diverse range of startups, investors can explore various investment opportunities across multiple sectors. The summit also provides a platform to understand the unique challenges and opportunities within the Bangladeshi market, enabling local and global investors to make more informed and strategic investment decisions, aligning their portfolios with evolving market trends and demands.
For corporates, the summit offers a unique opportunity to engage with dynamic startups providing innovative solutions that can transform business operations and drive growth. It presents an exceptional chance to gain deep insights into emerging trends, technologies and market opportunities within Bangladesh and beyond. Corporates will have a chance to explore innovative partnerships, understand the unique challenges and opportunities in the Bangladeshi market and make strategic decisions to stay ahead in their industries.
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For entrepreneurs, the summit provides unparalleled access to a diverse pool of local and global investors eager to fund promising startups, significantly increasing their chances of securing vital funding. Entrepreneurs can learn from industry leaders and experts through interactive sessions, gaining valuable insights into market trends, business strategies and scaling opportunities. The event also offers ample networking opportunities to connect with like-minded entrepreneurs, potential collaborators and strategic partners to foster growth and innovation.
For students, the summit is a valuable learning experience, offering workshops and sessions led by seasoned professionals. Students can gain practical knowledge and insights into the startup ecosystem, hear inspirational stories from leading entrepreneurs and innovators and enhance their entrepreneurial skills through hands-on experiences and interactions with industry experts. The event is an excellent platform for students to understand the startup landscape and prepare for their own entrepreneurial journeys.
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For enthusiast individuals, the summit is a gateway to staying informed about the latest developments and trends in the startup world, both within Bangladesh and globally. It provides an opportunity to meet and interact with innovators driving change and making significant impacts in various sectors. Enthusiasts can be part of a vibrant community of startup aficionados, contributing to and benefiting from a collaborative environment. The summit also offers personal growth opportunities by participating in sessions, discussions and networking events, expanding their knowledge and skills.
In 2023 Q4, while global investors dominated the investment landscape, local investors also displayed growing confidence and involvement, participating in numerous deals. This synergy between local and global investors has fostered a robust and diversified investment environment, fueling the growth of various startups across different stages and sectors.
The ‘Bangladesh Startup Summit 2024’ is set to be much more than a mere event and to be a pivotal moment for the Bangladeshi startup ecosystem. It will offer startups a stage to showcase their innovations and connect with investors who can elevate their ventures to unprecedented heights. This summit will also present an unmatched opportunity for the investors to tap into the potential of a thriving market. Whether you are a startup looking to scale or an investor seeking new opportunities, the ‘Bangladesh Startup Summit 2024’ is an event you cannot afford to miss.
