GET IN TOUCH

LightCastle as the Knowledge Partner for Bangladesh’s First Ever Startup Summit

Profile
LightCastle Editorial Wing
August 1, 2023
LightCastle as the Knowledge Partner for Bangladesh’s First Ever Startup Summit

The Bangladesh Startup Summit 2023 kicked off last weekend as a first-of-its-kind, largest congregation of the startup ecosystem in the country. The two-day event took place on Saturday, 29 July, and Sunday, 30 July 2023, and was hosted by Startup Bangladesh Limited, the flagship venture capital company of the Information and Communication Technology Division of the Government of Bangladesh.

The summit brought together startups, enterprises, venture capitalists, angel investors, regulators, think tanks, and experts from both local and international markets to chart the way for collaborations, opportunities, and innovation in the country. LightCastle Partners served as the exclusive knowledge partner for the Bangladesh Startup Summit and worked in conjunction with Startup Bangladesh to develop a comprehensive Investment Report, for local and global stakeholders.

With an attendance of 5,000+ people, the summit was a huge success, with each panel packed with startup enthusiasts, industry experts, and ecosystem builders. The summit brought together 100+ global and local venture capital firms and investors from 20+ countries, featured 100+ national and international speakers, and engaged 1000+ startups across the country. Beyond networking opportunities and startup-focused lessons, 50+ startups also had the chance to pitch to investors at the event. The summit also featured the Grand Pitch Day of UNDP’s Youth Co:Lab’s Springboard Programme 5.0, where the finalists presented their ventures.

The summit was inaugurated on Saturday, 29 July 2023, by Sheikh Hasina, Honourable Prime Minister, Government of the People’s Republic of Bangladesh, where she emphasized the impressive progress achieved in digitization and female entrepreneurship in Bangladesh, acknowledging these advancements as catalysts for the nation’s remarkable development and economic growth. She reflected on the remarkable strides made by Bangladesh in terms of digitization, innovation, and inclusive gender equality.

As the government transitions from a “Digital Bangladesh” to a “Smart Bangladesh” vision, the Prime Minister remarked on startups’ vital role in realizing this vision and commended the government’s support for startups through grants, tax exemptions, and access to incubation facilities, and outlined various initiatives, including grants and financial support exclusively for women entrepreneurs. The Prime Minister also shared her vision for a strong venture capital ecosystem and invited domestic and foreign investors to support the country’s journey to becoming a knowledge-based Smart Bangladesh. She concluded with gratitude to stakeholders and a commitment to a business-friendly environment, aiming to create 50 unicorns by 2041, fostering economic growth and employment opportunities.

H.E. Honorouble Prime Minister Sheikh Hasina spoke at the opening ceremony on the future of  the Smart Bangladesh vision.
Honorouble Prime Minister Sheikh Hasina spoke at the opening ceremony on the future of  the Smart Bangladesh vision

Additionally, during the opening ceremony, Zunaid Ahmed Palak, MP, Honorable State Minister, delivered a keynote presentation on Bangladesh as an exciting investment destination. In his presentation, he highlighted Bangladesh’s USD 460 Bn GDP with 7.1% growth, a young and tech-savvy demographic, increasing digitization, and a strong commitment to fostering a vibrant startup ecosystem. He also stated Bangladesh’s goal to nurture five unicorns by 2025, projecting over USD 2.5 Bn in startup funds annually by 2030.

The opening ceremony included the launch of two new initiatives by the government to propel the startup ecosystem forward: the Smart Bangladesh Accelerator, and the Fund of Funds. Furthermore, 8 local startups and ecosystem players were given the ‘Startup Awards’ in 8 different categories: ShopUp, Pathao, Vikas, Ten Minute School, UNDP YouthCo Lab, Cash, SBK Tech Ventures, and Next Funding. Two startups, FabricLagbe and Markopolo.ai, were also given a grant from the Bangabandhu Innovation Grant.

Rosina Mazumder, Founder & CEO of Arogga, speaking about her experience on the Gender Lens Investing Panel Discussion.
Rosina Mazumder, Founder & CEO of Arogga, speaking about her experience on the Gender Lens Investing Panel Discussion

The two-day event also featured more than 34 presentations, workshops, and panel discussions on various eminent sectors and industries, as well as insights from key players in the ecosystem. Key sectors highlighted through presentations and panel discussions included FinTech, Logistics & Mobility, E-Commerce & Retail, Education, Software-as-a-Service (SaaS), Artificial Intelligence, Agriculture & Food, and Healthcare.

In addition, the summit also featured engagements on broader topics encompassing gender lens investing, impact investment, venture capital, innovation, and insider startup insights. Notable speakers and panelists included seasoned startup entrepreneurs from home and abroad, notable venture capitalists and investors, industry leaders, and ecosystem experts.

Sahil Jagani, Founder and CEO of Primary Healthtech Ltd, in the pitching session for his product Mobilab.
Sahil Jagani, Founder and CEO of Primary Healthtech Ltd, in the pitching session for his product Mobilab

With an attendance of 5,000+ people, the summit was a huge success, with each panel packed with startup enthusiasts, industry experts, and ecosystem builders. The summit brought together 100+ global and local venture capital firms and investors from 20+ countries, featured 100+ national and international speakers, and engaged 1000+ startups across the country. Beyond networking opportunities and startup-focused lessons, 50+ startups also had the chance to pitch to investors at the event. The summit also featured the Grand Pitch Day of UNDP’s Youth Co:Lab’s Springboard Programme 5.0, where the finalists presented their ventures.

Bijon Islam, Co-Founder & CEO at LightCastle Partners, moderated a panel on impact investing with Dr. Sebastian Groh of SOLshare,  Coorine Henchoz Pigani of the Embassy of Switzerland, Savinda Ranathuga of UNDP and Farhana Rashid of Bhumijo.
Bijon Islam, Co-Founder & CEO at LightCastle Partners, moderated a panel on impact investing with Dr. Sebastian Groh of SOLshare,  Coorine Henchoz Pigani of the Embassy of Switzerland, Savinda Ranathuga of UNDP and Farhana Rashid of Bhumijo

The event ended with a grand closing ceremony on Sunday, 30 July 2023, on a celebratory note. The closing ceremony encompassed a vibrant cultural performance, followed by speeches by Mr. Sami Ahmed, Managing Director, Startup Bangladesh Limited; Mr. Md. Shamsul Arefin, Secretary, ICT Division and Chairman, Board of the Directors of Startup Bangladesh Limited; Mr. Zunaid Ahmed Palak, MP, Honourable State Minister, ICT Division; and Honourable Chief Guest Mr. Salman Fazlur Rahman, MP, Private Industry and Investment Adviser to Honourable Prime Minister.

In addition, awards were also given to successful startups of UNDP’s Youth Co:Lab’s Springboard Programme 5.0. The ceremony ended with a dinner attended by the Honourable Ministers, distinguished guests, notable investors, and ecosystem partners, as well as a vibrant group of startup entrepreneurs.

Zunaid Ahmed Palak, MP, Honorable State Minister, during the cultural event at the closing ceremony
Zunaid Ahmed Palak, MP, Honorable State Minister, during the cultural event at the closing ceremony

Bangladesh boasts over 2,500 active startups, from idea to implementation stages, which generate more than 1.5 Mn jobs to support the economy. Since 2010, homegrown startups have raised over USD 900 Mn in funds and were projected to cross the USD 1 Bn mark by the following year. While the ecosystem has seen a significant involvement of global investors over the years, active participation from private sector players and supportive government initiatives also made way for increasingly more deals made by local investors. The Bangladesh Startup Summit 2023 marked yet another milestone of continued government support to startups and reflected the government’s commitment to building a Smart Bangladesh.

The LightCastle team at the Bangladesh Startup Summit 2023.
The LightCastle team at the Bangladesh Startup Summit 2023

For more information about the summit, please visit: summit.startupbangladesh.vc


Profile
WRITTEN BY: LightCastle Editorial Wing

For further clarifications, contact here: [email protected]

Want to collaborate with us?

Our experts can help you solve your unique challenges