Bijon Islam, CEO at LightCastle Partners recently spoke about the prospering Startup Ecosystem of Bangladesh at The Asia Tech Podcast. To listen to the podcast click Here
Bijon shared some rare insights into what makes the startup ecosystem in Bangladesh so compelling and vibrant, beginning with the overall Bangladeshi economy.
“The population of Bangladesh is large (approximately 164 MM), young (More than 62% of the population is under 35.), and blessed with high density (1,200 people per SQR KM). The middles class is growing at 10% annually and should account for 35MM people by 2025. Over 100 MM people have internet connectivity with 94 MM mobile internet connections. Supplementing the population size and density and the high levels of internet and mobile penetration are at least three other strong reasons why the startup ecosystem is poised for growth in Bangladesh.”
Bijon goes into detail about Bangladesh’s demographic bulge and how it is creating a powerful entrepreneurial wave, pointing to what he believes is an inflection point from an investment standpoint, as more than $200 MM from international investors has poured into the country in the past 4 years. Finally, he praised the work of the Government of Bangladesh, speaking about how the government is following through on the policies they began deploying in 2009 to make ‘Digital Bangladesh’ a reality.
According to Bijon, COVID-19 has only accelerated the use of technology across the digital landscape. While both the traditional economy and startups have seen business stoppages and significant revenue drops, the disruption is also propelling a quickening pace of adoption in Digital Financial Services, Logistics, and Grocery on-demand, EdTech, and HealthTech.
If you are interested to understand the startup ecosystem in Bangladesh, make sure to listen to Bijon’s podcast. We would also recommend that you listen to Nirjhor Rahman‘s episode and download LightCastle’s Annual Business Confidence Index Report.