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Roots of Impact and LightCastle Partners Team Members
Building on the success of Phase I, the Biniyog Briddhi Programme, launched Phase II of its operations at an event held on May 28, 2024. The event drew together key stakeholders and ecosystem builders from Bangladesh’s entrepreneurial and impact investment sectors, reflecting a collective endeavour to drive positive societal change.
Stakeholders, ecosystem builders and investors gather for the launch of Phase II of Biniyog Briddhi
The evening kicked off with an insightful address by Corinne Henchoz Pignani, Deputy Head of Mission and Head of Cooperation at the Embassy of Switzerland in Bangladesh. Pignani emphasised the collaborative essence of the initiative and its alignment with broader development goals:
“Tonight, we gather to step into the next chapter of the Biniyog Briddhi Programme. Our collective objective is to significantly impact the lives of men and women across Bangladesh, striving for inclusivity and ensuring that no one is left behind. Our efforts focus on creating an environment that transcends traditional boundaries, where we aim to address the fundamental needs of our most vulnerable populations.”
Corinne Henchoz Pignani, Deputy Head of Mission and Head of Cooperation at the Embassy of Switzerland in Bangladesh
Adrija Das, Senior Associate of Impact Intelligence & Education at Roots of Impact, provided the keynote address at the event. During her speech, she highlighted the key accomplishments achieved during Phase I of the Programme and detailed the objectives and expectations as the programme transitions into Phase II. Her address served to both celebrate past successes and prepare attendees for the upcoming initiatives and strategic directions planned for the next phase. The focus will be on enhancing access to essential products and services through high-quality capacity building, Impact-Linked Finance (ILF), and knowledge support.
Adrija Das, Senior Associate of Impact Intelligence & Education at Roots of Impact
The event featured a panel discussion to facilitate conversations on the impact investing ecosystem in Bangladesh. Moderated by Maxime Cheng, Lead, Insights & Innovations at Roots of Impact, the panel centred around a key question – “What are the opportunities in impact investing for the next 10 years?” The panel was comprised of key stakeholders including venture capitalists, social entrepreneurs and policy experts:
From left to right: Maxime Cheng, Insights & Innovations Lead at Roots of Impact; Bjoern Struewer, Founder and Co-CEO of Roots of Impact; Sharawwat Islam, Managing Director of Truvalu Enterprises Bangladesh; Sami Ahmed, Managing Director of Startup Bangladesh Limited; and Syed Javed Noor, Deputy Managing Director of IDLC Finance Ltd.
Sami Ahmed, a seasoned investor and a judge on Shark Tank Bangladesh, shared insights on the investment philosophy that guides their engagements: “Our investment strategy not only prioritises financial returns but also the broader societal impact. A significant majority of the startups we invest in are driven by their potential to address and mitigate local societal challenges, demonstrating the profound impact these enterprises have on improving lives.”
He also addressed the recent graduation of Bangladesh from the Least Developed Country (LDC) category, acknowledging the minimal short-term impacts on the tech and startup sectors but underscoring potential opportunities for enhanced market access and competitiveness in the long term.
Sami Ahmed, Managing Director of Startup Bangladesh
Syed Javed Noor identified tech as the next major focus, noting that “business models are being redefined beyond venture capital.” He explained that IDLC’s traditional lending model is relationship-based, which poses challenges in reaching individual farmers due to high operating costs and weather-related risks.
Syed Javed Noor, Deputy Managing Director of IDLC Finance Ltd
To overcome these hurdles, IDLC Finance Ltd. partnered with iFarmer, which has the country’s largest farmer network and one of Biniyog Briddhi’s portfolio companies, and Green Delta, a leading agri-insurance provider. “We partnered with iFarmer and invested in them from our own fund,” said Javed. “Green Delta was happy to take on the agri-insurance products, helping us scale up by integrating more components into the ecosystem, making our operations more efficient and expansive.”
The inclusion of female customers was a central topic of the discussion as Sharawwat Islam highlighted the importance of gender lens investing. Sharawwat explained that although Bangladesh is doing better than some nearby countries in treating men and women fairly, globally, there is still a long way to go.
Sharawwat Islam, Managing Director of Truvalu Enterprises Bangladesh
To help fix this, Truvalu Enterprises and B-Briddhi, with support from the Embassy of Switzerland, started a gender lens investing programme. Sharawwat explained that they want to change how people think about companies that focus on women. “We want these companies to be run by women, owned by women, managed by women, and selling things to women,” she said. She further elaborated, “We want to redefine gender-focused companies as those led, owned, or managed by women and those catering to women customers.
The goal of our joint program with B-Briddhi is to mainstream GLI. We aim to work with all ecosystem players—capital providers, SMEs, startups, and impact enterprises—to foster a shared understanding of gender-inclusive businesses. This includes mobilising more capital to these businesses and helping them integrate more women customers, use gender-disaggregated data, and measure gender impact.”
Bjoern Struewer, Founder and Co-CEO of Roots of Impact
Building on this notion of targeted empowerment, Bjoern Struewer, Founder and Co-CEO of Roots of Impact, expanded the conversation to include various forms of impact-linked financial instruments that can further support such focused initiatives. He elaborated on the potential of social impact incentives, drawing a parallel to carbon credits:
“Much like carbon credits in the climate finance space, social impact incentives reward enterprises for their positive impacts, aligning financial gains with social benefits. This approach not only makes impactful businesses more attractive to investors but also encourages a financial system that supports a spectrum of business models, from high-growth tech startups to stable, impact-driven enterprises.”
Mashrur Shurid, Co-Founder & CEO of iPage
Bjoern emphasised the need for catalytic capital in reducing risk and valuing the societal contributions of companies, suggesting that this approach can enhance the economic viability and appeal of investing in social equity.
The panel discussion was followed by an interactive Q&A session, providing a platform for attendees to engage directly with speakers and discuss strategies to navigate and overcome challenges within the impact ecosystem. This lively exchange highlighted the collaborative efforts needed to advance and expand the impact investing landscape in Bangladesh.
As the formal proceedings concluded, the event moved into a networking dinner allowing guests to converse on future collaborations, reflecting a shared optimism about the future of impact investing in Bangladesh.
With Phase II of Biniyog Briddhi being set in motion, it aims to build upon the foundational successes of its predecessor, striving to amplify the growth and reach of local impact enterprises. By nurturing a collaborative ecosystem among entrepreneurs, investors, and other stakeholders, the programme seeks to create a more inclusive and impactful entrepreneurial landscape in Bangladesh.
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