2022 was a turbulent year, not just for Bangladesh but for the world. Inflation, the dollar crisis, and the Russia-Ukraine war ushered in turbulent times for economies around the globe. Moreover, the recent failure of three major U.S. banks for tech startups, including Silvergate Bank, Signature Bank, and Silicon Valley Bank, has raised concerns about the potential impact on startup investments globally. As a result, startup funding has taken a fall around the globe in 2022, and the slowdown is predicted to continue this year.
To foster increased dialogue on the startup ecosystem in Bangladesh, LightCastle Partners arranged an “Ask Me Anything” session on March 14, 2022, with a panel of experts representing venture capital, government fund, angel network, and startup to share their experiences and insights.
The panel consisted of:
The panel began with a keynote presentation of the Bangladesh Startup Investment Report 2022: A Year in Review by Raidah Morshed, Business Analyst at LightCastle Partners, discussing the latest state of startup funding in Bangladesh.
This was followed by a panel discussion, moderated by Mehad ul Huq, Project Manager and Senior Business Consultant, covering topics such as raising startup investments in the country, building a strong brand for Bangladeshi startups, strengthening the angel investment network, and navigating through the funding slowdown effectively.
Panelists emphasized that a unique and innovative idea, coupled with a strong team, is crucial for attracting investors. Furthermore, all of them unanimously stressed the importance of startups having a solid foundation and getting the fundamentals right before seeking funding. They also highlighted the benefits of effective communication with investors, as investors can often provide support beyond capital, and the importance of fundraising instruments such as SAFE for pre-revenue or early-stage startups. For more insights, read about the key highlights from the webinar.
On the whole, the session provided a platform for experts to discuss the latest trends and strategies for startup funding in the country. Despite the odds, the long-term outlook seems positive. With the right approach and support, startups in Bangladesh have the potential to thrive and contribute to the country’s economic growth.