Webinar Recording | The Rise of Commonwealth Entrepreneurs: Trials and Triumphs of the Bangladesh Startup Ecosystem

Speakers

Mahmud Hasan; Asia Pacific Director, Council of Global Startups

Yasser Arafat; Mentorship Panel member, Council of Global Startups

Moderator

Julia Charlton; Chairman, Commonwealth Chamber of Commerce

Over the past six years, venture investment in Bangladesh has nearly tripled, reaching over $742 million in May 2022. The Bangladesh startup ecosystem, according to the Global Startup Ecosystem Index 2023, has risen by four ranks to become the 89th biggest startup ecosystem internationally; the capital city of Dhaka, rose a staggering 115 spots to claim 211th place. The ecosystem now boasts more than 2,500 active startups, creating approximately 1.5 million jobs.

During this webinar, the Commonwealth Chamber of Commerce invited two special guests from the Council of Global Startups, an international trade and development organisation with a mission to bolster budding startup ecosystems across the Asian region, for a discussion on the development of the Bangladesh’s startup ecosystem in the past five years. Our two speakers for this special event were Mahmud Hasan, Asia Pacific Director of the Council of Global Startups and CEO and Founder of the digital agency, Zovoteam; and, Yasser Arafat, member of the Mentorship Panel of the Council of Global Startups and CEO and Founder of the Bangladeshi e-commerce platform Buy-now.biz.

The discussion with Mahmud and Yasser provided valuable insights into how Bangladesh’s entrepreneurial ecosystem is rapidly growing with the support of the government and private sector investing in providing grants and venture capital funding for scalable startups. Mahmud and Yasser emphasised not only the importance of creating a friendly and flexible environment for startups to thrive in, is a core focus of the government’s initiatives, but also the critical need for mentorship for budding startups. Citing issues ranging from misinformation, lack of documentation to lack of clarity in long term business plans and business scale-ups, our speakers deem this the biggest knowledge gap in the South Asian country’s ecosystem.

Cross-border e-commerce is an area that faces challenges due to logistics and payment issues, but there are initiatives underway to address these obstacles. Mahmud and Yasser both emphasised the need for a global smart logistics system to improve the cost-effectiveness of cross-border e-commerce. They also acknowledge the importance of digital literacy in enabling entrepreneurs to leverage technology for cross-border e-commerce. The two speakers hope to see their startups become unicorns and create a real impact in people’s lives. They highlighted the importance of creating startups that not only generate value but also create a positive impact on society.

Over the past six years, venture investment in Bangladesh has nearly tripled, reaching over $742 million in May 2022. The Bangladesh startup ecosystem, according to the Global Startup Ecosystem Index 2023, has risen by four ranks to become the 89th biggest startup ecosystem internationally; the capital city of Dhaka, rose a staggering 115 spots to claim 211th place. The ecosystem now boasts more than 2,500 active startups, creating approximately 1.5 million jobs.

Watch the full recording with instant playback via the video at the top of this page, or by accessing YouTube directly at https://www.youtube.com/@commonwealthchamber.