Four BYLC Ventures portfolio startups secured scale-up funding of Tk15 lakh each at a showcasing event hosted by BYLC in association with the Embassy of the Kingdom of the Netherlands and IKEA Foundation.
Eight winners of BYLC Ventures Cohort 6—who will each receive seed funding of Tk8 lakh— were also announced at the event on Sunday (25 June), reads a press release.
Along with seed funding, the winning teams of BYLC Ventures Cohort 6 will gain access to a world-class business accelerator program, in-house mentoring and networking support, legal and virtual CFO support, rigorous leadership training, and co-working space at BYLC's Mohakhali office. Based on their performance, they have the opportunity to receive an additional Tk15 lakh as scale-up funding.
Speakers at the showcasing event motivated youth entrepreneurs to focus on customer satisfaction as well as product development. Founder and President of Bangladesh Youth Leadership Center (BYLC) Ejaj Ahmad shared, "Entrepreneurs must commit to their customer, not just the product. In order for young startups to do that, the ecosystem must have a supportive mindset with both training and funding. The time now is for investing in youth entrepreneurship rather than requesting instant returns."
"Events such as this, allow young entrepreneurs to create a network and nurture growth in the ecosystem, enabling us to see how we can support each other," said Tahsinah Ahmed, Executive Director, BYLC.
Stressing the need for innovation and customer needs, Chairperson of BYLC Board Akhter Matin Chaudhury in his remarks to the youth entrepreneurs said, "Don't just create products. Create something that the consumers don't know they need."
The eight winning teams of Cohort 6 include - Amar Stationery, an integrated commerce platform for stationery items; Bismo, a service for businesses seeking financial consultation; Durjoy DSS Technologies, a service for building and managing smart convenience stories; Drishti, an IT company that offers affordable and innovative solutions for the visually impaired; eBitans, an e-commerce website builder integrated with POS and inventory management; Messbook, an app for space sharing and property management; Mile Technologies, a manufacturing, assembling, trading, and consulting service for electric vehicles and battery development; and Vertical Innovation Limited, a service provider of IoT-enabled connection devices.
The four startups from previous cohorts of BYLC Ventures that received scale-up funding of Tk15 lakh include Biotech Energy Limited, Savoir Interiors Limited, Premium Fruits Limited, and InsureCow Limited.
The eight startups that received seed funding were shortlisted after a rigorous screening process through a three-day boot camp and a subsequent jury session. They will join the existing portfolio of 23 startups from the last five cohorts of BYLC Ventures.
BYLC Ventures funds the most promising early-stage startup founders of the country, hones their leadership capabilities, strengthens their business acumen, and helps validate their big ideas as they transition into investable businesses