Experts call for developing startup-friendly system for innovative youths

Bangladesh has a large young population which must be employed through a startup-friendly system to develop the country, stated financial experts at a webinar.

Bangladesh Securities and Exchange Commission (BSEC) Chairman Professor Shibli Rubayat-Ul-Islam said, "We have a huge demographic advantage which is very rare in this world. Almost 60% of our population is below 38 which is an asset for us as they possess the ability to generate several innovative ideas."

"We seek to utilise them for the development period of Bangladesh by encouraging and supporting them," he added.

He made the statement at a webinar titled "Venture Capital and Startup Investment Forum," organised by the BSEC and the Venture Capital and Private Equity Association of Bangladesh (VCPEAB) on the occasion of World Investor Week 2020 on Saturday, read a press release.

At the webinar, BSEC Chairman Shibli Rubayat-Ul-Islam was present as the chief guest, while its Commissioners Shaikh Shamsuddin Ahmed and Md Mizanur Rahman were present as special guests.

BSEC Commissioner Professor Dr Shaikh Shamsuddin Ahmed said, "We have witnessed that a lot of people have lost their jobs due to loss of markets, Covid-19, etc."

"Hence, it is essential to build a robust venture capital and startup ecosystem which can give rise to employment opportunities in our nation," he added.

Meanwhile, BSEC Commissioner Professor Dr Md Mizanur Rahman said, "The Tokyo Mother's Market and Shanghai STARS Market models have given us a course of action to reflect upon."

"The Small Cap Board can be an opportunity for giving a simpler, easier and less regulated environment for startups to become listed and have access to funds," he stated.

James Tan, managing partner of Quest Ventures, said, "We all aspire to have a vibrant venture capital and startup ecosystem and the government can play an important role to achieve this."

He further said, "The government can introduce favorable policies and subsidise credits for startups and SMEs which will be extremely beneficial for the venture capital and startup community."

World Investor Week aims to raise awareness about the importance of investor education and protection – while highlighting the various initiatives of security regulators to enhance the venture capital and startup ecosystem, said the press release.

The webinar brought together policymakers along with global and local investors and academics.

The keynote speaker at the event was Anis Uzzaman, general partner and CEO, Pegasus Tech Ventures and the session was chaired by Shameem Ahsan, president, VCPEAB.

Jenni Risku, founder, Women In Tech Conference; Asif Hossain Khan, professor, Department of Computer Science and Engineering, Dhaka University; Craig Bristol Dixon, general partner and chief executive officer, Accelerating Asia; Vinod Shankar, co-founder and partner, Java Capital; Svet Sedov, founder, The First International Incubator for Silicon Valley Companies; and Afshin Moayed, partner, Razor Capital, among others, also delivered speeches at the webinar.