It is 2020!!
As the dust settles from the previous year, let us enter this new year with newfound zeal and motivation that inspires us to do better.
With a population of over 160 million, Bangladesh boasts an indomitable and promising resource -- a young population (over 60% below the age of 30) that strives to take the nation forward. We have already started to build up infrastructure and culture to mobilize this huge potential by triggering the creation of a startup ecosystem. We believe it is also the time to infuse the aspiration to come up with innovative solutions aimed at tackling societal and contextual issues.
We believe it is also the time to infuse the aspiration to come up with innovative solutions aimed at tackling societal and contextual issues.
The current startup scene in the country is promising, to say the least. With the economy growing at an enviable rate of over 6%, the new Asian Tiger, can only prove to become even more forthcoming for startups this year. The government is actively working towards providing an entrepreneur friendly business environment. We hope to see easier international transactions, efficient business registration processes and innovation benevolent policies within the year.
Furthermore, in recent times, it is particularly the startup ecosystem that has aided the government in not only tackling social issues, but has reduced unemployment rates significantly since more and more are opting to become self-employed. And why not, startups are exciting and provides one with a sense of ownership that no job is able to provide.
Sectors to lookout for in 2020
Despite prevalent gaps in terms of stakeholder, infrastructure and knowledge-sharing, 2019 has been an exciting time for startups, some of which have managed to notably scale their operations .
While tech-based startups have shone last year, 2020 promises to be even better with better bilateral connections with big players like China and India which have already become great prospects for foreign imports. As the nation’s gross national income increases, the demand for quality goods are at an all time high.
We have seen a lot of movement in the eCommerce, FinTech, Logistics, Education, Transportation and Travel market in the last year. However, apart from the FinTech vertical, the rest of the solutions are mostly aggregators. While we agree that we need these solutions, we also need solutions that are more problem oriented and we need to create a pool of solutions for each problem so that consumers can have their pick.
Consumer Tech, Food Delivery, Healthcare and On-demand Startups are on the rise and their growth rate is impressively sustainable.
Consumer Tech, Food Delivery, Healthcare and On-demand Startups are on the rise and their growth rate is impressively sustainable. We wish there were more of these startups in the market to establish a healthy and competitive market. (Attention: Investors!)
What we see missing from focus is startups working in the agriculture sector, fashion and garments sector, water and sanitation sector, energy sector, science and sustainability sector. It is imperative to shed light, celebrate and support businesses that are working to improve improve fundamental problems and solving for sustainability. Bangladesh is still an agriculture based economy with 700 rivers and the garments sector is still our principal source of foreign exchange earnings. It is high time we have our own solutions in these sectors instead of appropriated solutions.
It is imperative to shed light, celebrate and support businesses that are working to improve improve fundamental problems and solving for sustainability.
Finally, it is up to entrepreneurs to reap the benefits by taking advantage of our time, our unique position as a nation and the opportunities it presents. It is not a matter of finding help but asking yourself how you can help those around you. Only then can we ensure a boom for the startup ecosystem.
2020 is for you to take. Make it the year that takes you and yours to newer heights.
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