Dhaka 19 August 2019
On Monday, August 19, 2019, Cabinet, in its regular meeting has been given the policy level approval to startup Bangladesh Limited, a wholly state-owned venture capital company. The Hon'ble Prime Minister of Bangladesh gave the company’s kind policy approval, considering the overall needs and importance of the company. After establishing the company, startups may get investment a maximum of 1 crore BDT and 5 crore BDT respectively in the Seed and Growth round, depending on due diligence and valuation. Startup Bangladesh Limited will take a step further in implementing the Government's vision-2021 as the first state owned venture capital company to play a prominent role in building a sustainable startup ecosystem in Bangladesh. Innovation Design and Entrepreneur Academy (iDEA) project executed by the Bangladesh Computer Council under the Information and Communication Technology Division has been working under the guidance of Mr. Sajeeb Wazed, Hon'ble Adviser to The Prime Minister of ICT Affairs, to develop a startup culture in Bangladesh. Already more than one hundred startup companies have been awarded grants by this project. It’s possible to attract the Foreign Direct Investment (FDI) in the country by transforming the innovative ideas of Bangladeshi Startups into a successful business and also possible to create entrepreneurship supply chain to the economy of the country. It is important to note that the Hon'ble State Minister for Information and Communications Technology Division, Mr. Zunaid Ahmed Palak MP, presented the need of forming a company to provide investment support to entrepreneurs.