30 C
Saturday, June 15, 2024

Country’s first government venture capital company “Startup Bangladesh” approved by Cabinet

The final approval of a state-owned venture capital company “Startup Bangladesh Limited” was approved at a regular cabinet meeting on December 30, 2019.

To create a sustainable startup ecosystem in Bangladesh, “Startup Bangladesh Limited” as the first state-owned venture capital company will play an important role that will be taken a step further of the Government’s vision-2021.

Prior to this, the company’s policy approval was given at a regular meeting of the Cabinet on 19 August 2019. Later, the legal issues of the company have been vetted by the Legislative and Parliamentary Affairs Division. Finally, this state-owned venture capital company has been approved today in the Cabinet. State Minister for ICT Division, Zunaid Ahmed Palak and the senior Secretary of ICT Division N M Zeaul Alam presented the draft law of Startup Bangladesh Limited Company to the Cabinet today.

Creating a startup ecosystem and for the development of ICT Startups, “Innovation Design and Entrepreneurship Academy (iDEA)” under the Bangladesh Computer Council of ICT Division has been working since 2016 under the supervision and direction of the honorable adviser to Prime minister of  ICT Affairs Mr. Sajeeb Wazed. About 126 startups have already been funded through the Startup Bangladesh-iDEA project till now.

After completing the valuation of the startups, a maximum of BDT 1 crore can be invested in seed stage and BDT 5 crore per round can be invested on growth stage of the startup by this company in future.

Related Articles


Cloud Computing Security Issues, Threats and Controls

Cloud Computing and service models  The official NIST definition (NIST 800-145) of cloud computing says, “Cloud Computing is a model for enabling ubiquitous, convenient, on-demand...
API and Open Banking

API and Open Banking: Way for New Service Innovation for Banks and FinTech Companies

The people who gathered at a hall room of a city hotel in last month had one thing in common—they all are working in...
ISO 2001

ISO 27002: 2022 Implementation vs Reality

After almost a decade, ISO27001: 2013 is going to publish its new iteration of ISO27001:2022 in second (2nd) Quarter this year1. But prior to...
Deepfakes: The Synthetic Media I want to believe

Deepfakes: The Synthetic Media I want to believe

What Are Deepfakes? A deepfake is a sort of "synthetic media," which refers to material (such as images, audio, and video) that has been modified...
The power of API platforms

The power of API platforms brings the open banking promise into sharper focus

Open banking is a global phenomenon whose merits are felt in virtually every time zone, including those in the Asia-Pacific region. In contrast to...
Blockchains Gaming and Collusion

“Blockchains: Gaming and Collusion- A Reading in Political Economy”:  Futuristic Exploration with Fact-based Analysis

In this digital age, it has become quite common for us to constantly remain mesmerized by fascinating technologies.  However, deeper thoughts about those technologies,...