The Cabinet Regular Meeting on Monday approved the policy approval of a wholly-owned state-owned venture capital company called 'Startup Bangladesh Limited in Bangladesh'.
The Prime Minister gave its policy approval, considering the overall needs and relevance of the company. After the company is established, startups can invest a maximum of BDT 1 crore in seed-stage and a maximum of BDT 5 crore in growth-guided startup round, depending on the evaluation.
In addition to playing the leading role of "Startup Bangladesh Limited" as the first venture capital company in government ownership to create a sustainable startup ecosystem in Bangladesh, the implementation of the Government's vision-2021 will go a step further. Idea project implemented by the Bangladesh Computer Council under the Information and Communication Technology Department has been working under the guidance of Prime Minister Information and Communication Technology Advisor Sajeeb Wazed to develop a startup culture in Bangladesh.
A news release sent from the IT department says that more than 100 startup companies have already been donated. The innovative ideas of Bangladeshi startups to promote foreign direct investment in the country such as eliminating unemployment, creating jobs and economic development of the country as a whole.
It is to be noted that the Minister of State for Information and Communications Technology, Junaid Ahmed Palak approved the proposal of the cabinet meeting to require startups to provide funding, mentoring, co-working space, legal support and so on.