The Current Situation of IT Entrepreneurs in Bangladesh

Abstract

As the IT industry progresses, there are a lot of advancements being made in the technology. This opens the door for entrepreneurs to leverage the power of IT to power their unique business ideas. The sheer power of IT has also enabled businesses to become more efficient, cutting down the operational costs. Bangladesh’s government have been focusing on leveraging the power of IT to create an impact within the country. It aims to create a full digital Bangladesh under its ‘Vision 2021’ and ‘Digital Bangladesh’ projects. The advancements in IT industry ensured that newer opportunities open for entrepreneurs, and this has led to a wide array of different tech startups to emerge out of the blue. Out of all of them, Pathao and LightCastle Partners are the most successful each in their respective fields of operation. Along with highly successful startups, there have been some startups that failed. The failure was accounted due to a number of reasons, including inefficiency of operation, failure to meet market demand and high charges. Nevertheless, the IT industry within Bangladesh and in the global market seems very promising for IT entrepreneurs all over the country. The entrepreneurial ecosystem have become friendlier for the startups as a whole, with more accelerator programs, venture capital firms, angel investing firms and a lot more is being created.