Standard Chartered Bangladesh and the Institute of Business Administration (IBA) have recently announced the launch of the Standard Chartered-IBA Innovation Challenge.

At the event, Bangladeshi youths will have the opportunity to present promising and scalable business ideas centred around sustainability and development to a panel of renowned judges.

As part of the competition, entrants will benefit from training at every stage to hone their skills, the bank said in a statement today.

The platform will provide winners with a new avenue and connections to push their ideas forward, according to the statement.

Submissions are open from November 1 this year to January 13 in 2023 and entries will be accepted in two categories.

The first, 'Lifting Participation' relates to building a more inclusive economy, while 'Accelerating Zero' is focused on embracing sustainability.

Each theme is tied to the bank's belief that it is possible to drive commerce and growth without leaving people behind, negatively impacting the planet, or creating divisions that diminish our sense of community.

Participants are expected to pick a theme and submit one original and creative business idea.

A bootcamp and workshop will be organised to ensure that life-long skills are built.

"The Standard Chartered-IBA Innovation Challenge is a chance for young Bangladeshis to say yes to the possibilities of the unknown," said Naser Ezaz Bijoy, CEO of Standard Chartered Bangladesh.

"It is a unique platform that will allow participants to explore issues that permeate our communities and come up with innovative and impactful solutions."

"The capacity for creativity that this generation has is unmatched – it is my hope that the competition will help all our entrants to generate and refine new start-up ideas that will someday impact change and set a course for a more inclusive and sustainable future. Standard Chartered is proud to partner with IBA – one of our nation's most illustrious institutions – to launch this challenge and power new ideas."

Professor Mohammad A Momen, director of the Institute of Business Administration under Dhaka University, said: "As a business school, we have responsibilities beyond the classroom to encourage innovation and nurture entrepreneurship. And IBA has come this far in the past 55 years because of how closely we have worked with the industry."

"Staying true to our values, we believe that the Standard Chartered IBA Innovation Challenge will allow us to directly support and incubate purpose-led business ideas that will positively impact the society and the nation."