Bangladesh moves up 6 spots in global startup ecosystem index 2024

Bangladesh has ascended 6 places to rank 83rd in the recently published 'Global Startup Ecosystem Index 2024' report by StartupBlink, a global startup map and research centre. In the report, Dhaka also climbed 71 spots to secure the 140th position among top 1,000 listed cities. Dhaka was also ranked 7th in South Asia for the Agtech industry.

Along with Bangladesh, all South Asian countries have shown momentum this year with Pakistan ascending by 5 spots to 71st, Sri Lanka climbing 7 spots to 76th, according to the report. The United States and the United Kingdom were the top 2 countries ranked in the report.

"Bangladesh's national startup ecosystem is a potential digital treasure in Asia that requires systematic country-level branding to attract more foreign investments and generate exposure," the report stated.

The report underscored Bangladesh's innate advantages, such as the country's vast population, which provides a substantial internal consumer market, and a tech-savvy demographic.

However, the report also pointed out several challenges facing the startup ecosystem.

"Access to high-speed internet outside of major cities, limited access to funding, complex regulations, and limited global exposure are blockages to the ecosystem achieving its full potential," it noted.

In the report, Pathao, ShopUp, Shohoz, Arogga and 10 Minute School were mentioned as some of the notable startups from Bangladesh with StartupBlink (SB) scores of 617, 578, 518, 508, and 507 respectively.

The report mentioned various initiatives like the IDEA Project, Bangladesh Hi-Tech Park Authority, and Startup Bangladesh Limited which works to support the startup ecosystem in Bangladesh. The report also mentioned Bangladesh Angels, an NGO that connects entrepreneurs with global and local investors.

Mentioning Bangladesh's strong economic potential, the report emphasised the need for the government to focus on improving internet infrastructure, arranging corporate venture capital, establishing startup-friendly policies and regulations, and enhancing industry-academia collaboration to support the growth of startups.