Startups in Bangladesh have experienced a fair share of highs and lows, yet they are coming off as strong enterprises ready to set their foot around the world.
If these startups are provided with adequate capital and ease of operations, miracles may happen to an economy.
When talking about Startups; 10 Minute School, Pathao, and Chaldal instantly come into our minds because of their revolutionary growth. They have survived and made their way despite facing all the odds, showing the world that with sheer determination and will, everything is possible.
There are still countless opportunities for promising startups to grow, just the way the aforementioned startups did. However, businesses and risks seem to come hand in hand.
That is why, many potential entrepreneurs cannot build the courage to invest capital for fear that the project may not give proper return to the investors.
Nevertheless, there are still many opportunities available for startups to explore in the ecosystem of Bangladesh.
Let’s look at all the areas in the startup environment of Bangladesh with the opportunities to innovate and explore.
Healthcare
Healthcare is one of the most important sectors in Bangladesh. Due to a poor ratio of doctors to patients in our country, many people mostly go untreated and face unfortunate consequences because of not getting the proper treatment at the right time.
One of the best examples of a startup in this sector is Praava Health, which provides consultation services, imaging, and testing services.
One of the significant areas that is still untapped in this sector is the provision of emergency healthcare services which is still not fully developed in our country. Entrepreneurs interested in working in this sector should focus more on providing emergency care to patients because this might bring a revolutionary change in the current scenario of healthcare in Bangladesh by saving lives.
Stationery
This sector is an unorganized market but it has a lot of potential to grow. Lots of stationery products are mostly imported and are sold in this country at a higher price, which a lot of consumers, mostly students cannot afford. There are big players like Matador, Linc, etc., but there are almost no players who work with exclusive stationery that might give an entrepreneur first mover advantage if it is possible.
Some people love to collect premium and customized stationeries and this market is still left a bit unexplored in our country. Combined with the right innovation, this might be a perfect opportunity for entrepreneurs who want to work in the manufacturing and customizing sector.
E-commerce
Bangladesh still has a long way to go to achieve success in the e-commerce sector. Although the growth has been remarkable in recent years, the economy still lags in a few areas such as customer service and delivery mechanisms.
If these problems can be steadily worked upon, with entrepreneurs coming forward to resolve these interruptions, then the e-commerce sector will reach a new milestone.
One of the great startups in this sector is Chaldal which offers online grocery shopping and delivery. It has reached significant growth within a short time which highlights the demand of consumers for these services.
For entrepreneurs looking for challenges in our economy to tackle, working in this sector might be the correct choice.
We have delved into some of the sectors with great scope of innovation and opportunities which might give first-time entrepreneurs an upper hand and allow them to make a significant mark in the startup ecosystem of Bangladesh.
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Writer,
Fatema Tuz Zohora
Intern, Content Writing Department