By Abdullah Al Muhsi, Writer, Riddle Scribble
The increase in entrepreneurship in Bangladesh definitely gives a positive vive. People are now being encouraged to take the risk of beginning their own startup and see whether or not it pays off. Moreover, the increase of small startups results in a higher rate of employment and therefore affects the entire economy of the country. Being an entrepreneur gives an individual a platform where they have the liberty to shape their world in a way they prefer. Nevertheless, it goes without saying that entrepreneurship is risky, and is not meant for everyone.
Many fail to notice the development of startups now-a-days. It’s a popular and ever increasing trend. These startups have the potential to become an entrepreneurial business. And so, it’s no mystery that venture capital (firms) from around the world are being attracted to invest in various startups in Bangladesh. One such venture capital is Fenox Venture Capital, a global VC firm, which invests in a diverse businesses that range from mobile and internet to startups.
Venture Capital firms are well aware of the fact that a failure in a business or a startup will inevitably go down to the record book as a failure of that VC.
Why invest in Bangladesh?
Although, it might sound strange, Fenox’s initial wish to invest in Bangladesh was because of its large population. With a population of over 17 crore, and mostly young minds, the significant growth of internet users combined with increasing number of mobile users every year, Bangladesh is the perfect place where Venture Capital firms are looking to invest.
What other plans does Fenox have?
Fenox plans to go beyond traditional investment. It plans to create a platform from where fresh youngsters with startups will be afforded the opportunity to showcase their idea in front of the whole world. Fenox aims to works as matchmakers, where they will introduce entrepreneurs and connect them with the right individuals. With the proper guidance and mentoring of Fenox, entrepreneurs will not fall in the mass confusion when it comes to deciding who they should approach and how they should approach. It helps entrepreneurs to grow and develops them even further.
What investments has Fenox made so far?
Fenox has invested in two startups in Bangladesh: HandyMama.co &SmartKompare. A total amount of $15000 has been invested in these two startups alone.
Priyo, the internet portal, now referred to by many as the “Yahoo” of Bangladesh, which according to Kyle Kling, has a unique number of visitors that totals to 1 million and 915000 page views every day.
Priyo has received an investment of $1 million USD from Fenox.
Fenox believes that “Bangladesh is ready to start tackling challenges to create a rich startup ecosystem.”