Bangladeshi origin startup wins Tk 85 lakh

OpenRefactory, a Bangladeshi origin startup that uses artificial intelligence to automatically detect and correct programming errors, won over Tk 85 lakh at the Bangabandhu Innovation Grant-2021 competition yesterday.

The contest's finale at Bangladesh Film Archive gave out Tk 3.60 crore in total to 36 startups chosen from home and abroad.

The event was organised by the Innovation Design and Entrepreneurship Academy (iDEA) Project of Bangladesh Computer Council (BCC) under the ICT Division to inspire young entrepreneurs and startups and support an enabling ecosystem in the country.

The campaign was run in 142 countries and over 7,000 startups and inventors from 57 countries, including Bangladesh, participated in the initial stage.

Following grooming sessions at an online boot camp and a reality TV show comprising the country's established business icons, 46 startups won their place at the finale -- 26 local, 10 international and 10 of the iDEA Project.

The grant winners were selected based on various issues, including startup concept, feasibility, business, technology, finance and implementation plan.

Addressing as chief guest, Finance Minister AHM Mustafa Kamal said the government had allocated Tk 100 crore in the current budget to support young innovators.

Today's young inventors will play an important role in the country's economy. Money is not a challenge, he said, adding, "We will move forward in the right direction by transforming the challenge into a possibility."

The finance minister said Bangladesh's startup ecosystem started to form in 2010 and currently there were over 2,500 startups, directly or indirectly employing more than 1.5 million people, and 40 accelerator and incubator programmes.

The ICT sector's export revenue stands at over $1 billion, said State Minister for ICT Division Zunaid Ahmed Palak, who announced the winners.

"We are working towards the goal of increasing the export earnings to $5 billion by 2025 and creating employment for 3 million people," he said, adding that a startup policy would soon be formulated.

Senior Secretary to ICT Division NM Zeaul Alam, BCC Executive Director Md Abdul Mannan and iDEA Project Director Md Abdur Rakib were present.