Service barriers, financing gaps stifle young entrepreneurs

Tangles in government services remain a major challenge for turning ideas into reality and becoming successful entrepreneurs, said young innovators at a roundtable yesterday.

They also pointed out other barriers, including a lack of access to financing, the absence of suitable platforms to promote products, consumers' reluctance to accept new items, a busy academic calendar, and safety concerns raised by families.

The roundtable, titled "Climate-smart Entrepreneurship: Pathways for Youth-led Change", was jointly organised by ActionAid Bangladesh and The Daily Star at The Daily Star Centre in the capital.

The event was part of the recently concluded "Climate Justice Idea Competition 2025", an initiative of ActionAid and The Daily Star.

The discussion was attended by the winners of the competition, as well as the winners of ActionAid's "Youth-led Action Research on Green and Digital Transformation" competition, young entrepreneurs, and development practitioners.

The young innovators won the competitions for generating ideas and solutions to different problems.

Sharing his experience, Mahmudul Hasan, a winner from last year's Climate Justice Idea Competition, said under existing government regulations, an individual under 18 cannot obtain a trade licence or open a bank account.

"These are big problems for the country's young aspiring entrepreneurs to sustain," he said, adding that while ideas come easily, existing systems make it complicated to turn them into action.

Jahra Nanziba, a winner of this year's Youth-led Action Research on Green and Digital Transformation, said their winning idea was to produce an "algae lime paint", which is eco-friendly and non-toxic.

She said when they reached out to people, they refused to accept it, as theirs was not a well-known brand. Finding a suitable platform for product promotion remains a challenge, she added.

Her teammate Kasshaf Ahmed explained that the paint can be made using algae, which is highly effective in absorbing carbon from the air.

 He also stressed the need for mentorship for aspiring entrepreneurs to sustain themselves in the market.

Rouzatul Rummana Farabi won this year's Climate Justice Idea Competition for presenting an idea for a sanitary product to ensure hygiene in public toilets.

At the roundtable, she said her mother was initially concerned for her safety when she told her about the project and asked for permission to go to the market to collect necessary items.

She added that an "inflexible academic curriculum" also posed challenges in running the project smoothly.

Shafayet Rahman, another winner of the Youth-led Action Research on Green and Digital Transformation, highlighted the lack of access to financing as a major barrier for young entrepreneurs.

He stressed the need for integrating innovative ideas into government and public-private partnership initiatives.

Nazmul Ahsan, lead of Young People at ActionAid Bangladesh, said aspiring entrepreneurs should sharpen their ideas with supply chain considerations, marketability, and the broader market ecosystem in mind.

Feasibility studies will also be necessary, he added.

Besides, there should be social protection and insurance mechanisms in place for the young innovators, he also said.

Rafiqul Alam Khan, manager at BYLC Ventures, urged young entrepreneurs to be patient in their journey to success.

SM Fahim Shahriar, CEO and co-founder of SustainLaunch Labs, also addressed the event.

The roundtable was moderated by Tanjim Ferdous, in-charge of NGOs and foreign missions at The Daily Star.