Tabassum E Jannat Ruby | MBA 1st semester | Department of Human Resource Management
In recent years, a quiet transformation has been taking place across universities, colleges and even schools in Bangladesh. With laptops in hand and dreams in their hearts, an increasing number of students are opting to launch their own startups rather than waiting for traditional job opportunities. Through their efforts, they generate employment, boost capital formation, enhance export trade, promote balanced regional development, foster industrial linkages and contribute to the fair distribution of wealth, income and power (Hossain, 2006). Whether it’s small online shop or technology-based startup, students are demonstrating that success can come not only from securing a job but also creating one.
A SHIFT IN STUDENT MINDSET
Once, the journey of a student was straightforward : Study hard, get a degree and then find a job. However, this conventional mindset is now shifting. Students are challenging the norm questioning: “ Why wait for an opportunity when I can create my own?” According to the Department of Youth Development (DYD), one-third people of Bangladesh are youth who are aged between 18 to 35. What is especially encouraging is that many of these ventures start with limited capital, sometimes funded by tuition savings or private tutoring. These startups often emerge from everyday experiences like someone starting small business to support their family,someone launching a food page inspired by their mother’s recipes or someone developing a learning app to help underprivileged students. These ideas are not just about money, they reflect purpose, vision and goal.
WHAT IS DRIVING STUDENTS TOWARD STARTUPS?
It is not straightforward to give a particular answer to the question. According to Chigunta (2002), young people can engage in entrepreneurship to bring economic and social value into their lives, allowing them to pursue financial independence. However, the motivations for starting a business differ significantly between developed and developing nations (Chigunta 2002). In North America, Europe and Japan young individuals often start their own business “to be one’s own boss” as they desire control over their work and personal lives. In contrast, in developing countries young people may enter business due to economic necessity or need to survive. Looking at today’s scenario, the following key factors are playing an influential role to the rise of student-led startups.
1. Digital Access – With the availability of affordable smartphones, mobile banking and social networking platforms, students can now start business with minimal capital and
reach a wide audience.
2. University Support – Almost all universities are now promoting entrepreneurship through clubs, workshops and startup competitions. Platforms like Innovation Hubs and Career Resource Centers are gradually becoming more familiar to the students.
3. Peer Inspiration – The success stories of peers are now spreading by word-of-mouth, motivating other students to explore the startup world.
A SILENT SURGE AFTER COVID-19
Interestingly, the COVID-19 pandemic played a pivotal role in shaping the current startup revolution. According to a 2022 report by LightCastle Partners, more than 50% of the new startups formed in Bangladesh since 2020 were started by individuals under 30. Many of them are students or fresh graduates. During lockdowns, students began exploring online business models. Moreover, a survey conducted by BYLC ventures revealed that over 60% of the student entrepreneurs launched their business during or shortly after the pandemic. This period become a turning point for many, as they realized, “If not now when?”
REAL-LIFE STUDENT ENTREPRENEURS
Several well-known student entrepreneurs in Bangladesh started their journeys during or
right after their university years and have gone on to inspire many others.
1.Ayman Sadiq – Founder of 10 Minute School Ayman Started 10 minute school as a university student with the goal of making quality education accessible online for free. His platform now serves millions of student. He also received international recognition, including award from Queen Elizabeth-II and Forbes 30 Under 30 Asia (2018)
2. Tasfia Tasbin and Rubaiyat Farhan – CEO and COO of Markopolo.ai Tasfia and Farhan established this company in 2021. The company develops AI-powered go-to-market automation solutions. Both have also received global recognition from Forbes 30 Under 30 Asia (2023)
3.Tanjim Al Fahim and Abdullah Al Jaber – CEO of Cyber71 Fahim, Jaber and their team launched Cyber71 while studying, aiming to promote cyber security consciousness and safety of local websites.
These examples show that great ideas and thoughts don’t have to wait until graduation. They can begin with enthusiasm and keen insight.
BARRIERS ALONG THE WAY
Despite their passion and courage, student entrepreneurs face major serious constraints. It is also evident that both adult-run enterprises and young-run enterprises face similar issues in many areas such as lack of access to institutional capital; lack of access to lucrative markets; poor marketing and branding; lack of access to suitable working space; inadequate planning; lack of business management skills and abilities; inadequate, inaccurate and non-existent financial records; lack of new product development; and lack of on going business support (Chigunta, 2001,2002)
WHICH INITIATIVES HELP TEHM GROW?
If we want to see more of these inspiring efforts succeed, we need to support them.
• University-based incubation centers where students can develop and test their ideas.
• Workshops and mentorships programs led by experienced business professionals.
• Funding competitions that offer small grants.
• Promoting government initiatives like Startup Bangladesh and iDEA Project.
CONCLUSION
Today's student entrepreneurs in Bangladesh are not just running business, they are ready to create new era for our country. A era with strengths, resilience and creativity. Bangladesh has yet to see a major transformation in youth entrepreneurship. The government and the financial institutions need to create effective opportunities by
developing youth-friendly policies and initiatives. This paper offers valuable opportunities for further research in the field of young in Bangladesh.
