Q. Share with us your academic journey and how it influenced your path towards the development sector?
I majored in International Business at the University of Dhaka and while pursuing my bachelor’s degree, besides being focused on studies, I was also very proactive outside classroom. I spent a lot of my time volunteering and running different campaigns to ensure food security, to provide clothes to the underprivileged, run cleanup campaigns at my university campus and execute beach cleanups in Cox’s Bazaar. I used to be involved in these activities because these social and environmental issues bothered me while growing up but little did I know that these small initiatives would lead me to a career where I would become an entrepreneur who builds social businesses to solve the most crucial problems in a sustainable way.
Q. What motivated you to co-found Impact Hub Dhaka, and how did you envision it making a difference in the development sector?
The journey of Impact Hub in Dhaka started with a vision to build a community of socially and environmentally conscious individuals within a shared space to meet, learn and connect. By opening an Impact Hub, we knew that we had the ability to revolutionize Dhaka’s entrepreneurial ecosystem and enable entrepreneurs and organizations to be more impact-driven and sustainable. The COVID-19 Pandemic made it even clearer that our support to social enterprises is crucial to restructure the new normal and solve the most pressing issues of our time.
Q. How has Impact Hub Dhaka evolved over the years, and what key impacts has it created within the local community?
Entrepreneurs usually have a sense of loneliness while starting and building their businesses alone or operating from home and often cannot afford to rent an entire office space on their own. Impact Hub Dhaka enables entrepreneurs to come together at a community space that offers inspiring workspaces, community-led events, a diverse network, entrepreneurship programs and much more to help them bring their ideas to life.
Q. Let’s talk about YY Ventures. Could you explain the significance of social business and how YY Ventures contributes to this space?
Bangladesh has made remarkable progress in reducing poverty, supported by sustained economic growth over the last few decades. But still today, 35 million people in Bangladesh live below the poverty line. 46% of our graduates struggle to find a job within 2 years after completing their studies. Almost 40 million Bangladeshis do not have access to clean drinking water. We are one of the top 10 nations in the world that are most vulnerable to climate devastation – despite producing only 0.56% of the global carbon emissions changing our climate. This is unacceptable. Thus, YY Ventures was founded in 2016 to inspire and support a new generation of social entrepreneurs by incubating and investing in early-stage social businesses in Bangladesh and beyond. And since beginning our journey in 2016, we have supported 70+ entrepreneurs who have improved the lives of 800,000+ people.
Q. In today’s startup landscape, what are the primary challenges that early-stage startups encounter, specifically in relation to the funding crunch?
As an entrepreneur, I feel the best way to fundraise for your startup is to raise the funding from your customers. As an entrepreneur if you are able to offer a product or service that is solving a true problem, then your customers will come and buy this product/service from you and through this process you can build a sustainable business. However, it is true that to launch and build a business, it requires a lot of investment, especially in the tech-startup scene but here during this funding crunch, I recommend those entrepreneurs to not run after the Venture Capitalists but to run after their customers. If they can listen to the needs of the customers and redesign/tweak their products and services accordingly, then they should be able to find a business model that works.
Q. With the emergence of new technologies and global market dynamics, how do you see the startup ecosystem evolving in the next few years?
With the emergence of new technologies and global market dynamics, we can expect a further upsurge of startups and their contribution to the country’s economic growth and development. By leveraging cutting-edge technology, we can also anticipate the emergence of startups across diverse sectors, especially Fin-tech, Healthtech, Agritech, education, etc. I also expect to witness a rise in social entrepreneurship in the next few years with more businesses adopting sustainable practices and incorporating social and environmental goals into their business operations.
Q. For newcomers aspiring to make a difference in the development sector and to become an entrepreneur, what opportunities do you see emerging and how can they position themselves to contribute effectively?
My advice to young people aspiring to make a difference and looking to get started on their first business, is to not think about the social stigma, their fear of failure, or what their friends and family is going to say if they do not pursue a conventional career path. My recommendation to them is to just go ahead and do it. If you are a young person and you care about solving a particular problem or making an impact through business, just ask for help and start doing it. The best way to understand what works and what doesn’t is actually by doing it.
Q. What do you envision for yourself, and what specific positive changes do you aspire to bring to the community through your efforts and initiatives?
By 2030, we want to invest in at least 100 social businesses and improve the lives of 2 million people in emerging countries.
