BRAC University has allocated a sum of Taka 50 Lac as seed loan to a number of BRAC University student entrepreneurs as a part of its business incubation programme. Each entrepreneurial team will receive a maximum of Taka 5 Lac as interest-free loan to be repaid in 4 years.
An event headlined ‘Business Incubation Fund Distribution Ceremony’ was held last Monday, March 20, 2017 to mark the occasion. The money is being given through Centre for Entrepreneurship Development (CED): BRAC University’s entrepreneurship development wing which also doubles up as a think tank involved in various research and capacity development activities pertaining to the progress of Bangladeshi entrepreneurs.
The recipients of the seed fund were selected after three rigorous business plan competitions organized by CED. Business ideas contrived by students and concretely committed on paper as business plans were reviewed by judging panels before winners could be selected. During the ceremony an audience comprising students, their guardians, academia, and entrepreneurs learnt about student run businesses which were inspiring both in terms of creativity as well as market traction.
Three teams received the first installment of seed funds through this ceremony. Porashona Online (Team Ninja), the first business to get the loan, is an online educational content provider that will cater to the academic needs of high school students. Ten’s 360, the next winner, is involved in the production of corporate gift articles and other marketing devices. They already have an established clientele. The final recipient, Rapido Deliveries, serves the parcel delivery and business transaction needs of the burgeoning E-commerce businesses of Dhaka.
Other winning businesses enrolled in the CED business incubation programme were also present during the occasion and shared their success stories with a very enthusiastic audience. The students were addressed in a welcome note by CED Adviser, Professor Dr. Rahim B. Talukdar. Professor Syed Saad Andaleeb, Ph.D., the honourable Vice Chancellor of BRAC University spoke on the occasion as the Chief Guest and lauded the importance of engaging with student entrepreneurs at the university level. CED alumni consisting of entrepreneurs and educators were also present in the occasion.