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1
What makes a successful entrepreneur?

An entrepreneur is a person who conceptualizes the foundation of the company or an institution and plays an instrumental role in the success. Failure of a setup is owed to him or her as a decision maker holding the key mandate also. This may also include both achieving as well as steps for downsizing which are attributed to the person.

In many cases, we wrongly define the entrepreneur with that of a person of mandate. The engaged Managing Director or Chief Executive Officer is being considered as an entrepreneur -- rightfully or wrongfully. However, the person is generally not. At the same time, the entrepreneur may not be in charge beyond envisioning a concept.

The extent of a mandate given to the person certainly gives others the possibility of identifying the person as a so-called “entrepreneur.” That is why in many establishments, we are treating the Managing Director / CEO as an entrepreneur due to the extent of a mandate given to them.

Now getting back to the original point of a “successful entrepreneur,” one must scrutinize the idea of what success is. Success is to be able to grow an establishment over a given tenure. Being successful is not an everlasting process at all times because continuity of success is a difficult and ardent process, which everyone cannot get or be able to show. For some time it is reflected, but there are risks of a downward turn too.

In Bangladesh the downward turn is treated as an institutional failure, which it is, but it is not the end! A downhill tumble is a way to avail a learning exercise to reassess and reevaluate the situation. There will be ups and downs in business or achieving, and we must be ready to shoulder a storm or hindrances alongside. Therefore, an entrepreneur must be mentally accepting so that the appropriate mindsets exist for occurrence.

What entrepreneurs lack

The sad truth is that many establishments including their entrepreneurs cannot reevaluate, therefore they tend to either downsize or shut operations. They are focusing on the short term only.

Other wiser entrepreneurs use the ability to reevaluate to exercise choice and proceed forward with re-strategizing. However, the main aspects that are touched upon are always the profitability and pricing index where applicable. Others tend to seek opportunities to envision what should be the way forward. But is this always correct to touch upon the pricing and profitability?

Most of the time it is but at the same time one must also understand that saturation points and diversity need to be taken into consideration when visualizing a roadmap.

Therefore, short term and long-term goals and appropriate plans must be in place. Diversification is always a consideration in the long run.

But is every entrepreneur able to diversify? Can he or she envision a diversification in approach? Can the person really comprehend beyond his or her comfort zone? In most of the cases, no. Therefore, what should be done?

Why is it the case that entrepreneurs or decision makers are not able to diversify? The truth is that diversity requires the ability to assess situations and comprehend from a multidimensional perspective and at the same time be a visionary, so that a destination roadmap can be dreamt up and put into action in phases within a stipulated time frame.

Well why can they not proceed? They are sitting with the money. They are sitting with the establishment and they are sitting with the teams. The sad truth is that to envision, experience matters, exposure matters, confidence matters, and so does the ability to take risks. This is where we are not able to proceed.

An entrepreneur could have a team that can help envision the steps forward, but to what extent remains the question. They may envision the next one or two steps, but not the possible destination roadmap. The destined model will comprise of both milestones and hindrances along the way.

How to tackle it and how to achieve the milestones and overcome the hindrances should be addressed with confidence. One cannot be reactive in approach. Being pro-active is a less costly process and being reactive may mean strategy change -- but it also does impact more suddenly, as readiness for reactive approach is not something we envisage.

That is why success stories of the 50s and 60s have eventually had to close down or downsize. The same is applicable of the 70s and 80s, even the last 30-40 years have similar occurrences too.

It is a continuous process and this is attributed to all establishments, whether proprietorships, banks, IT companies, garments, buying houses, trading houses, projects, government projects, telecom companies, e-commerce companies, training institutes, upstarts, and many more.

Hiring the right people

That is why the role of specialist hands or subject matter experts and external arms are more and more a necessity because they help in showing both the roadmap as well as helping to plan the way forward. The role of R&D personnel/team is mandatory in each successful institute globally.

The question may arise: What did I do wrong in building my own team as an entrepreneur? This is the biggest problem a corporation faces.

The person taking the decision in selecting the resources is often not doing his or her task rightfully. A job description of a key person is very critical. Just basic PR by the person is insufficient. The CV or resume must carry weight. The candidate for the position must be qualified with sufficient diverse experience meeting the requirements.

At the same time the person must be looked at objectively by expert hands who can do a better assessment than me as an entrepreneur. As an entrepreneur, I must be ready to part with a sizable salary package for the said person to meet the task requirements if the position is very critical and important to an establishment.

And favouritism and back door entrances must be minimal. In Bangladesh, this is a common occurrence besides of course hiring a person from the same district, being a relative, or considering a candidate due to the person's desperate need for the job rather than on meritorious grounds and objective perspective.

Therefore, it is very important to permit external arms to select for you, so that what you cannot do, the experts will do. This may cost money but in the long run, the investment made is worth it. This mistake is not just that of private companies, banks, institutes, and corporates, but even advisory companies, consultancy firms, as well as major MNCs in Bangladesh.

They all learn it the hard way, by getting someone engaged first and then facing hindrances due to the person's non-readiness to be able to undertake their said responsibilities for the given tasks.

Now besides resources, the establishment's structure, organogram, and processes with appropriate checks and balances is a must -- this conformity to standards is a necessity. It is not as if a unique model exists for my company and the rest of the world is different -- global best practices are uniform everywhere.

It is therefore a necessity that a tycoon/magnate/owner agrees to conform rather than attempts to be stubborn because his or her purview is more limited than that set by global standards.

But why will the entrepreneur be stubborn ? Well he/she has managed to build success in his or her set of guidelines, institutional norms, and knowhow. This is his or her exposure or perspective, you may say. But why the limitation?

Generally, in Bangladesh, the largest problems in private companies which have graduated to renowned corporates, the entrepreneurs have only understood the company and have not exercised exposure elsewhere. They have not sought experiences or knowhow working elsewhere before setting up the company, establishment, or institute.

The experience availed elsewhere helps to embrace international corporate norms which can be replicated smoothly. But the limitations working in a singular entity only makes the entrepreneur's perspective narrow. A learning exercise can be undertaken -- however the intent to learn must come from within.

But what do we do if the corporations are too large or stubborn to embrace changes?

Using technology

Well, many changes are easier than one thinks. This is where technology plays an instrumental part. Automation of procedures and conformity to set policies as well as rightful evaluation of resources along with checks and balances besides transparency in approach exist. To instigate smoothly so that the matter is easily conformed to and utilized without individual staff members challenging the newly set procedures through persistent approaches of neglect is the challenge.

The next problem is identifying the right technology. This is a very critical thing, because the entrepreneur may select the wrong solutions. This may be due to misguidance, misinterpretation, as well as not having the right person around for appropriate guidance.

This is where you engage external arms as well as qualify people who will be appropriate for the said tasks. Whether the task is short term or long term, being protective of your existing team's wrongful decision may not always be correct.

After touching upon the resource and infrastructure, how does one touch upon diversity in approach because that is where a success story of an entrepreneur lies. Well, the ability to diversify requires mandating experts in key positions with substantive authority and decision-making ability.

This also requires decentralization of processes, procedures, and most importantly, authority. The idea should be: I make minimal interference in micro and macro matters as an entrepreneur. I will only see results. I will look at assigning the person with a task with a substantive budget fund and necessary starting infrastructure and he/she will provide me with a plan of action for a tenure. This way success is a certainty.

If the entrepreneur tries to think he/she is God where the person feels he or she can implement success singlehandedly, without expert hands and appropriate persons, then the likelihood of failures are more. Many have burnt their fingers trying to do so.

However, what about diversity in approach itself ? Where do I go or what must I do or how must I proceed? Your aerial purview must have some relevant cross-selling opportunities. The cross-selling opportunities must be scrutinized, analyzed, and evaluated thoroughly. Then comes economic analysis -- whether the subject area is profitable or not.

In many cases, the less profitable areas become more profitable considering that they are piggybacking on the same platform. That advantage really must be looked at too. Examples are ecommerce with logistics, Fintech with IT, banking with agent banking, insurance, and brokerage houses, etc, distribution with multiple products, consultancy with multiple services, and many more.

Yes, this can go on and on so it needs to be looked into thoroughly. Mobilizing forward is a lot easier if one can confidently move forward taking into consideration all of the above.

Now back to the successful entrepreneur. He or she must have a strong set of generals to fight the battles. To fight the battles, the person must be strongly equipped. This includes:

* A good marketing head and team who will address both sales and strategic planning
* A good HR head with substantive authority reporting to the entrepreneur is a must
* For diversity, a good R&D Team leader and Project Head with independence and space is essential
* A strong CFO with experience and exposure reporting to the entrepreneur for financial planning and management of company assets
* A good Chief Operating Officer and a diverse team to manage the back office functionalities
* Finally, a good Chief Information Officer with a strong team to address all diverse aspects of IT

These are the basic requirements though many more can be added, depending on the scope of work but also the need of the time.

Selecting a team of good and bad resources and making them work together, whether they are more or less competent and providing motivation, drive, aims, aspirations, as well as having control, justifies both a synergy in approach and shows proof of  good leadership.

All this is a necessity in an entrepreneur's overall success. Giving departmental heads substantive space and authority must be entrusted to them to push forward to meet requirements.

This may sound simple and elementary, which it is. However, things tend to be made unnecessarily complex, by others, who butt their heads into the same matter creating pointless confusion in the mind of the decision maker.

So being objective, not exercising any personal bias and engaging expert hands (internal and external where applicable) in tasks must be the modus operandi.

An entrepreneur must be able to understand all the above to proceed towards an eventual triumph and a success story with a team of accomplished members who are equipped to shoulder sizable challenges and become achievers.

Writer--
Waleed Morshed
Consultant (Process Re-Engineering, HR, IT Presales, ESG, ERP, Finance, BFSI, Project Management, Audit, Academic & Career Counsellor), Institutional Advisor, and Entrepreneur.

Collected
Source- https://www.dhakatribune.com/longform/2022/12/05/what-makes-a-successful-entrepreneur

2
Common Forum / CHARACTERISTICS OF THE BRAIN
« on: May 11, 2022, 12:35:38 PM »
The director of the George Washington University School of Medicine argues that the brain of an older person is much more practical than is commonly believed.  At this age, the interaction of the right and left hemispheres of the brain becomes harmonious, which expands our creative possibilities.  That is why among people over 60 years of age you can find many personalities who have just started their creative activities.

Of course, the brain is no longer as fast as it was in youth.  However, it gains in flexibility.  Therefore, with age, we are more likely to make the right decisions and are less exposed to negative emotions.  The peak of human intellectual activity occurs around the age of 70, when the brain begins to function at full strength.

Over time, the amount of myelin in the brain increases, a substance that facilitates the rapid passage of signals between neurons.  Due to this, intellectual abilities increase by 300% compared to the average.

Also interesting is the fact that after 60 years, a person can use 2 hemispheres at the same time.  This allows you to solve much more complex problems.

Professor Monchi Uri, from the University of Montreal, believes that the old man's brain chooses the path that consumes less energy, eliminates the unnecessary and leaves only the right options to solve the problem.  A study was conducted involving different age groups.  Young people were very confused when passing the tests, while those over 60 years of age made the right decisions.

 Now, let's look at the characteristics of the brain between the ages of 60 and 80.  They are really pink.

 CHARACTERISTICS OF THE BRAIN OF AN ELDERLY PERSON.

 1. Neurons in the brain do not die, as everyone around you says.  The connections between them simply disappear if one does not engage in mental work.

 2. Distraction and forgetfulness arise due to an overabundance of information.  Therefore, it is not necessary for you to concentrate your whole life on unnecessary trifles.

 3. From the age of 60, a person, when making decisions, does not use one hemisphere at the same time, like young people, but both.

 4. Conclusion: if a person leads a healthy lifestyle, moves, has viable physical activity and is fully mentally active, intellectual abilities do NOT decrease with age, they simply GROW, reaching a peak at the age of 80-90 years .

So do not be afraid of old age.  Strive to develop intellectually.  Learn new crafts, make music, learn to play musical instruments, paint pictures!  Dance!  Take an interest in life, meet and communicate with friends, plan for the future, travel as best you can.  Do not forget to go to shops, cafes, shows.  Don't shut up alone, it's destructive to anyone.  Live with the thought: all good things are still ahead of me!

Pass this information on to your family and friends in their 60s, 70s and 80s so they can be proud of their age! 😉
   
SOURCE: New England Journal of Medicine.

3
ব্যস্ততার কারণে অনেকেই সময়মতো ই–মেইল দেখতে ভুলে যান। সমস্যা সমাধানে জিমেইল ব্যবহারকারীরা চাইলেই নিজেদের ইনবক্স মনোনীত ব্যক্তিকে দেখার সুযোগ দিতে পারবেন। শুধু তা–ই নয়, তাঁর মাধ্যমে ই–মেইলের উত্তর পাঠানোর পাশাপাশি নতুন ই–মেইলও পাঠাতে পারবেন তাঁরা। জিমেইল অ্যাকাউন্টে প্রতিনিধি যুক্ত করে এ সুবিধা মিলবে।


জিমেইল অ্যাকাউন্টে প্রতিনিধি যুক্ত করার পদ্ধতি

জিমেইল অ্যাকাউন্টে প্রতিনিধি যুক্ত করার পদ্ধতিস্ক্রিনশট

অ্যাকাউন্টে প্রতিনিধি যুক্ত করতে জিমেইলের সেটিংস (গিয়ার আইকন) মেন্যুতে ক্লিক করে See all settings অপশন নির্বাচন করতে হবে। এবার Accounts ট্যাব নির্বাচন করে grant access to your account বিভাগ থেকে Add another account অপশনে ক্লিক করতে হবে। চালু হওয়া নতুন উইন্ডোর Email address–এর ঘরে প্রতিনিধির ই–মেইল ঠিকানা লিখে Next step–এ ক্লিক করতে হবে। এবার আপনি যাকে প্রতিনিধি নির্বাচন করতে চাচ্ছেন, তাঁর ই–মেইল ঠিকানায় একটি বার্তা পাঠাবে জিমেইল। সম্মতি দিলেই তিনি আপনার অ্যাকাউন্ট থেকে যেকোনো ব্যক্তিকে ই–মেইল পাঠাতে পারবেন।

Collected
https://www.prothomalo.com/technology/%E0%A6%9C%E0%A6%BF%E0%A6%AE%E0%A7%87%E0%A6%87%E0%A6%B2-%E0%A6%85%E0%A7%8D%E0%A6%AF%E0%A6%BE%E0%A6%95%E0%A6%BE%E0%A6%89%E0%A6%A8%E0%A7%8D%E0%A6%9F%E0%A7%87-%E0%A6%AA%E0%A7%8D%E0%A6%B0%E0%A6%A4%E0%A6%BF%E0%A6%A8%E0%A6%BF%E0%A6%A7%E0%A6%BF-%E0%A6%AF%E0%A7%8B%E0%A6%97-%E0%A6%95%E0%A6%B0%E0%A6%BE-%E0%A6%AF%E0%A6%BE%E0%A6%AC%E0%A7%87

4
ব্যস্ততার কারণে অনেকেই সময়মতো ই–মেইল দেখতে ভুলে যান। সমস্যা সমাধানে জিমেইল ব্যবহারকারীরা চাইলেই নিজেদের ইনবক্স মনোনীত ব্যক্তিকে দেখার সুযোগ দিতে পারবেন। শুধু তা–ই নয়, তাঁর মাধ্যমে ই–মেইলের উত্তর পাঠানোর পাশাপাশি নতুন ই–মেইলও পাঠাতে পারবেন তাঁরা। জিমেইল অ্যাকাউন্টে প্রতিনিধি যুক্ত করে এ সুবিধা মিলবে।

জিমেইল অ্যাকাউন্টে প্রতিনিধি যুক্ত করার পদ্ধতি

জিমেইল অ্যাকাউন্টে প্রতিনিধি যুক্ত করার পদ্ধতিস্ক্রিনশট

অ্যাকাউন্টে প্রতিনিধি যুক্ত করতে জিমেইলের সেটিংস (গিয়ার আইকন) মেন্যুতে ক্লিক করে See all settings অপশন নির্বাচন করতে হবে। এবার Accounts ট্যাব নির্বাচন করে grant access to your account বিভাগ থেকে Add another account অপশনে ক্লিক করতে হবে। চালু হওয়া নতুন উইন্ডোর Email address–এর ঘরে প্রতিনিধির ই–মেইল ঠিকানা লিখে Next step–এ ক্লিক করতে হবে। এবার আপনি যাকে প্রতিনিধি নির্বাচন করতে চাচ্ছেন, তাঁর ই–মেইল ঠিকানায় একটি বার্তা পাঠাবে জিমেইল। সম্মতি দিলেই তিনি আপনার অ্যাকাউন্ট থেকে যেকোনো ব্যক্তিকে ই–মেইল পাঠাতে পারবেন।

Collected- https://www.prothomalo.com/technology/%E0%A6%9C%E0%A6%BF%E0%A6%AE%E0%A7%87%E0%A6%87%E0%A6%B2-%E0%A6%85%E0%A7%8D%E0%A6%AF%E0%A6%BE%E0%A6%95%E0%A6%BE%E0%A6%89%E0%A6%A8%E0%A7%8D%E0%A6%9F%E0%A7%87-%E0%A6%AA%E0%A7%8D%E0%A6%B0%E0%A6%A4%E0%A6%BF%E0%A6%A8%E0%A6%BF%E0%A6%A7%E0%A6%BF-%E0%A6%AF%E0%A7%8B%E0%A6%97-%E0%A6%95%E0%A6%B0%E0%A6%BE-%E0%A6%AF%E0%A6%BE%E0%A6%AC%E0%A7%87

5
Altering the sequence of entrepreneurial proliferation

Nourishing Entrepreneurship
Typically, frameworks designed and implemented in developing/developed countries to diversify risk portfolio and stimulate employment includes nourishing entrepreneurship.

Teaching entrepreneurial thinking, however, requires focusing on steps that foster development at a young age. It's because launching a startup is a daunting task; it requires a lot of courage, resilience and support from the government.

The growth of startups in Bangladesh has brought some serendipitous changes, with foreign investments being drawn into the country. For the young generation to take advantage of the emerging industries, the landscape needs to change a little further.

Over the past decades, the government has transcended in delivering education to millions. Although, having a university degree in this competitive world is not enough because it does not remove a person from the traditional linear thinking style.

From a behavioural perspective, readiness for entrepreneurship requires attention to certain aspects that are not taught in schools and universities.

Taking examples from the developed nations
Much in line with what happened in the US or the UK, policymakers within the government and private sector growth strategists need to deliver tactical and high-intensive startup programmes with incentives to bring forward rational and speculative, but transformative ideas.

Take the United States as an example. During the early ‘90s, when the internet was about to explode, startup entrepreneurship changed the country's landscape. Policies were adopted to allow startups to bring forward research initiatives and launch accelerator programmes.


The Silicon Valley in the US eventually became the epicentre of technological enterprises and productivity, to the point that other countries started to imitate versions of their own.

Startups from Europe also moved to the US to find venture funding and they still do since they have access to an open platform for networking, growth and accelerators.

‘Tech startups’ were not the only type of businesses that took this advantage to grow. Investors typically looked at the demand for a product in the market to forecast its valuation.

At the centre of this revolution was a large young workforce, most of whom did not want to go about their regular jobs, instead took a risk and in the process, inspired millions to replicate the framework.

The necessity of the government’s policy support
Countries such as Oman can teach how their focal point shifted to non-hydrocarbon and tech businesses.

Oman has altered almost all their commercial laws in every sector to benefit startups and small businesses. In fact, over the past three years, the government of Oman has delivered immense benefits for foreign investors, introduced the Foreign Investment Law, launched ‘Free Zones’ for people willing to invest in Oman, allowed local entrepreneurs to launch venture capital funds and incubators tailored to both low-risk startups and high-risk tech ventures.

In Bangladesh, policies are to be implemented to preserve the socio-economic rights of young entrepreneurs and allow startups to receive access to funds that provides funding for innovation, research and development in technologies, and an out of the box thinking style.

Bangladesh needs to leverage youths’ energy
According to World Bank, every year, 2 million youth join the workforce in this country. A significant population in this country is under 30 years old, which merits the platform for startup growth. The overarching aim is to accelerate the development of innovation in both tech and non-tech sectors.

From a founder's perspective, at the initial stage, an idea needs to be demand-centric. Entrepreneurs can launch a non-tech startup if their product or service has room for growth, considering more complex state fragility.


 
Non-tech startups could well be valued at over 8 figures, considering two factors – a passionate team and an idea with demand.

Not all markets are ready for high-risk technologies, such as blockchain, considering market orientation, regulatory complications and factors for performance.

As far as growth is concerned, a startup idea needs to formulate a differentiator that will cut through the existing competition. Further, resilience is tied to passion. If an entrepreneur is passionate enough, they will be motivated to offer the best in class.

The theory of product-market fit provides an entrepreneur with a lesson in tailoring an innovative idea and making it compatible with the market. The differentiator needs to be noticeable enough.

Taking the right decision
A great way to sustain a startup in an increasingly competitive market is by providing customer service to increase a startup's retention rate.

In advertising, a sector currently oversaturated, some startup entrepreneurs perceived the light of success.

Tawhid Al Alam, Director of Communications of an advertising startup Innovi, talked to the writer regarding going against common practices.

"I started working from my first year of undergraduate school and it was one of the best decisions of my life.”

“Scepticism and lack of support were the biggest hurdles in this journey. However, we found a market gap to provide outstanding quality and consistency. Thus, our company managed to retain some of the largest companies in the country as clients,” continued Mr Alam.

He also mentioned making fast decisions under pressure and advised entrepreneurs to be cautious while finalising a decision.

“As an entrepreneur, you do not make a wrong decision and you just learn to carve the path that works best for you."

While entrepreneurship offers freedom, the process requires systematic organisational capabilities, courage and determination to continue delivering consistency.

Providing a concerted effort made by the policymakers, successful founders and the government to instil trust and determination in young people will drive home the agility to transform Dhaka into the next Silicon Valley of South Asia.

Writer-
Farabi Shayor is a Chartered Scientist, 2x published author and runs a research startup in London, UK. He is currently working as one of the Research Leads for Clinical Research and Innovation (CRI) module at the School of Medicine, Imperial College London.
farabi@intelxsys.com
Source- https://thefinancialexpress.com.bd/views/altering-the-sequence-of-entrepreneurial-proliferation-1638359962

6
Angel Investor / Investor Guru for Online Creators
« on: September 04, 2021, 01:46:43 AM »
Li Jin, founder of Atelier Ventures, at Mellon Park in Pittsburgh on Aug 12, 2021. For Jin, watching creators struggle to earn a living online felt personal. (Ross Mantle/The New York Times)

Cody Ko, a YouTube star with 5.7 million subscribers, found himself in a pickle in May. Two different startups wanted to give him stock, and he was concerned that they were potentially competitive deals.

So Ko called someone he trusted for advice: Li Jin.

Jin, a venture capitalist, suggested that Ko, 30, be honest and upfront with the founders of both startups about the potential conflict of interest. He agreed and ended up pursuing just one of the deals.

“I’d never hesitate to reach out to her if I needed something,” he said of Jin.

If there is such a thing as an It Girl in venture capital these days, Jin, 31, would fill the bill. She sits at the intersection of startup investing and the fast-growing ecosystem of online creators, both of which are red hot. And while she formed her own venture firm, Atelier Ventures, just last year and has raised a relatively small $13 million for a fund, Jin was among the first investors in Silicon Valley to take influencers seriously and has written about and backed creators for years.

A Harvard University graduate who was inspired by the ideas of Friedrich Engels and Karl Marx, Jin is also aggressively pro-worker. She has made it clear in podcasts and her Substack newsletter that creators should get the same rights as other workers. Among the ideas she has championed is a “universal creative income,” which would guarantee creators a base amount of money to live on.

Now as large venture capital firms flock to influencer startups, and as Facebook, YouTube and others introduce $1 billion creator funds, Jin’s track record has made her a go-to business guru for many digital stars who are trying to navigate the fast-changing landscape.

Hank Green, 41, a top creator on YouTube and TikTok, said he often tossed ideas back and forth with her by phone. Markian Benhamou, 23, a YouTuber with more than 1.4 million subscribers, credited her with understanding what creators go through. Marina Mogilko, 31, a YouTube creator in Los Altos, California, said Jin “started the whole creator economy movement in Silicon Valley.”

“She was talking about the creator economy years and years and years before anyone else was,” said Jack Conte, a co-founder and the CEO of Patreon, a crowdfunding site for content creators. “She really sees the future before other people do.”

Jin, who has invested in Substack and Patreon, said that although her fund was small, she planned to put all the money into companies transforming online work. “Everything I invest in is a creator-focused company,” she said. “I think the impact I have is outsized relative to the dollar amounts.”

Her credibility has been enhanced because she also operates as a creator. Jin posts frequently on her Substack newsletter, leads an online course teaching creators how to invest in startups and has created Side Hustle Stack, a free resource to help influencers find and evaluate platforms to leverage.

Jin, who was born in Beijing, immigrated at age 6 with her family to the US, where her father pursued a doctorate in economics at the University of Pittsburgh. Their early years in the country were lean, she said, until her father left school and got a job. Her family eventually moved to Upper St Clair, a town of about 20,000 outside Pittsburgh, where Jin attended public school and enjoyed painting and writing.


At Harvard, she studied English and continued her creative pursuits. But at the urging of her family, who she said “wanted financial security for me,” Jin switched her major to statistics and did banking and corporate marketing internships. After briefly working for Capital One after college, she moved to Silicon Valley at age 23 to work at Shopkick, a shopping rewards app, as a product manager.

In 2016, Jin landed at the Silicon Valley venture firm Andreessen Horowitz. At the time, the firm was focused heavily on investing in marketplaces like Airbnb and Rappi, the Instacart of Latin America.

Jin became fascinated with how different marketplaces worked and wrote prolifically about them for the Andreessen Horowitz blog. She also began thinking about how different marketplace systems could evolve to help people build businesses on the internet.

That led Jin to champion the influencer industry. Watching creators struggle to earn a living online felt personal, she said, while she also saw big potential in online work and creators as a business.

Her affirmation was meaningful, influencers said. “Her being at that big storied firm and saying these things felt like, ahh, finally someone’s saying it,” said Green.

When the coronavirus pandemic hit last year and the world was increasingly pushed online, Jin recognised an opportunity.

“I felt like COVID would be such an accelerant to online-based work and people wanting to be entrepreneurs,” she said. “I realised I had an opportunity to start an entirely new fund that was devoted to this thesis and that would be on the forefront of evolving the nature of labour and work on the internet.”

In May 2020, she quit Andreessen Horowitz and started Atelier Ventures. She has since invested in creator-related startups such as PearPop, which lets influencers profit off their social interactions, and Stir, which helps creators manage their finances. She is one of the few investors whom large influencers know by name.

“If you talk to anyone who works in the creator economy, they all say, ‘Oh, you have to talk to Li Jin,’” said a creator who goes by Jasmine Rice, 23, a former OnlyFans influencer who started a platform called Fanhouse, which Jin invested in last year.

Jin has also publicly criticised the funds that YouTube, Facebook, TikTok and Snapchat offer influencers to make content for their platforms. She has implored the tech industry to “stop celebrating” the funds, calling them “bread and circuses,” and argued that creators needed ownership over the platforms that made money off them.

“Without ownership, creators are ultimately enriching and empowering *someone else* — platform owners — with their work,” Jin tweeted in June.


Jin said the platforms had to take care not “to re-create a ton of the economic disparities that exist in the broader economy rather than truly empowering a new generation of online entrepreneurs.” She has named a podcast that she co-hosts “Means of Creation,” a play on Marx’s means of production.

Her views have made her a subject of fascination in the tech industry and in leftist political spaces. Replies to her social media posts are full of memes insinuating she’s a socialist. Jin said she was mostly amused by the hubbub.

“I’m very careful to not use that word, the S word,” she said of socialism. “It’s unnecessarily polarising in the US”

Jin said she had also become a believer in crypto networks because they are decentralised and “aim to turn over control and ownership to their users.” She has begun investing in crypto-related platforms, recently backing Mirror, a decentralised publishing platform, and Yield Guild Games, which is building a gaming guild for the “metaverse” to help people in developing countries make money by playing video games. She has also teamed up with creators to mint and sell artwork as NFTs, or nonfungible tokens.

“There’s been a simmering awareness for my entire life,” she said, “that the world is unfair and we need to push it in the direction of justice and fairness.”

Since starting Atelier Ventures, Jin has moved away from Silicon Valley and runs her fund out of her childhood bedroom in Pittsburgh. This summer, she was nomadic, traveling around the world surrounded by a changing cast of internet stars, artists, Gen Z tech founders and crypto pioneers.

In July, she co-hosted a packed happy hour on a New York City rooftop attended by a who’s who of internet culture and techies, including the founders of the NFT platform OpenSea, product people from TikTok and Twitter, and other investors. From New York, she jetted to Paris for a crypto conference and hosted a “creator salon” at a cafe on the Left Bank.

She then flew to Greece on an invitation from Daniel Ek, the CEO of Spotify, and later attended a dinner on the beach with Emma Watson, Nicky Hilton and others, which was organised by the Brilliant Minds Foundation.

She has since headed home to Pittsburgh to regroup and reflect.

“It’s just so improbable that I’m here,” Jin said, “that I was born in Beijing speaking Chinese as my first and only language and something happened to bring me to the US and now I have the tools to be able to have a voice and influence.”

© 2021 The New York Times Company

Collected
source- https://bdnews24.com/business/2021/09/02/shes-the-investor-guru-for-online-creators

7
Angel Investor / Power of Networking
« on: August 01, 2021, 10:19:29 AM »
Power of Networking

Secrets from Networking Pros

Career advancement and the pursuit of success all comes from networking and how you go about it. There are so many places that you can network that it can be challenging to figure out which one is more effective. Networking requires a skill that you have to master and not something that happens overnight. It is more than simply exchanging business cards. It is getting out there in both the real world and virtual world and making connections that will last for a lifetime. Networking to build your career makes all of the difference in terms of success.

Networking Tips

“If you want to go fast, go alone. If you want to go far, go with others.” – African Proverb
The best way to succeed in any business is to network with others who have similar goals as you. With all of the different ways that you are now able to network, you may be wondering the most effective ways to go about it.

-When it comes to networking you need to remember to give before you receive. This means that you should not jump the gun and ask for a favor. When it comes to effectively networking in business you need to give before you expect anything in return.
-It is also very important to ask for an introduction to someone you are hoping to meet on Twitter, LinkedIn, or Facebook. If you are not connected with them on social media, then see if there if you have a mutual friend and then ask to be introduced.
-Many people think that handing out and receiving business cards is the only way to network. If you want to stand out amongst the crowd you have to do something truly special. This means branching out, using social media, email, and other current technology.

Networking is important to any business for a variety of reasons. Regardless if you are looking for contacts that could help your company or simply looking for advice to give your company a boost, there is no better way to achieve your goals than networking. Networking has the potential to serve as a lifeline when it comes to maintaining a successful business. These relationships have the potential to last a lifetime, so the sooner you network the more successful your business will be.

Ways to Network

“The richest people in the world look for and build networks. Everyone else looks for work.” – Robert Kyosaki
With technology being what it is today you don’t have to wait for a networking event to network effectively for your business. Even though attending an event and handing out business cards can still be an effective way to network, there are many ways to network and create a potential customer base for your business.

-Social media is the most effective way to network. Social media sites such as Facebook, Twitter, and Linked In are all great places to meet people and network with others in the field that you work in.
-One of the best things to do when it comes to networking is to follow-up. You can hand out business cards but what good is that if you are not keeping them up to date on your business. Pick up the phone, send an email, or visit someone in person. This will keep you in the front of people’s minds.
-Reaching out to others makes you and your company look good. Make an effort to reach out to potential business partners and clients, and you will make sure to make some valuable connections.
Long-term connections are what you are going for when you network. Take the steps necessary to maintain those connections throughout your career.

Business Networking Practices

Business networking is the process that requires you to meet other people in order to exchange resources for mutual gain. Business networking forms a foundation for business and helps you to create new business relationships that will last for as long as you are running a business. Small businesses have a great deal to benefit from interacting effectively with others in their niche and market. It can be easy for some but difficult for others. Learning some effective tactics will help to create a network of great individuals.
Networking Practices that Work
If you want to discover a way to network that does not require a great deal of pain on your part, then following these tips may be helpful.

-Your first step is to make sure you present yourself well. Business is all about first impressions and this comes down to presentation. It is easier than ever before to network so impressing others is even more important than it ever was before.
-One other thing to keep in mind is that you need to interact with people without bombarding them with useless information. Make sure the information that you are exchanging has a real purpose. Limit how much information you give out. Be as clear and concise as possible.
-Using all forms of media will help you to broaden your search for networking candidates. You can network on social media websites and in-person. There are support groups, environmental causes, and a variety of other organizations in which you can branch out and network with others. Do not be afraid to be a little different.

“The opposite of networking is not working.” – Unknown

Networking is the way of the future so it is important to have your tactics ready to use when you are ready to effectively build your business.

Ways Effective Listening makes you a Better Leader

Many great leaders of the world will tell you, you cannot lead without the ability to listen. In fact, most will also say that effective listening makes you a better leader. Stephen Covey once said that, “Most people do not listen with the intent to understand; they listen with the intent to reply.” A good listener listens without thoughts, simply attention and respect.

Becoming a Better Listener as a Leader

As a leader, do you feel as though you listen intently without trying to squeeze in a reply? It takes a great deal of skill to accomplish this.

-Listening shows that you care about your co-workers. They will work harder in order to exceed your expectations. If they feel as though they are cared for and respected they are more likely to give the company 110%.
-When you listen, be empathetic. With all of the stresses of the workplace, employees are bound to become overwhelmed. When discussing their issues, make sure that you are showing empathy by relating to their issue.
-The best leaders and listeners listen without judgement. Judging others shows lack of empathy and that you are not taking the issue seriously. Listen to every individual in the organization the same way.

Source: The Angel Investors Network Team

8
Experience sharing of Mr. Raj Khera
Co-Founder/CEO of 2 SaaS companies acquired by public firmsMay 4, 2018

Here’s what happened to him:

-First company: quit my day job on a Friday, proposed to my then girlfriend on Sunday (now wife for over 20 years), got married 8 months later, returned from honeymoon only to find my bank account overdrawn. Really worked very hard to bring in cash flow and finally started taking a salary after about a year from the time I quit my day job.

-Second company: I had savings from the sale of my first company. This time I had a better sense of how to build cash flow faster so my partners and I were able to draw a salary in about 8 months. We could have drawn sooner but we were reinvesting into growing the business, including hiring staff.

Third company: cash flow positive within 2 months, but partners and I chose to reinvest all cash back into the company so we didn’t take a salary. We ended up growing it and selling the company, without ever having taken a salary.

Main point: draw the salary you need to survive. Invest the rest for growth. Once you’re stable and growing, you can explore increasing your salary.

Other suggestions:

Keep 6 months of cash on hand if you can. At first, this will probably be your personal savings. Later, it will be your company’s savings or line of credit. You never know when the wind could blow in the wrong direction.
If you get outside investment to start your company, don’t take a big salary. Investors don’t want to see their money going directly into your pocket.

Collected

9
Respected all,

Pls see the attachment for the The Essential Guide to Leadership (Harvard Business Review) which will help all of us to develop the leadership skills of students and ourselves .

Collected.........

10
Respected reader,

Pls see the attachment for the The Essential Guide to Leadership (Harvard Business Review) which will help all of us to develop the leadership skills of students and ourselves .

Collected.........

11
Budget / Budget Overview of FY 2021-2022
« on: June 19, 2021, 10:31:24 AM »
BDRAL is glad to present the Budget Overview of Fiscal Year (FY) 2021-2022.

On June 3, 2021 the Finance Minister of Bangladesh Mr. AHM Mustafa Kamal has presented the proposed Budget for FY 2021-2022 in the national parliament. The size of the budget is BDT 6,036.81 billion. Estimated GDP target is 7.2%, higher from 5.2% of the revised budget of the present fiscal year. For more details please find the attached overview.

Collected

12
Job-oriented Education and Study in the Department of Real Estate

After the pandemic hit Bangladesh, the job market got shaken and lost its captivating charm to a great extent. Many companies stopped recruiting new employees. Even many employers engaged in temporary and permanent layoffs due to the economic hazards they have been facing during this difficult time. One of the potential reasons behind letting an employee go is not having a job-oriented educational background which would have benefitted the company’s further growth. Traditionally many students choose to study in the Department of Business Studies which apparently offers a large set of job opportunities. However, there is a new stream which offers even more outcome-based, job-oriented and industry-led education to the learners. Study in Real Estate sounds new and uncommon, but can be a brilliant field for seeking jobs in both home and abroad.

Conventionally, Real Estate is thought to be just a part of Business Studies. This is partially true. Nonetheless, a major in Real Estate means even much more than just a course or two. Fortunately, in Bangladesh, Daffodil International University has a complete and wholesome Department of Real Estate which is under the Faculty of Business and Entrepreneurship. Recently, I have searched the information on Google and come to know that DRE in Daffodil University is the only fully-fledged department of Real Estate in Bangladesh.

Daffodil International University inaugurated the Department of Real Estate in 2008 aiming at producing quality graduates to meet the growing needs of the real estate industry. Till today, around 250 students obtained their bachelor degrees from DRE. The Department does not have a Master's program though it is under process. However, it offers major in Real Estate in the MBA program. That is to say, almost 250 students already know the ins and outs of real estate industry. They have the standardized theoretical knowledge which allows them to work meticulously in any real estate company.

Now, let me show the gap here. Unless one has a specialized knowledge and practical expertise on a particular subject or area of studies, he or she cannot give his or her best shot to improve the base and superstructure of the company which directly and indirectly impacts the entire economy of the country. Real Estate is a growing industry in Bangladesh. Even fifteen years back, people did not want to buy apartments and flats. Now that the population, like urbanization, is rapidly increasing, the need of possessing a complete material property is also on the peak. The problem is that most of the employees in real estate sector do not come from an outcome-based educational background. For this reason, they lack practical skills and confidence to kickstart their career when they graduate.

Therefore, students, who are passing their higher secondary education this year, can seriously think of getting enrolled in the Department of Real Estate, currently singularly available in Daffodil International University. I also think that more universities should open a new department of real estate under the business faculty. Parents of young learners may give it a second thought before getting their children enrolled in such an uncommon and relatively unknown department. Their concerns are quite understandable. However, the initiative of receiving a formal education in real estate will definitely enable a myriad of people to expand and explore new and sustainable career opportunities. I will write how!

Bangladesh is a small country. Many people are heading towards cities and towns for better living and more prosperous career opportunities. The buildings are rarely planned, and it is reported that one third of the people in Dhaka city lives in the slums. Here comes the demand and unavoidable functions of the developers and real estate companies. Land is a fixed, finite and scarce resource. We cannot make more lands. But on a limited piece of land, we can certainly think of building a residential or industrial or commercial property. The question is, who will help building these properties in a place where we have to deal with massive shortage of livable and usable land? The answer is, the real estate industry that recruits dynamic and skilled professionals!

If you are looking for a fast-paced, fulfilling, demanding and challenging career, you can certainly think of pursuing your degree in real estate. If you invest in such a degree, it is going to pay off as soon as you graduate with a good grade. Skilled and qualified professionals are always in-demand in the real estate industry. Moreover, the professionals with a complete bachelor degree in Real Estate get handsome salaries. Although real estate has a speculative economy, people’s aspiration of buying a house will never go down.

In real estate industry, you can always learn something new. Every land comes with a new dimension to add to your previous knowledge and experience. While dealing with lands and properties, you ultimately deal with human beings and their dreams. You tend to socialise more than ever. And this is the most rewarding aspect of working in a real estate company. Apart from learning, doing hard work and getting median salaries, you help people finding the best place for living. Purchasing and selling a residential or commercial property can be emotionally very challenging and stressful at times. But this is what makes you a composed person at the end of the day!

Those who still think of getting a job and feeling shackled while working under an employer can feel relieved, because in real estate industry, you can be self-employed too. You can work independently. Many agents work as freelance contractors. You can be your own boss. You can set the working hours and schedules on the basis of your priorities and lifestyle choices. And still, you can earn and contribute ample amount of money to the development of your own neighborhood.
Real estate is a dynamic industry. It is always changing and progressing. Adapting to new changes and going with the current flow can be utterly exciting when you know how to deal with it. It is reported that real estate sector contributes approximately 14% in the national GDP of Bangladesh. It is due to the malpractices and lack of ethical and proper education in this field. To overcome the hurdle and increase the percentage, the aspiring professionals should know it better. And the knowledge comes from an outcome-based degree which is currently offered by the Department of Real Estate in Daffodil International University in Bangladesh. I really hope that students will avail this academic opportunity and then jump right on the field of this flourishing transnational job industry.

Writer-
Jainab Tabassum Banu Sonali
Lecturer, Department of English Language and Literature, Premier University Chittagong

Collected
Source--https://www.daily-sun.com/printversion/details/559090/Joboriented-Education-and-Study-in-the-Department-of-Real-Estate

13
Job-oriented Education and Study in the Department of Real Estate

After the pandemic hit Bangladesh, the job market got shaken and lost its captivating charm to a great extent. Many companies stopped recruiting new employees. Even many employers engaged in temporary and permanent layoffs due to the economic hazards they have been facing during this difficult time. One of the potential reasons behind letting an employee go is not having a job-oriented educational background which would have benefitted the company’s further growth. Traditionally many students choose to study in the Department of Business Studies which apparently offers a large set of job opportunities. However, there is a new stream which offers even more outcome-based, job-oriented and industry-led education to the learners. Study in Real Estate sounds new and uncommon, but can be a brilliant field for seeking jobs in both home and abroad.

Conventionally, Real Estate is thought to be just a part of Business Studies. This is partially true. Nonetheless, a major in Real Estate means even much more than just a course or two. Fortunately, in Bangladesh, Daffodil International University has a complete and wholesome Department of Real Estate which is under the Faculty of Business and Entrepreneurship. Recently, I have searched the information on Google and come to know that DRE in Daffodil University is the only fully-fledged department of Real Estate in Bangladesh.

Daffodil International University inaugurated the Department of Real Estate in 2008 aiming at producing quality graduates to meet the growing needs of the real estate industry. Till today, around 250 students obtained their bachelor degrees from DRE. The Department does not have a Master's program though it is under process. However, it offers major in Real Estate in the MBA program. That is to say, almost 250 students already know the ins and outs of real estate industry. They have the standardized theoretical knowledge which allows them to work meticulously in any real estate company.

Now, let me show the gap here. Unless one has a specialized knowledge and practical expertise on a particular subject or area of studies, he or she cannot give his or her best shot to improve the base and superstructure of the company which directly and indirectly impacts the entire economy of the country. Real Estate is a growing industry in Bangladesh. Even fifteen years back, people did not want to buy apartments and flats. Now that the population, like urbanization, is rapidly increasing, the need of possessing a complete material property is also on the peak. The problem is that most of the employees in real estate sector do not come from an outcome-based educational background. For this reason, they lack practical skills and confidence to kickstart their career when they graduate.

Therefore, students, who are passing their higher secondary education this year, can seriously think of getting enrolled in the Department of Real Estate, currently singularly available in Daffodil International University. I also think that more universities should open a new department of real estate under the business faculty. Parents of young learners may give it a second thought before getting their children enrolled in such an uncommon and relatively unknown department. Their concerns are quite understandable. However, the initiative of receiving a formal education in real estate will definitely enable a myriad of people to expand and explore new and sustainable career opportunities. I will write how!

Bangladesh is a small country. Many people are heading towards cities and towns for better living and more prosperous career opportunities. The buildings are rarely planned, and it is reported that one third of the people in Dhaka city lives in the slums. Here comes the demand and unavoidable functions of the developers and real estate companies. Land is a fixed, finite and scarce resource. We cannot make more lands. But on a limited piece of land, we can certainly think of building a residential or industrial or commercial property. The question is, who will help building these properties in a place where we have to deal with massive shortage of livable and usable land? The answer is, the real estate industry that recruits dynamic and skilled professionals!

If you are looking for a fast-paced, fulfilling, demanding and challenging career, you can certainly think of pursuing your degree in real estate. If you invest in such a degree, it is going to pay off as soon as you graduate with a good grade. Skilled and qualified professionals are always in-demand in the real estate industry. Moreover, the professionals with a complete bachelor degree in Real Estate get handsome salaries. Although real estate has a speculative economy, people’s aspiration of buying a house will never go down.

In real estate industry, you can always learn something new. Every land comes with a new dimension to add to your previous knowledge and experience. While dealing with lands and properties, you ultimately deal with human beings and their dreams. You tend to socialise more than ever. And this is the most rewarding aspect of working in a real estate company. Apart from learning, doing hard work and getting median salaries, you help people finding the best place for living. Purchasing and selling a residential or commercial property can be emotionally very challenging and stressful at times. But this is what makes you a composed person at the end of the day!

Those who still think of getting a job and feeling shackled while working under an employer can feel relieved, because in real estate industry, you can be self-employed too. You can work independently. Many agents work as freelance contractors. You can be your own boss. You can set the working hours and schedules on the basis of your priorities and lifestyle choices. And still, you can earn and contribute ample amount of money to the development of your own neighborhood.
Real estate is a dynamic industry. It is always changing and progressing. Adapting to new changes and going with the current flow can be utterly exciting when you know how to deal with it. It is reported that real estate sector contributes approximately 14% in the national GDP of Bangladesh. It is due to the malpractices and lack of ethical and proper education in this field. To overcome the hurdle and increase the percentage, the aspiring professionals should know it better. And the knowledge comes from an outcome-based degree which is currently offered by the Department of Real Estate in Daffodil International University in Bangladesh. I really hope that students will avail this academic opportunity and then jump right on the field of this flourishing transnational job industry.

Writer-
Jainab Tabassum Banu Sonali
Lecturer, Department of English Language and Literature, Premier University Chittagong

Collected
Source--https://www.daily-sun.com/printversion/details/559090/Joboriented-Education-and-Study-in-the-Department-of-Real-Estate

14
বিশ্বের শীর্ষ ১০০ গ্রীন কারখানার ৩৯টিই বাংলাদেশে

বাংলাদেশের পোশাকখাতে পৃথিবীর সবচেয়ে বেশি সংখ্যক পরিবেশবান্ধব গ্রীন কারখানা রয়েছে। ইন্ডাস্ট্রিয়াল ক্যাটাগরিতে বিশ্বের শীর্ষ ১০০ কারখানার ৩৯টিই বাংলাদেশে অবস্থিত। আজ এক সংবাদ সম্মেলনে এ তথ্য জানিয়েছে পোশাক শিল্প মালিকদের সংগঠন বাংলাদেশ গার্মেন্ট ম্যানুফ্যাকচারার্স অ্যান্ড এক্সপোর্টার্স অ্যাসোসিয়েশন(বিজিএমইএ)।

যুক্তরাষ্ট্র ভিত্তিক ইউ.এস. গ্রীন বিল্ডিং কাউন্সিলের(ইউএসজিবিসি) পক্ষ হতে লিডারশিপ অ্যাওয়ার্ড শীর্ষক স্বীকৃতি পেয়েছে বিজিএমইএ। গত ১০ জুন এক ভার্চুয়াল কনফারেন্সে ভারত ও দক্ষিণ-পূর্ব এশিয়ায় যেসব ব্যক্তি/প্রতিষ্ঠান টেকসই, স্বাস্থ্যসম্মত ও ন্যায়নীতি অনুসরন করে ভবন ও শহর প্রতিষ্ঠায় অনবদ্য অবদান রেখেছেন, তাদের জন্য ‘২০২১ ইউএসজিবিসি লিডারশিপ অ্যাওয়ার্ড’ ঘোষনা দেয়া হয়। আজ এক সংবাদ সম্মেলনে এ স্বীকৃতির আনুষ্ঠানিক ঘোষনা দেয়া হয়। এ সময় বিজিএমইএ সভাপতি দেশের গ্রীন শিল্প উদ্যোগ সম্পর্কে অবহিত করেন।

বিজিএমইএ সভাপতি ফারুক হাসান বলেন, গত প্রায় এক দশকে আমাদের উদ্যোক্তাদের অক্লান্ত পরিশ্রম, নিরাপত্তা খাতে হাজার কোটি টাকা ব্যয় এবং সরকার-ক্রেতা-উন্নয়ন সহযোগীদের সহায়তায় আজ বাংলাদেশের পোশাকশিল্প একটি নিরাপদ শিল্প হিসেবে বিশ্বে রোল মডেল হিসেবে নিজের অবস্থান তৈরি করেছে। এ খাতে নিরাপদ, টেকসই ও পরিবেশবান্ধব শিল্পায়নে গর্ব করার মতো কিছু অর্জন তুলে ধরতে চাই।


সংবাদ সম্মেলনে বিজিএমইএ সভাপতি আরও বলেন, বাংলাদেশের পোশাকখাতে পৃথিবীর সবচেয়ে বেশি সংখ্যক পরিবেশবান্ধব গ্রীন ফ্যাক্টরি রয়েছে। এখন পর্যন্ত ১৪৩টি কারখানা ইউএসজিবিসি থেকে লিড সনদ অর্জন করেছে। যারমধ্যে ৪১টি প্লাটিনাম কারখানা। ইন্ডাস্ট্রিয়াল ক্যাটাগরিতে বিশ্বের ১০০টি কারখানার ৩৯টিই বাংলাদেশে অবস্থিত। আরও প্রায় ৫০০টি কারখানা সনদায়নের অপেক্ষায় আছে। এই অর্জন সম্ভব হয়েছে আমাদের উদ্যোক্তাদের দূরদর্শীতা ও প্রবল ইচ্ছা শক্তি ও উদ্যোগের কারনে।

Source- shorturl.at/tyzSW

15
Protection of IP rights in Bangladesh with special reference to SMEs

Intellectual property (IP) refers to ideas of human intellect embodied in physical objects. The ideas coming from both natural and legal persons including SMEs may result in inventions for a product or process in any field of technology and may receive patents. The ideas may come up with shapes and get industrial designs; the ideas as symbols and names may qualify for trademarks; and ideas as literary and artistic works may be endowed with copyrights. Even products originating from a specific geographic place having a reputation attributed to it may obtain geographical indications. All such falls within the ambit of IP amounting to an asset that can create ownership, possession, and transfer rights therein.

SMEs with assets of BDT 5 to 100 million and employing 25-99 workers in the manufacturing sector and with businesses worth BDT 500,000 to 10 million and employing 10 to 25 people in the service sector can develop ideas through R&D or licensing contracts, turn them into an IP asset, and commercialise them through direct sales or licensing. For ensuring proper outcome of an enterprise's huge brainwork, time and investment, enterprises require IP registration so that their fruits are not taken away by competitors. Further, IP creates economic value for a business and adds up to its existing asset. Finally, enterprises can gain competitive advantage through IP in terms of usefulness, attraction, and market superiority. IP can also be used as collateral to secure an enterprise's loan.

IP protection can lower the risks of commercialisation by frightening competitors from using the protected IP. Primarily, protection can keep the IP a secret, not commercially achievable for businesses. There are multiple legislation that protects IP in Bangladesh. They include the Patents and Designs Act 1911, the Trademarks Act 2009, the Geographical Indications of Goods (Registration and Protection) Act 2013, the Copyright Act 2000, and the Plant Varieties Protection Act 2019. Under such legislation, IP registration is mandatory for patents and designs. However, without registration it is difficult to prove infringements and no assignment and licensing of IP is possible as well.

It is said that if four factors - licensing, monetisation, funding, and valuation are present in a jurisdiction, that jurisdiction is fit for IP commercialisation. In Bangladesh, under the legal framework, commercialisation of IP for businesses can occur through licensing or franchising, and monetisation is made by direct sales and licensing royalties. Here some SMEs' start-ups are funded by the government grants, loans, and incentives in some scattered ways but there is no legal framework and practice for funding through venture capital companies, export market development grant, R&D tax incentive, entrepreneurs' programme, crowdfunding and initial public offerings. Further, there exists no such rule or practice here for valuation of IP which is needed for IP assignment and licensing, and which usually determines the valuation through income method based on the amount of financial income generated therefrom, market method based on the actual price paid in a similar case, and cost method based on the cost of a comparable or exact IP asset.

IP in Bangladesh faces several challenges for ensuring its proper protection. Currently, there is no framework legislation for supporting innovations and technology transfers. Even in the existing legislation there are ambiguities hindering the IP implementation. Further, there is no specialised court to deal with IP matters, which is necessary considering the complexities of IP. Also, no uniform appellate authority is in operation, which could be resorted in case a registration application is refused. It is submitted that the IP offices are centralised which in turn impacts people's access to IP protection. The lack of IP academy, institute or centre has a profound impact on the development of IP jurisprudence in Bangladesh. Consequently, there is a lack of awareness regarding IP amongst officials, judges, law enforcing agencies, researchers, industries, media, and the public.

Structural changes are required for addressing these challenges. First and foremost new legislation has to be enacted, which include inter alia, the Patents Act introducing petty patent, compulsory licensing provision for pending patents and TRIPS transition benefits, the Designs Act to comply with the TRIPS Agreement and an Innovation Act to establish Technology Transfer Offices that can enrich linking between academia and industry, especially SMEs; to establish R&D wing for industries, to provide funding rules for R&D and to facilitate IP commercialisation etc. The existing legislation should be amended to establish IP Court or Commercial Courts. Although establishing a separate IP Court could be hard financially, establishing Commercial Courts dealing with business matters as well as IP could be established. The Plants Varieties Protection Act 2019 by entering effect will prevent seeds from being patented that can ensure farmers reusing them. IP offices should be decentralised to ensure proper public access. The text of the legislation is to be simplified so that law enforcers and public can easily understand the law and ensure proper IP protection. Awareness regarding IP protection should also be raised through seminars, workshops, and conferences. Law schools can open IP Law Centres/Clinics to help commercialising, registering, and protecting IP, and provide training on IP to industries, especially SMEs by involving the academia, lawyers, judges, IP officials, and law enforcing agencies.

IP protection is not only a matter of concern for the rights-holder but also for the society and the country at large. It provides incentives for innovators and businesses to invest for better innovations and technologies. In the manufacturing sector, IP protection will help businesses grow. This in turn will help the country with the economic development. Its proper protection ensures higher foreign investments as foreign investors will be assured of the protection. For SMEs, especially in the manufacturing sector, IP protection will ensure big businesses are not able to unjustly expropriate their IPs. It also ensures better competition as it will encourage better innovations than existing ones.

Writer
Dr Mohammad Towhidul Islam
Professor of Law at the University of Dhaka.

Collected
Source-
https://www.thedailystar.net/law-our-rights/news/protection-ip-rights-bangladesh-special-reference-smes-2082653

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