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SME Foundation sets up business incubation centre

  • Staff Correspondent
  • 17 September, 2021 12:00 AM
  • Print news

The SME Foundation has set up a business incubation centre to assist SME entrepreneurs in business development solutions, basic technical services, primary funding, lab facilities, consultancy, network and market connectivity.

The Institute of SME Foundation has also inaugurated its own training centre to provide training to entrepreneurs.

The two centres were inaugurated at Begum Rokeya Sarani in the capital on Thursday.

State Minister for Industries Kamal Ahmed Majumder attended the function as the chief guest while SME Foundation Chairperson Professor Md Masudur Rahman presided over the occasion.

SME Foundation Managing Director Md Mofizur Rahman welcomed the event.

Md Mofizur Rahman said that the Institute of MME Foundation has established a training venue for 30 trainees and a computer lab for 20 trainees to make the trainings of government and non-government organisations more meaningful in the development of small and medium entrepreneurs.

As a result, it will be possible to bring small and medium enterprises of the country into the mainstream of economic development, he added.

The state minister assured that necessary steps would be taken by the Ministry of Industries to enhance the capacity of the SME Foundation for maintaining the development activities of the organisation.

Professor Md Masudur Rahman said that one of the prerequisites for the rapid progress of the SME sector is to increase the capacity of entrepreneurs and create new entrepreneurs.

The business incubation center is globally acclaimed as a key tool for building the capacity of entrepreneurs and creating new entrepreneurs and plays an important role in the development of entrepreneurs through the provision of consulting and administrative services, he explained.

The main objective of the incubation center is to create successful and sustainable entrepreneurs, he added.

The National SME Policy 2019 has encouraged the establishment of incubation centers and common facility centers in potential clusters and the SME Foundation has been given the mandate of the main implementing agency.

Two Pilot Incubation Centers have been set up in Dhaka and Chittagong under the project titled ‘Second Small and Medium Sized Enterprise Development Project (SMEDP-2)’ initiated by the Government of Bangladesh and the Asian Development Bank (ADB).

The Incubation Center is an organisation that assists entrepreneurs in developing their business and solving everything related to it, especially in the early stages of business and technical services, initial funding, lab facilities, consulting, networking and market connectivity. Incubation centers are usually run by government or non-government organisations or public institutions such as colleges and universities.

The main goal of the Incubation Center is to expand the scope of business by providing the necessary support and financial and technical services to young entrepreneurs.

Incubation centers play an important and essential role in creating entrepreneurs. Through the Incubation Center, business ideas are developed and play an effective role in planning with the source of funds, manpower and potential market management.

The Business Incubation Center in Dhaka will be run under the auspices of SME Foundation and the Business Incubation Center in Chittagong will be run under the auspices of Chittagong Women's Chamber of Commerce and Industries (CWCCI).  The Business Incubation Center will provide all kinds of support to new SME entrepreneurs, including financing, technology and innovation, market access, business cooperation, and access to information.