A startup should focus on sustainable business model to avoid risks when it comes to embarking on a private entrepreneurship, speakers said at a webinar on Wednesday.
Besides, they suggested using technology more in extent in the best interest of a viable new business enterprise.
The suggestions came at the third-episode of a week-long webinar organised by Grameenphone to mark the National Youth Day.
Entrepreneurs and professionals of different backgrounds participated in the virtual platform titled 'Resilient Entrepreneurship'.
In his address, Adnan Imtiaz Halim, chief executive officer (CEO) of Sheba Platform Limited, emphasised the importance of three things for startups. The three are sustainable model, use of technology and self-approach to funding.
"Entrepreneurs should not invest in a product, which has already been developed. They should rather go for an efficient lien model for business sustainability," he advised.
"A single startup should not go for many products and services. Instead, they should engage a particular company that has expertise in manufacturing those products which will reduce product costs and investment risk."
In the panel discussion, BGMEA president Rubana Huq said the garment industries in Bangladesh require a huge development if they want to tend upwards in the global race that has witnessed incorporating artificial intelligence and robot.
"The fourth industrial revolution (4IR) is not only about skilled manpower, it is mostly about automation. Only 8% of Bangladeshi industries have gone through such technological transformation."
Rubana suggested that there should be a collaboration and allignment between RMG industries and technology providers to bring about change.
"Startups should focus on re-alignment and value-added products for their market diversification," suggested the BGMEA president.
Talking about the female garment workers' skills, Rubana Huq said a huge development is needed to push them to mid-level and upper level at the RMG industries.
CMED Health Service, a startup Health-tech enterprise focusing on preventive healthcare, created 2,250 healthcare entrepreneurship during the pick period of Covid-19 pandemic.
Prof Khondaker A Mamun, CMED Health Service founder, said now they are planning to provide digital services under their healthcare initiative.
"We need 70,000 entrepreneurs to reach health services to people's doorsteps across the country. This job has to be done through collaboration between public and private organisations."
Dewan Muhammad Humayun Kabir, joint project director, a2i, said his organisation is working towards providing policy support to small entrepreneurs.