logo

CMSME Innovation Challenge 2022

The Cottage, Micro, Small, and Medium Enterprises (CMSMEs) sector is the largest segment of the economy in Bangladesh, accounting for 25% of our GDP and creating employment for 7.8 million people directly. Despite much support from the government and private sectors, the CMSMEs sector, especially in rural settings, faces several challenges in starting and growing their business. Limited access to finance has been one of the core impediments to the sectors’ growth. Systematic use of digital financial services (DFS) and technology solutions in underserved markets can help grow CMSME sector. This challenge fund aims to support startups and incumbents with innovative digital solutions to improve financial access for CMSMEs by addressing the challenges they typically face, especially cottage and microenterprises in a rural setup.



logo

Problem Statement

Detailed description of the issue we're attempting to resolve
The Cottage, Micro, Small, and Medium Enterprises (CMSMEs) sector is the largest segment of the economy in Bangladesh, accounting for 25% of our GDP and creating employment for 7.8 million people directly. Despite much support from the government and private sectors, the CMSMEs sector, especially in rural settings, faces several challenges in starting and growing their business. Limited access to finance has been one of the core impediments to the sectors’ growth. Systematic use of digital financial services (DFS) and technology solutions in underserved markets can help grow CMSME sector. This challenge fund aims to support startups and incumbents with innovative digital solutions to improve financial access for CMSMEs by addressing the challenges they typically face, especially cottage and microenterprises in a rural setup.

Outcome/results expected


  • Increase the accessibility of CMSMEs in the formal financial system
  • Reduce operational cost of CMSME financing using digital solutions
  • Increase the percentage of CMSME financing to facilitate the growth of their businesses

Submission Deadline
07 October, 2022


logo

Process

Process Flow of the event:
Shortlisting
1
Bootcamp
2
Technical Evaluation
3
Selection Committee
4
Agreement and disbursement
6
Mentoring
6
Submission Deadline
07 October, 2022


FAQ


1

What is an Innovation Challenge?

Innovation Challenge is about solving a well-regarded problem. a2i circulates the problem and innovators are asked to submit their idea or solution to solve that.

2

How many days are required to get the final results?

It may take about three months from the launch date.

3

What are the evaluation stages?

Generally, 4 steps of the process, shortlisting, Bootcamp, technical evaluation, and approval from the Executive Committee.

4

What are the selection criteria?

innovative concept, feasibility, strategy, implementation plan, management team, etc.

5

What additional support will be given to the innovators?

Marketing, promotion, partnership, intellectual property support, fundraising, mentoring, training, etc. will be given from seed to growth and scale-up stages.

6

What is the winning prize?

Up to 1 crore BDT, considering the due diligence and technical evaluation.

7

Should I submit a technology-based solution?

a2i Innovation Fund invites innovators to solve problems with technology-based solutions.

8

Why should I participate in the Innovation Challenge?

Innovators have the opportunity to participate in national problem-solving as well as financial, technical, mentoring and other necessary support from a2i and industry leaders.

9

Who is eligible to submit an idea/solution?

Any individual/team/company/consortium/organization is eligible.

10

What to do if I don’t get a confirmation email?

It would usually mean that you have not been selected primarily.

11

Where to contact for any query or feedback?

Any query of generic nature related to content, design, service, or technological issues can be sent through email or contact form.

12

What to do if I face any problems regarding registration, login, password recovery or difficulty in submission?

Delete/clean your browser history, cache, or cookies and try again. If you still face difficulty, please email us at aif.support@a2i.gov.bd or contact us through the Contact Form.

13

What is FinLabBD?

The FinLab BD is an effort to build knowledge and foster innovation and entrepreneurial activity directed towards improving financial inclusion and livelihood for the lower and middle income segment. Taking an ecosystem development approach, the program aims to create and disseminate resources that help startups and entrepreneurs get the right knowledge, tools, funding, partners, and access to test markets to help develop inclusive solutions