Business
FBCCI election: 15 new directors from Combined, 8 from Oikya panels elected
The Federation of Bangladesh Chambers of Commerce and Industry (FBCCI), the apex trade body, has elected 23 new directors to serve on its board for the 2023-25 term.
Two panels contested the election - Combined and Oikya. The former enjoyed better results in the end, sweeping 15 of the 23 spots being contested. Oikya Panel had to be satisfied with the remaining 8.
Of the 80 Board of Directors of FBCCI, the vote was held for 23 directors' posts.
Also read: FBCCI election held peacefully
The elected candidates from the Combined panel are Hafiz Haji Mohammad Enayet Ullah (1294 votes), BM Shoaib (1279), Mir Nizam Uddin Ahmed (1257), Sirajul Islam (1246), Sahidul Haque (1215), Nizam Uddin Rajesh (1191), Muntakim Ashraf (1175), Rakibul Alam Dipu (992), Mohammad Aftab Javed (966), Ishakul Hossain Sweet (891), Amir Hossain Noorani (852), Syed Md. Bakhtiar (840), Tapan Kumar Majumder (835), Salma Hossain Ash (831) and Haji Abul Hashem (815).
From Oikya panel, the new directors are Kawsar Ahmed (1030 votes), Khandkar Ruhul Amin (988) among the elected members of the Trade Union Council, Md. Amin Helali (911), Niaz Ali Chishti (909), Abu Motaleb (899), Shami Kaiser (852), Rashedul Hossain Chowdhury Roni (837) and Hafez Harun (813).
Also read: Immense opportunities remain to strengthen bilateral trade with India: FBCCI President
The election saw impressive turnout, knocking at almost 90 percent with 1746 votes cast out of 1954 eligible voters on Monday.
Elections for the posts of FBCCI President, Senior Vice-President, and six Vice-Presidents will be held tomorrow (August 2) by the new board of directors.
Also read: Policy support needed in budget for import-alternative industry in Bangladesh: FBCCI President tells ERF discussion
AMANN Group delegation meets BGMEA President
A delegation of AMANN Group led by Florian Seiberlich, Director Global Marketing, AMANN Group together with ColorDigital, represented by Kai Timpe, General Manager Sales called on BGMEA President Faruque Hassan on July 30.
Md. Shahidullah Azim, vice president of BGMEA, Md. Rokonuzzaman, managing director of AMANN (Bangladesh), Arshad Hassan, business development director, AMANN Group and Ehsanul Huq, commercial director, AMANN Bangladesh were also present at the meeting.
Since 1854, AMANN Group has been one of the leading international manufacturers of high-quality sewing threads, embroidery threads, and Smart Yarns. From universal sewing threads to highly technical special yarn, AMANN offers a wide range of various applications.
They discussed various issues related to the RMG industry, including the present situation of the sector, global market demand and trends, and current challenges and opportunities.
Highlighting the industry’s increased focus on product diversification to secure sustainable growth, BGMEA President Faruque Hassan said that Bangladeshi garment factories were opting for value-added products while investing in technology upgradation to enhance efficiency and productivity.
Md. Shahidullah Azim, Vice President of BGMEA, highlighted the present global apparel market and vision of Bangladesh’s RMG industry, as well as the current BGMEA activities and future projects.
He also showcased the BGMEA Innovation centre, library, medical and day care centre and others.
Md. Rokonuzzaman, Managing Director of Amann Bangladesh pointed out that “we always have plans at the AMANN Group, especially for Bangladesh, since this is one of the strongest growing markets.”
FBCCI election held peacefully
The election for the new board members of the FBCCI (2023-25) has been held peacefully. FBCCI Election Board Chairman A Matin Chowdhury said about 89 percent of the votes have been cast.
He told reporters this after the election of the board of directors of BFCCI. Around 1746 votes out of 1954 have been cast, and no fake voter is identified.
The election was held to elect 23 directors on Monday (July 31) at the Bangabandhu International Conference Center (BICC) in the capital.
The chairman of the Election Board said that the allegation of fake voting is not true. “We checked to confirm each voter's name and NID card before polling. Hence there is no possibility of fake votes,” he pointed out.
He said, “An order of the High Court came during the election. I stayed it and sent it to the Supreme Court. Keeping that in force, we conducted the election, according to the law.”
Out of the total 80 directors of the FBCCI Board of Directors, as per the constitution, 17 each from the Chamber and Association groups have already been nominated as a total of 34 directors.
Apart from this, there are 23 chamber group members and 23 posts from sector-based associations, but the candidates of the chamber group were elected unopposed as 23 nomination papers were submitted against the 23 posts of the chamber group.
49 candidates are contesting as candidates against 23 posts of sector-wise association groups. Out of this, 23 candidates are contesting as director candidates from the panel of trade unions, 23 from the combined trade union panel, and 3 are contesting as independent candidates.
This year held an election to maintain a formality as around 57 directors are already elected as unopposed. Earlier in two consecutive tenures no elections were held as the business leader select the board of directors and president of FBCCI in section by mutual understanding.
US-Bangla Airlines gets IOSA certificate
US-Bangla Airlines has become the first private carrier of the country to get the IATA Operational Safety Audit (IOSA).
Argus Pros, one of the five audit firms worldwide designated by IATA, acted as the auditor for US-Bangla Airlines to receive the IOSA certificate, reads a media release.
Read: HSIA launches Web Portal, call centre, CRM software for passengers
To receive the IOSA certificate, the airline had to take into consideration the progress of all the indicators of a total of eight disciplines. The indicators include—flight operations, cabin safety, dispatch, maintenance, ground handling, cargo operations, security and organisation.
Also, the airline had to consider SMS (Safety Management System) and QMS (Quality Management System).
Read: SAUDIA expands international flights incorporating Bangladeshi travelers
The IATA Operational Safety Audit (IOSA) Programme is an internationally recognised and accepted evaluation system designed to assess the operational management and control systems of an airline.
How to Raise Angel Investment for Startups in Bangladesh
Angel investors are those who invest seed money into a business to kick start its operation. This investment usually comes in exchange for convertible debt or equity in the ownership of the company. From a startup perspective, angel investments are a great way to secure funds as well as mentorship from the investors working in the relevant industry. Here is how a business can raise angel investment, especially if they are from Bangladesh.
The Angel Investment Landscape of Bangladesh
Bangladesh is still in the early stages of angel investment. There were not many investors a few years back in the startup ecosystem. However, the pace is picking up. Bangladesh Startup Investment Report of 2022 shows that Bangladeshi startups were able to raise $112 million in 2022. A total of 47 startups were able to secure funds, among whom 39 brought unique service propositions. The largest funding was received by ShopUp who were able to raise $65 million from Valar Ventures and Flourish Ventures.
About 8% of the total funding came from local investors. On average, the angel investment size for early-stage startups was around $588K. Bangladesh is in the lower tier when it comes to securing venture funds.
Read more: How to Gain Funding for Startup: Best Practices to Attract Investors
How to Get Angel Investment in Bangladesh
Getting an angel investor to invest is neither straightforward nor easy. A startup will need to put in the work, especially in Bangladesh where the investment ratio is low. There are several key things to consider when it comes to securing angel investment. Here are some of them.
Clear Business Idea and Plan
A startup should have a clear business idea backed up by a strong and detailed plan to secure angel investment. The plan should outline the startup's mission, market opportunity, revenue model, target audience, competition analysis, marketing strategy, and financial projections. A solid business plan is crucial for gaining investor confidence.
Market Validation
Investors look for product or service confidence while investing. As a result, it is important to create a market validation of the startup product or service before making the initial approach for funds.
Market validation can be done by developing a market-viable product. This product or service can be channeled to early adopters and customers. Based on their experience, a positive narrative for the product can be developed. This will play a crucial role in securing early-stage angel investment.
Read more: How to Build Social Capital to Grow Your Business
Undistributed dividends must be deposited with CMSF, says its chairman
Cairman of the Capital Market Stabilization Fund (CMSF) Md. Nojibur Rahman on Sunday said undistributed dividends of different company shareholders must be deposited with the CMSF paying a 2.5 percent surcharge after June 30.
He said the Bangladesh Security and Exchange Commission (BSEC) had completed preparations to audit the listed companies and then the identified undistributed money would be deposited to CMSF as per rules.
Nojibur Rahman said this while speaking as the chief guest at a discussion on the capital market stabilize funding, organized by the Capital Market Journalist Forum (CMJF) in its Palton office in the capital on Sunday.
He said the volume of the CMSF stood at Tk1270 crore. So far undistributed and unclaimed shares worth Tk710 crore and cash of dividend Tk 560 crore have been deposited in the CMSF.
In reply to a query Nojibur Rahman said, “We refunded dividends to 1,170 investors. Among them, cash claims 755 people and 391 claim bonus shares.”
How to Make Money with Amazon Kindle Publishing: A Step by Step Guide
Amazon Kindle Direct Publishing (KDP) is a self-publishing platform by Amazon that allows authors to share their books with a global audience.This program allows self-publishing of eBooks, including control over pricing and royalties. KDP enables writers to connect with readers and gain valuable insights into book performance. Whether one is a seasoned author or a newcomer to publishing, KDP offers an accessible and empowering way to share one’s work with the world. Here is a step-by-step process to make money from Amazon Kindle Publishing.
What is Amazon Kindle Direct Publishing (KDP)?
Amazon Kindle Direct Publishing (KDP) is a self-publishing platform offered by Amazon that allows authors and content creators to publish their books and reach a vast audience worldwide. Through KDP, authors can publish both eBooks and print-on-demand paperbacks, making it a convenient and accessible platform for aspiring writers and established authors alike.
How does Amazon Kindle Direct Publishing work?
Step 1: Creating an Amazon KDP Account with a Definitive Payment Method
The first step to getting started with KDP is to create an account on the platform. This involves providing necessary details such as your name, email address, and payment information. When creating an Amazon KDP (Kindle Direct Publishing) account, you will need to provide some payment information for royalty payments. Here are the details you may need to provide:
Bank Account Information:
You must specify the bank account where Amazon can deposit your royalties. This includes details such as the account holder's name, account number, and the bank's routing number.
Read more: Payoneer to Bkash Fund Transfer: A Great Advancement of Freelancing in Bangladesh
Address and Tax Information:
Amazon KDP requires you to provide your tax information, such as your mailing address and tax identification number (TIN). For the inhabitants of USA, Social Security Number (SSN) will be required.
Payment Method:
Apart from bank account information, Amazon KDP may offer other payment options depending on your location and the payment methods supported in your country. Common alternatives include Payoneer, PayPal, and checks.
Currency:
You may also need to specify your preferred currency for receiving royalty payments. Amazon supports payments in various currencies, and you can choose the one that suits you best.
Step 2: Preparing Your Manuscript
Before publishing, it's essential to format your manuscript correctly to ensure a seamless reading experience for your audience. KDP supports various formats, such as Word, PDF, and ePub, so authors have flexibility in preparing their content.
Read more: Want to start freelancing from Bangladesh? These are the best platforms for you
Step 3: Designing a Book Cover
An eye-catching book cover plays a crucial role in attracting readers. KDP offers design tools and templates to help authors create professional book covers without the need for advanced graphic design skills.
Step 4: Setting the Price and Royalty Options
Authors have control over pricing their books and can select royalty options that best suit their publishing goals. KDP offers two royalty options: 35% and 70%, with the latter requiring the book to meet certain pricing criteria.
Step 5: Publishing Your Book
Once the manuscript is ready and the book cover is designed, authors can upload their work to the KDP platform and make it available for sale on Amazon.
What are the Steps Involved in Creating a Kindle Direct Publishing Book?
Write and Edit Your Manuscript
Creating an engaging book begins with the art of writing. Let your creativity flow as you put pen to paper or type away on your keyboard. Whether it's fiction, non-fiction, or poetry, ensure that your content is well-structured and compelling. Once you've completed your first draft, it's time to polish it. Editing is an essential step in refining your work. Make your manuscript shine by paying attention to grammar, spelling, and sentence structure.
Read more: 7 Top AI Writing Tools, Software to Generate Human-Like Text
Choose the Right Book Title
The title of your book is like a window into its soul. It should intrigue potential readers and give them a glimpse of what awaits within the pages. Brainstorm different titles that resonate with your story or subject matter. Keep it simple yet powerful, and make sure it aligns with the genre and tone of your book.
Create an Eye-Catching Book Cover
"Don't judge a book by its cover" may be a popular saying, but the reality is that readers often do. Your book cover is the first thing that grabs a reader's attention, so invest time in designing a visually appealing and professional cover. If you lack design skills, don't worry; plenty of talented graphic designers can bring your vision to life.
Format Your Manuscript for KDP
Proper formatting ensures a seamless reading experience for your audience. Amazon KDP has specific guidelines for formatting, so familiarize yourself with them. Attention to font choice, paragraph spacing, chapter headings, and page numbering. A well-formatted book shows readers that you care about quality.
Set the Book Description
The book description serves as your book's sales pitch. It should be persuasive and enticing, leaving readers eager to explore your book further. Use engaging language to convey the essence of your story or the value of your non-fiction content. Don't give away all the details; leave some intrigue to pique curiosity.
Read more: Best Free Websites to Improve English Writing Skill
Select Appropriate Keywords
Keywords are like signposts that lead readers to your book. Research relevant keywords that match your book's content and genre. Incorporate these keywords in your title, subtitle, and book description to improve discoverability.
Choose Categories and Keywords
Properly categorizing your book on Amazon is vital for reaching the right audience. Select the categories that align with your book's content and theme. Accurate categorization helps your book show up in relevant search results, increasing its visibility.
Set the Book Price
Determining the right price for your book requires consideration of various factors. Take into account the length of your book, its genre, and your target audience. Pricing too high may deter potential readers, while pricing too low might undervalue your work.
Enroll in KDP Select (Optional)
KDP Select is a program that offers certain promotional benefits but also requires exclusivity with Amazon for a limited period. Decide if enrolling in this program aligns with your marketing strategy and goals.
Read more: English Writing Skill: How to Start Writing and Improve Continuously
Upload Your Book to KDP
With your manuscript, cover, and details ready, it's time to upload your book to the KDP platform. Follow the step-by-step process, carefully inputting the required information. Double-check for accuracy to avoid any potential issues later.
Preview Your Book
Before hitting that publish button, take advantage of Amazon's preview tool. This tool allows you to see how your book will appear on different devices. Check for formatting errors and make any necessary adjustments to ensure a professional presentation.
Publish Your Book
Once you are confident that your book is ready for the world, it's time to publish. Click that "Publish Your Kindle eBook" button, and your book will become available for purchase on Amazon.
Promote Your Book
Publishing your book is just the beginning. To attract readers and build a loyal audience, you need to promote your book. Utilize social media platforms, reach out to book bloggers and reviewers, organize virtual book tours, and consider running Amazon ads to boost visibility.
Read more: Ai and Future of Content Writing: Will Artificial Intelligence replace writers?
What are the benefits of using Kindle Direct Publishing?
Global Reach and Distribution:
Through KDP, authors can tap into Amazon's extensive global marketplace, reaching readers in various countries and regions.
Control and Flexibility:
Authors retain full control over their publishing journey, from pricing to promotional strategies. They can update their books and make changes as needed.
Royalties and Earnings:
KDP offers competitive royalty rates, allowing authors to earn up to 70% of the list price for each sale, depending on the pricing and distribution options chosen.
Publishing Speed:
With KDP, authors can publish their books rapidly, making their content available to readers within hours of uploading.
Data and Analytics:
KDP provides valuable insights into sales data, allowing authors to track book performance and make data-driven decisions.
Read more: Free Online Content Writing Courses
How Much Can You Earn from Amazon Kindle Direct Publishing?
KDP provides a fixed royalty rate of 60% for paperbacks sold on Amazon marketplaces, where they support paperback distribution. This means you will earn 60% of the list price as your royalty. However, your actual earnings are determined by deducting the printing costs from this royalty amount. The printing costs are influenced by various factors such as the trim size, page count, ink type, and the specific Amazon marketplace where your paperback is ordered. You can find more details on calculating printing costs in the provided link.
To illustrate this with an example: Let's say your book's list price is $15, and it is a 333-page regular trim size paperback with black ink sold on the US marketplace. The calculation would be:
Royalty = (60% x $15) - $5.00 = $4.00.
You will earn a $4 royalty per sold book.
Conclusion
Amazon Kindle Direct Publishing (KDP) offers a remarkable avenue for writers to fulfill their publishing dreams and reach a vast global audience. By following the step-by-step guide provided, authors can easily navigate the self-publishing process, from creating an account and formatting their manuscript to designing an eye-catching book cover and setting the right price. The benefits of KDP, such as its wide distribution network, author control, competitive royalties, and valuable data insights, make it an attractive choice for both aspiring and established authors.
Read more: How to Transform Your Freelancing Career into a Scalable Business?
How to Gain Funding for Startup: Best Practices to Attract Investors
Startups are picking up pace across the globe. According to Statista, the number of early-stage venture funds for startups is growing year on year after a dip during the Covid-19 Pandemic peak stage. While a success rate of 10% is projected for all startups in 2023, there is still a silver lining in the form of increased funding. But the key challenge is to secure funding for the startup venture. Let’s explore the different factors that aid in attracting investors for startups.
13 Ways to Attract Investors for Startups
Strong Value Proposition
The main idea behind a startup is to create a solution for an existing problem. A track record of successful startups shows that they took an existing problem and created a solution for it. Then the solution was channelled as a product through the startups.
At the core of this process is a strong value proposition. Successful startups were able to secure early funds from investors because of the strong value of their product or service. Investors look for value in a project. As long as one can show the value and prospects, securing funds becomes much easier.
Read more: What to Consider Before Investing in a Startup or Company?
Detailed Business Plan
Startups aren’t just about ideas. Sure enough, it starts with an idea, but implementing the idea requires a strong business plan. There are a lot of factors in a market that a startup needs to consider before scaling up its product or services. Factors like target market, competitive analysis, marketing strategy, financial projections, and growth plans should be at the centre of a solid business plan. Sharing a strong vision for the startup will help convince the investors to understand the return on investment. And that in turn will help attract investors.
Traction Generation and Milestones
For an investor, numbers are the ultimate deciding factor. An investor will only invest where strong numbers support the claims of the startup. It can include factors like user adoption, revenue generation, or partnerships with key players in the industry.
Try to build up a rapport with incubators and accelerators before approaching potential high-value investors. The more positive the numbers are, the better the chances of attracting investors.
Read more: Seed Fund Raising for Startups: Things to Know About
Having a Strong and Experienced Team
Another key factor that drives investment decisions is the market understanding and experience of the team members. Investors often look for people with a proven track record of managing and executing similar products or services in the market. Sometimes, the lack of early milestones like a marketable product, grants, and incubation can be offset by a strong and motivated team that shares the vision of marketing and scaling a startup.
Networking and Referrals
Beyond experience and numbers, a good way to attract potential investors is through networking and referrals. Networking and referrals help build a personal connection with the investors. A positive word-of-mouth impression or a recommendation from a trusted source helps to highlight and convince investors about the potentiality of a startup. The best way to network and gain referrals is by attending industry events, networking meetups, and startup conferences.
Read more: 7 Local Startups Get Tk 150m Funds from Startup Bangladesh Limited
HSIA launches Web Portal, call centre, CRM software for passengers
The authorities of Hazrat Shahjalal International Airport (HSIA) launched three digital services to provide better facilities to its passengers on Thursday.
The services include a dynamic web portal, 24/7 hotline call centre and customer relationship management software (CRM), according to officials.
Air Vice Marshal M Mafidur Rahman, chairman of Civil Aviation Authority of Bangladesh (CAAB), inaugurated the services this afternoon.
Read: Groundhandling contract for Terminal 3 will go to Japan: CAAB chairman
"A passenger can be informed about the flight schedule, check-in time through the newly launched web portal (www.hsia.gov.bd)," Mafidur Rahman said.
Apart from this, list of duty-free products of tourism corporations and other organizations, airport information service, answers to any airport-related questions, list of customs duty officers, all babysitting services, immigration police services, security services and first aid services information. There are also airport help desk protocol services, wheelchair services, lost and found services, banking and money exchange services, hotel information as well. In case of emergency, the phone numbers of all officials on duty at the airport will be found in this software.
Read: 77.5% work of Dhaka Airport's 3rd Terminal done, should be operational by 2024: CAAB Chairman
The HSIA 24/7 hotline call centre (09614-013600) will provide services to the passengers through representatives in both Bengali and English language.
"Our honourable passengers can share their service related complaints through the call centre. They can also enquire about related information through these services," said the Caab chairman.
SAUDIA expands international flights incorporating Bangladeshi travelers
Saudi Arabian Airlines (SAUDIA) continues to implement its operational plan for Summer 2023 by providing over 7.4 million seats for domestic and international routes, including Bangladesh during July- August, a 10 percent increase compared to the same period in 2022.
The airline will operate more than 32,400 flights, reflecting a 4 percent increase. These measures aim to meet high demand during peak seasons and ensure smooth operations, efficient reservations for scheduled and seasonal destinations, and streamlined processes at airports.
Read: NBR earned highest Tk1.25 lakh crore from VAT in FY23
For international flights for Bangladeshi travelers, SAUDIA is providing more than 4.2 million seats, achieving a 16 percent increase. Additionally, the airline is introducing over 14,800 flights, reflecting a 15 percent increase.
On domestic routes, over 3.2 million seats will be available through 17,600 flights. The operational plan for the summer of 2023 is continuously monitored by a dedicated team from Saudia Aerospace Engineering Industries (SAEI) to evaluate its performance.
Captain Ibrahim Koshy, CEO of SAUDIA, emphasised the airline's extensive experience in managing operations throughout the year, especially during peak seasons.
Read: Salim Osman reelected BKMEA president
The plan includes increasing flights, seat capacity, and introducing seasonal destinations to meet guests' needs while providing excellent services for their Bangladeshi customers.
He also acknowledged the various challenges in the aviation industry, which included managing the departure of Hajj pilgrims from Makkah. The airline implemented comprehensive procedures and prepared the necessary facilities to ensure a successful summer season and Hajj pilgrimage.
Read: BGMEA president urges Australian businesses to invest more in Bangladesh
With its fleet of 164 world-class aircraft, SAUDIA group has cemented a firm reputation globally for its service, comfort, safety, and reliability, notching many enviable industry awards along the way.
Recently, SAUDIA has advanced 11 positions in the "SKYTRAX" airlines ranking of the World Best Airlines 2023.