Startup Bangladesh cancels investment proposal for Ayman Sadiq’s 10 Minute School

Startup Bangladesh has cancelled its investment proposal for the e-learning platform 10 Minute School, as per their Facebook post. 

The Minister of State for Posts, Telecommunications and Information Technology Zunaid Ahmed Palak also confirmed the matter on Tuesday through his official account, writing, "Ten Minute School – investment proposal of Tk5 crore has been cancelled by Startup Bangladesh."

Earlier, 10 Minute School Co-founder and CEO Ayman Sadiq made a Facebook post showing solidarity with the quota reform protesters and wrote, "Why is there blood on my campus?"

He also changed his Facebook cover photo for the quota reform movement.

Asked about the reason behind its decision, Startup Bangladesh told The Business Standard, "Due to a non-disclosure agreement with the portfolio companies, we cannot disclose the reason for the cancellation of the announced investment plan."

The state-owned venture capital firm, however, claimed, "It was a business reason that is important to an investor."

Meanwhile, two of the industry sources told TBS that there had been a legal action against the firm by its co-founder Mirza Salman Hossain Beg and difference of opinion earlier this year.

State Minister Palak further confirmed the investment cancellation on Tuesday during a dialogue event organised by the Bangladesh Secretariat Reporters Forum with journalists working at the Secretariat.

He said, "This is an investment company, and we have some non-disclosure agreements.

"We have an agreement, whether we invest there or not, we cannot disclose the data or the negotiations we have with them anywhere."

He added, "If we disclose any negative aspects about them, it will also reach other investors. So, publicly stating the reasons behind cancelling the investment violates our ethical agreement."

He further said every individual or organisation should uphold Bangladesh's independence, sovereignty, and the spirit of the Liberation War. One can be a successful entrepreneur, artist, or journalist. Political ideologies can be different. But there can be no disagreement or difference of opinion about the Liberation War of Bangladesh and the Father of the Nation, Bangabandhu.

"If someone takes a position against the spirit of the Liberation War, the government cannot stand with them. A person, even if knowledgeable, is to be rejected," he added. 

Meanwhile, the ICT Division, the sponsor of the venture capital firm, said in a statement that the nondisclosure agreement only barred the investors from disclosing the agreement details. 

The NDA did not bar 10 Minute School from publicly sharing the reason cited by Startup Bangladesh.

Screengrab collected from Facebook.

However, 10 Minute School Co-founder and CEO Ayman Sadiq did not comment on the matter.

On 2 July, the university students started their protest for the reform of quota in recruitment for first- and second-class government jobs.