What needs to happen in Maldives to support a start-up ecosystem

Open Post: Action Items for Government if you are genuine about encouraging technology startups and diversifying the economy.(warning: long thread)

 – Better (read as more reliable, accessible, and stable ) internet! Fast is not enough. Stability and speed are non-negotiable for remote work.

– Reconsider antiquated practices of requiring pieces of paper for everything, case in point, to close a BML account for my startup, I have to send a document via courier to 3 countries to my co-founders because digitally signing or verification online is not an option. What happens if signatures are slightly off? in a pandemic? Digital signatures are not that hard. make that the norm. start with government services, the private sector will follow. 

-Make remote work the norm, employees get a larger talent pool to chose from, employees can stay where they want instead of being forced to migrate for jobs. It’s a win-win. The pandemic has shown it can work!  

-A modern banking financial and banking system! Open up the sector for startups to play the field in a competitive, safe, and sandboxed environment. Stop putting artificial limits on who should be allowed to compete. MMA needs to step up and advocate for this. Incumbents won’t, as shown by their actions.

– access to finance, providing loans is not the same thing as providing access to finance for startups, do not confuse the two. Seed and venture capital access is critical. Glad this seems to be in progress on some level.

– mentorship and guidance, a lot of technology companies, are a few people with limited experience in the business side of things. They need structured advice in all things business, product and legal. 

– policies and laws around startups, ease the legal, tax framework to encourage more startups to take the risk of doing business and not worry about the implications of failing as much, education on the above so it’s not a scary concept.

– Nurture and encourage the community, startups do not thrive in isolation, a supportive, conducive environment where people can share, be accepted, and supported is critical, @sparkhub @womenintech and others have been working on building this for years, but we cannot do it without government support (full disclosure I’m a co-founder at sparkhub)

from my tweet :