BRAC Bank PLC has launched the country’s first SME innovation lab, titled Finnovision, aimed at supporting small businesses to grow and remain competitive through the adoption of innovative solutions.
The initiative is designed to strengthen cottage, micro, small and medium enterprises (CMSMEs) by promoting innovation, inclusion and sustainability, reinforcing the bank’s long-standing focus on the sector.
The SME innovation lab was inaugurated by Husne Ara Shikha, executive director of Bangladesh Bank, as the chief guest at a ceremony held at Lakeshore Hotel Gulshan in Dhaka on Sunday, according to a press release.
Tareq Refat Ullah Khan, managing director and chief executive officer of BRAC Bank, and Syed Abdul Momen, additional managing director and head of SME Banking, were also present at the event, alongside development partners and industry stakeholders.
Finnovision has been established as a dedicated platform to test, refine and scale solutions that respond to the economic, social and environmental challenges faced by CMSMEs. By tapping into the potential of grassroots entrepreneurs, the lab will focus on four strategic priorities: narrowing the gender financing gap, promoting smart and sustainable agriculture, accelerating climate-resilient financing, and integrating cottage and microenterprises into the mainstream economy.
The lab follows a structured, impact-driven approach that begins with a comprehensive assessment of challenges faced by CMSMEs. This is followed by the identification of key problem statements and the shortlisting of enterprises for targeted support.
Selected businesses will then take part in a bootcamp phase, where they will receive hands-on training to formalise operations, improve bookkeeping practices, develop realistic cash-flow projections and design growth strategies.
Enterprises showing strong potential will advance to a technical assistance phase, receiving tailored mentorship to refine prototypes, address implementation challenges and prepare solutions for scale-up. Through the lab’s wider ecosystem, participants will gain access to innovative financial products, markets, distribution channels and financing, while piloting and validating scalable business solutions
