Recognizing the Lions of Growth

Sri Lanka is no Silicon Valley. Yet, recent years have witnessed the emergence of a lot of startups in the country. Young generations are encouraged to focus on innovative startups to develop this ecosystem. According to SLASSCOM’s survey report, there are 225 entrepreneurs, out of which 75% are between the age of 25-35. It is also noticeable that such startups have influenced the economy pattern of the nation in a positive way as well, considering the revenue of such entrepreneurs is above LKR150M.

With an approximate of 18 investors in the country, entrepreneurs have established exceptional startups addressing some of the most unanswered or challenging problems of the industry. Besides, according to the Budget proposal by the Sri Lankan government for the year 2017, it was made crystal clear, that the government wants more startups around the country, especially in North and East. Reports indicate, that is partly why the SriLankan government have decided to get 200% Capital Allowances for Northern Province Investors, and 100% Capital Allowance for Eastern Province Investors.

Moreover, the Women T echnopreneurs forum, an initiative launched by SLASSCOM in 2019 to create a positive change across the tech ecosystem in Sri Lanka, in supporting, promoting and harnessing the talents of women to be innovative technopreneurs, on International Women’s Day 2022, presented their report on “The Landscape of Women Technology Entrepreneurs in Sri Lanka”, a project conducted in collaboration with International Finance Corporation (IFC). This initiative is in line with SLASSCOM’s vision of developing knowledge and innovation in the IT and BPM industry to generate revenue of $5 billion in exports, creating 200,000 highly skilled workforce and facilitating 1,000 startups by 2025.

A lot has changed over the years in the corporate sector of Sri Lanka. The nation has demonstrated impeccable resilience to political distress and emerged as an epitome of growth. While there is a lot to learn from the country, this edition shuns light on one of the components of growth: startups.