Business Innovation: Start Ups
Sri Lanka’s startup ecosystem is emerging, supported by a growing economy and an active talent pool.
The government promotes this ecosystem through agencies like Information Communication Technology Agency (ICTA), which provides resources, incentives, and programs like Tech Startup Support and Seed Grant Spiralation to aid startups.
Notable Sri Lankan startups include PickMe, oDoc, Commercial Credit, findmyfare, and Doc990.
Approximately 990 startups have been founded across 28 ecosystems, with main agencies being FinTech, GovTech and AgriTech.
Business Innovation: Start Ups
Sri Lanka ranks 76 on StartupBlink’s Startup Ecosystem Report 2024.
A sizable talent pool and ecosystem developers would do well to empower their entrepreneurs by helping them set up and build their startups through incentives or mentoring.
The government is supportive of the national startup ecosystem, providing resources to startup communities that create a favourable environment for startups to grow and thrive.
The government also has the ambition to build technoparks in five cities with the objective of positioning Sri Lanka as a hub for technology innovation, attracting foreign investments, and promoting social and industrial transformation.
Business Innovation: Start Ups
Pros:
∙ Access to the Middle East, North Africa and Southeast Asia
∙ Free trade agreements with India and Pakistan
Startup Ecosystem Report 2024:
∙ Sri Lanka is #76 globally
∙ Steady upwards trend on this ranking
Cons:
∙ Lack of experience: There is a limited amount of business projects completed in order to gain experience
∙ Financial issues: Insufficient capital, low profits, delayed payment from clients
∙ Social issues: Difficulties in securing initial projects, specialization, and an unfavourable eco-environment
