The Startup Ecosystem of Sri Lanka

Sri Lanka does not yet have enough startups to be in the same category as other Asian startup hotspots, but its potential is evident. However, the country has been suffering from a severe economic crisis which will continue to impact the country’s ability to continue growing its tech sector. The country’s ecosystem developers would do well to empower their entrepreneurs and help them set up and build their startups through incentives or mentoring.
The Information and Communication Technology Agency (ICTA) of Sri Lanka has engaged with many ecosystem stakeholders in implementing initiatives supporting startup development. The Tech Startup Support and Seed Grant Spirliation Program aims to support and promote new technology businesses to prepare them for the global market. The government also has the ambition to build five technoparks, with the first one in Galle expected to be completed in July 2023. ICTA also initiated 10,000 Ideas, an islandwide tech innovation program intending to empower the next generation of tech entrepreneurs, and a Credit Evaluation Framework in collaboration with PwC Sri Lanka as an alternative to the conventional approach and to assist technology companies in obtaining credit facilities.
Another support organization to mention is Startup SL. It is a national online platform for Sri Lankan startups, an initiative by the Ministry of Digital Infrastructure & Information Technology, and is currently being operated by ICTA. The organization has set a goal to create 1,000 new startups by 2025, which can help Sri Lanka catch up with other regional hubs. With its strategic location and ambitious goals to develop the startup ecosystem, international startup brands such as Startup Weekend by TechStars, Seedstars, and AngelHack, have also entered Sri Lanka, signaling a promising future for Sri Lanka’s startup ecosystem.