Call (94) 777 777 666
OfficeWorld Trade Center, Colombo 1 Sri Lanka
Visit our social pages

Global Startup Ecosystem Report ranks Sri Lanka as #2 global ecosystem for affordable talent

September 3, 2020by admin9

Jul 07, 2020 (LBO) – The 2020 Global Startup Ecosystem Report (GSER) by Startup Genome and the Global Entrepreneurship Network has ranked Sri Lanka as the #2 Global Ecosystem for Affordable Talent in 2020.

Sri Lanka is also highlighted in the largest global report about how regions can develop thriving startup ecosystems.

The GSER is the world’s most comprehensive and widely-read research on startups. Its release comes at a critical time when several startups in Sri Lanka are running out of funding and facing closure in the wake of the COVID-19 pandemic.

The Information and Communication Technology Agency of Sri Lanka (ICTA) engaged Startup Genome to benchmark Sri Lanka’s performance against more than 250 startup ecosystems globally in the report. It has identified the Sri Lankan government’s support for technology companies and competitive talent as reasons for startups to operate in Sri Lanka.

Reaffirming the government’s support, Chairman of the ICTA, Jayantha De Silva said, “The value of Sri Lanka’s startup ecosystem has more than quadrupled from LKR 5.4 billion to LKR 21.8 billion in the past two years. ICTA is committed to facilitating the continued growth in ecosystem value and startup output. We, as the ‘Island Of Ingenuity,’ take pride in our product engineering talent pool which has delivered world-class products and gained investor confidence globally.”

Despite the uncertainties of the COVID-19 pandemic, local investors have also reassured their commitment to supporting local startups. Chairman of the Lankan Angel Network, Mano Sekaram said, “Over the past decade, regional VCs, foreign investors, and other parties have made significant investments into tech startups. With this backdrop, we’re excited to launch Sri Lanka’s first Angel Fund to further support the growing ecosystem.”

The report also identified the strong potential of Sri Lankan startups in the eCommerce and FinTech sectors. The annual domestic eCommerce sales and services is estimated to be at $40 million and expected to grow $400 million by 2022. New regulations by the Central Bank of Sri Lanka has empowered Sri Lankan FinTech startups, which have also found new support with the launch of HatchX, which is Sri Lanka’s first FinTech accelerator and the first virtual accelerator in South Asia. The accelerator was launched in April 2020 and is an initiative by Hatch in partnership with the Lankan Angel Network.

Commenting on these findings, CEO of PayHere, Dhanika Perera shared, “The COVID-19 pandemic expedited consumer adoption of eCommerce out of necessity. PayHere recorded a remarkable 4x growth on daily payments processed for local eCommerce businesses. This shift in consumer behaviour has now convinced traditional businesses to move online.”

With an expanding footprint, the 2020 GSER provides insights and guidance to foster thriving startup ecosystems and leveraging them to restart economies following the COVID-19 lockdowns. “This is the time for policymakers, community leaders, and foundations to double down on their support of local startups — the #1 engine of job creation and economic growth,” said JF Gauthier, Founder & CEO of Startup Genome.

For Sri Lankan startups, there are opportunities in several industries they can capitalize on to grow their business and the national economy. Sharing how these opportunities can be seized, COO of SLINTEC, Heminda Jayaweera said, “We can leverage the value of our raw materials and also utilize the highly advanced expertise of scientists and engineers we have in Sri Lanka,” he explained.

 

 

9 comments

  • turkce

    February 14, 2021 at 2:08 am

    Way cool! Some extremely valid points! I appreciate you penning this article and the rest of the website is really good. Shalne Pascal Ragland

    Reply

  • turkce

    February 15, 2021 at 5:32 am

    Hi there mates, fastidious paragraph and pleasant urging commented here, I am genuinely enjoying by these. Jorey Gran Athiste

    Reply

  • turkce

    February 15, 2021 at 7:50 am

    Hey there! I simply want to offer you a huge thumbs up for the excellent information you have got here on this post. I will be coming back to your blog for more soon. Marna Ad Grous

    Reply

  • erotik

    February 17, 2021 at 12:35 pm

    Ridiculous quest there. What occurred after? Take care! Blanche Bert Scales

    Reply

  • erotik

    February 17, 2021 at 1:32 pm

    Most bookkeepers work with dozens over their profession. Ketti Jeramie Shriver

    Reply

  • 샌즈카지노

    February 17, 2021 at 2:44 pm

    Really enjoyed this blog post. Thanks Again. Want more. Blakelee Jesse Combs

    Reply

  • erotik

    February 17, 2021 at 3:56 pm

    I like it when folks get together and share opinions. Great site, stick with it! Lynde Reynard Estas

    Reply

  • erotik

    February 17, 2021 at 5:17 pm

    For Appointment. It iss not a lodge. It is like a sarai. Isabel Isidoro Hinze

    Reply

  • erotik

    February 17, 2021 at 8:30 pm

    Thank you for your article. Really thank you! Cool. Aaren Durand Pelage

    Reply

Leave a Reply

Your email address will not be published. Required fields are marked *

ENVOY ORTUSHeadquarters
Organically grow the holistic world view of disruptive innovation via empowerment.
OUR LOCATIONSWhere to find us?
http://envoyortus.com/wp-content/uploads/2019/04/img-footer-map.png
GET IN TOUCHEnvoy Ortus Social links
Taking seamless key performance indicators offline to maximise the long tail.
AVANTAGEHeadquarters
Organically grow the holistic world view of disruptive innovation via empowerment.
OUR LOCATIONSWhere to find us?
http://envoyortus.com/wp-content/uploads/2019/04/img-footer-map.png
GET IN TOUCHAvantage Social links
Taking seamless key performance indicators offline to maximise the long tail.
© 2020 Redberyl IT. All rights reserved.

Copyright by redberylIT. All rights reserved.