By: Staff Writer
Colombo (LNW): Sri Lanka’s start up ecosystem will get a new impetus with the strategic alliance between the Information and Communication Technology Agency (ICTA) and Brandix Apparel Limited.
The term startup refers to a company in the first stages of operations. Startups are founded by one or more entrepreneurs who want to develop a product or service for which they believe there is demand.
The SL front line Technology agency and apparel giant has renewed its partnership for the second consecutive year.
This strategic alliance aims to significantly bolster startups by providing essential funding and fostering their swift expansion.
The primary focus is to fuel technological entrepreneurship within Sri Lanka, propelling its future digital economy.
Under the umbrella of the Spiralation start-up incubator, early-stage tech entrepreneurs receive comprehensive support.
The initiative encompasses seed funding, specialised training, networking opportunities, and avenues for business promotion on both local and international fronts.
The memorandum was signed by ICTA Chairman Professor Malik Ranasinghe, and the Fortude Managing Director and Brandix IT/Digital Director Arjuna Sirinanda on 30 October.
ICTA has embraced a comprehensive, data-driven strategy for the development of the start-up ecosystem, providing support to entrepreneurs at every stage of the start-up lifecycle, from ideation to growth.
The Spiralation initiative has been instrumental in aiding over 150 startups to date. Many of these startups have not only expanded their reach to more than 30 countries globally but have also collectively contributed to the creation of over 1,000 job opportunities.
Brandix Apparel Ltd. has committed to funding a total of 10 million, in addition to providing expert guidance, training, and mentoring for selected Spiralation start-ups.
This partnership aims to offer vital financial support to burgeoning start-ups in their journey towards development and growth.
Professor Ranasinghe expressed, “ICTA stands as the foremost entity driving the nation’s digital transformation.
Under the digital economy pillar, our goal is to promote, encourage, and back technology-focused start-ups and innovation in Sri Lanka, aiming to establish 1,000 start-ups by 2025.
In response to the memorandum, Sirinanda highlighted, “At Brandix, our digital infrastructure is pivotal in delivering innovative solutions to our customers.
Continuously exploring how technology can enhance our operations to offer superior products at competitive prices is our ongoing commitment.
With this in mind, we are pleased to enter into a collaborative partnership with ICTA, a like-minded governmental organisation. Our joint efforts will serve to incubate the ideas of Sri Lankan technology entrepreneurs, potentially fostering the creation of world-class digital solutions,” he said.
