Sri Lanka is aligning with innovation and accelerating into a new, digital-centric space, with the government working to create an inviting regulatory environment for blockchain use-cases to flourish, offering the country fresh and entirely new economic verticals.
One such enterprise capitalizing on Sri Lanka’s progressive approach to emerging technology markets such as Metaverse and Web 3.0 , is start-up incubator and 360 service provider, Grow. Recognizing the exciting growth potential that Southern Asia has to offer, the company has set up an operating base in Colombo, a move they hope will inspire others to follow.
The team’s new office, which is situated in One Galle Face Tower, recently welcomed the Sri Lankan Cabinet Minister for Youth and Sports, Namal Rajapaska to its opening. “We are proud and happy to have you guys here as young entrepreneurs in the blockchain technology sector, and taking Sri Lanka, leading Sri Lanka into the new era. As a government, myself, my secretaries here, the central bank, deputy governors, all of us, are excited to be here today and to welcome you all.”
“I’m sure this is going to be the incubator for many, many start-ups on the blockchain technology opportunities that are coming out in Sri Lanka and also in the region. So, congratulations, and our support is there. So, we want to see you working hard. I can assure that we as a government will support you 100pct. There are certain positive changes that we are looking at to facilitate you more in this part of the industry, and we will look at that in a very positive way and work together going forward,” Rajapaska said.
Speaking from the opening celebration, Founder and CEO, Peter Carroll said, “New technological economies are combining with widespread technological infrastructure and forming the building blocks of our economic future. The ways in which they are utilized and regulated will define social mobility for the youth of today. At Grow we firmly believe these times are part of a shift, from the innovation phase of a technology breakout to the early adoption phase of the blockchain based industries of Web 3.0.”
“As the opportunities unfold, we are seeing huge potential in Blockchain Gaming and the Metaverse, we believe with forward thinking leadership Sri Lanka can take a central role as an ecosystem driver for these fresh and exciting verticals.”
Sri Lanka and Port City Colombo, if developed correctly, could become one of the world’s leading hubs for frontier technologies. If the government can facilitate a “sandbox” environment for Web 3.0’s brightest minds, then the seeds of innovation may have fertile soil on which to grow. The opportunity is clearly one that excites Carroll.
“I mean, think about it, what drives an entrepreneur? Building! We build ideas, products, and businesses, so what could be more exciting than being here in Colombo and helping to build the people, economy, and tech infrastructure of a $120bn state-of-the-art Smart City? For us, the answer is simple: nothing! We want to engage with the Blue Chip companies of Web 3.0 like Animoca Brands, Polygon and encourage them to help us drive opportunity, to educate and build traction because we believe Central and Southern Asia can drive real adoption.”
GROW provide Web3 builders with idea curation, marketing support and an advisory network of leading experts in an effort to facilitate real world impact of blockchain technology. Let’s Grow Together. For more information, visit www.thegrowgroup.com.
1.The Grow Group Founder and CEO Peter Carroll speaking at its inaguration
2.State Minister of Digital Technology and Enterprise Development Hon. Namal Rajapaksa giving a speech