John Keells Group’s Start-Up-Cycle concludes with Demo Day

John Keells Group Chairperson Krishan Balendra and the Group Head of Corporate Finance, Group Tax, and Social Entrepreneurship Nisreen Rehmanjee, recognising the selected 3 winners; Top image - Padmashantha Fonseka (product: a compostable alternative for plastic bento box used in the hotel sector), Bottom left - Tashini Vithanage (product: a compostable alternative for plastic cling wrap used in the hotel sector) and Bottom right - Rashmi Mohotti (product: a compostable alternative for plastic takeaway fruit juice cup used in supermarkets). 

Far left - Solid Waste Management of CEA Director Sarojini Jayasekara, Bluestone Capital Ltd. Founder and CEO, Ajit Gunewardene and Ceylon Cold Stores Non-Executive Director Sharmini Ratwatte

Plasticcycle, the social entrepreneurship project of the John Keells Group, concluded its inaugural Start-Up-Cycle initiative, with the Demo Day on 28 November 2023. ‘Start-Up-Cycle’, is the challenge platform of Plasticcycle, launched in collaboration with John Keells X, the Group’s start-up accelerator, and John Keells Research, the Group’s R&D and Innovation arm, with the objective of empowering Sri Lankan entrepreneurs and innovators to address plastic usage and waste challenges through innovative and implementable long-term solutions.

With over 100 applications received by the end of September 2023, an Open Day was facilitated between solution providers and problem statement owners from John Keells Group businesses in Leisure, Consumer Foods, and Retail. The six-week program that commenced in October 2023 provided the applicants the opportunity to fine-tune their skills with the John Keells Group team members on essential areas such as Minimum Viable Products (MVP), Intellectual Property (IP), Financial Management, and Legislative processes.

John Keells Group Leisure sector and Social Entrepreneurship President, Suresh Rajendra said “The John Keells Group launched Plasticcycle with the vision to be a catalyst in significantly reducing plastic pollution in Sri Lanka. Through strategic partnerships, Plasticcycle has taken its focus areas of encouraging the reduction of single-use plastics, supporting responsible disposal, and promoting recycling initiatives and innovation, outside of the Group, now making this social entrepreneurship project an integral part of the circular economy of the waste management industry. We are committed to consistently seeking best solutions to ensure a greener future.”

Eight applicants were shortlisted to pitch their business plans to the judges, Bluestone Capital Ltd. Founder and CEO, Ajit Gunewardene, Solid Waste Management of CEA Director, Sarojini Jayasekara, and Ceylon Cold Stores PLC, Non-Executive Director Sharmini Ratwatte on Demo Day. The judging criteria placed impact on the given problem statement, cost-effectiveness, market and customer knowledge, entrepreneurial mindset, competitive advantage, execution, and financial strategy. The judges selected three winners - Tashini Vithanage (product: a compostable alternative for plastic cling wrap used in the hotel sector) Padmashantha Fonseka (product: a compostable alternative for plastic bento box used in the hotel sector) and Rashmi Mohotti (product: a compostable alternative for plastic takeaway fruit juice cup used in supermarkets), to receive the start-up funding of a collective Rs. 10 million to support the further development of their proposed business ideas while working closely with the respective John Keells Group Businesses.

Ajit Gunewardene said “At a time when environmental challenges are pressing, initiatives like this provide a platform for passionate entrepreneurs to showcase their ideas and drive positive change. The commitment of John Keells to fund such endeavours aligns seamlessly with the growing importance of Environmental, Social, and Governance (ESG) considerations. Supporting and nurturing these startups not only foster disruptive innovation but also contribute to a sustainable future that exemplifies the synergies between corporate citizenship and entrepreneurial spirit.”