Reality television program ‘On Eagle’s Wings’ to transform Sri Lanka’s SME landscape

With the support of the United States through the United States Agency for International Development (USAID), the Lanka Impact Investing Network (LIIN) has announced the ‘On Eagle’s Wings’ program. 

‘On Eagles Wings’ is a groundbreaking 32-episode reality television program designed to nurture entrepreneurship and drive inclusive economic growth in Sri Lanka. 

The launch event on 15 August brought together stakeholders, entrepreneurs, and investors to celebrate and support the next wave of Sri Lankan Small and Medium-sized Enterprises (SMEs). The program targets unlocking $ 3.5 million in capital, nurturing over 400 impact enterprises, and empowering 2,000 entrepreneurs. USAID’s Climate Adaptation Project and the USAID CATALYZE Sri Lanka Private Sector Development Activity supported the program development.

SMEs are a key component of Sri Lanka’s economy, representing over 75% of the country’s enterprises and providing around 45% of employment. Despite their significance, SMEs face a high failure rate of 45%, with 75% closing within seven years. The ‘On Eagle’s Wings’ program addresses these challenges by providing tailored support to start-up entrepreneurs and enterprises by providing them with personalised guidance and mentorship, research and innovation resources, and access to private equity and accessible funding lines.

In line with national climate goals, the ‘On Eagle’s Wings’ program will support over 20 entrepreneurs or enterprises focused on climate adaptation. By fostering innovative solutions in sectors such as agriculture, fisheries, tourism, and trade, the program is expected to contribute to regional development and climate resilience. 

‘On Eagle’s Wings’ aims to also put a special emphasis on empowering women entrepreneurs, by ensuring 50% of participating enterprises or entrepreneurs are women or women-led SMEs. This is with a view to bridge the gender gap in the SME sector, where only 25% of entrepreneurs are women. 

Further, recognising the pivotal role of women in driving economic progress, ‘On Eagle’s Wings’ will strive to bridge the financing gap that often hinders women-led SMEs and women entrepreneurs from realising their full potential. Also, by collaborating with financial institutions and investors, the program will provide women-led SMEs and women entrepreneurs with the necessary tools and resources to navigate the funding landscape, effectively increasing women’s participation in the economy.

By fostering a culture of entrepreneurship that embraces inclusivity and climate adaptation and promoting nationwide collaboration, ‘On Eagle’s Wings’ is poised to play a pivotal role in driving Sri Lanka’s inclusive economic growth, bolstering the nation’s resilience against climate change.

“The growth and sustainability of SMEs are crucial, particularly in light of the significant impact of COVID-19 and the economic challenges the country faced in 2022,” said USAID Sri Lanka Mission Director Gabriel Grau. “Climate change adds another element of risk for these businesses. That’s why the business community is such a key catalyst in this battle – it can foster innovation, mobilise capital, and advance Sri Lanka’s adaptation to climate change.”

The LIIN Chairman Chandula Abeywickrema noted: “The ‘On Eagle’s Wings’ program is a beacon of hope and a catalyst for change in Sri Lanka’s entrepreneurial landscape. By providing essential support and investment to SMEs, we are not only fostering economic growth, but also championing sustainability and gender equality. Together, we can empower our entrepreneurs to soar to new heights, driving innovation and resilience in the face of global challenges.”