Sri Lanka kicks off Global Entrepreneurship Week 2024

By Janani Kandaramage

The Information and Communication Technology Agency (ICTA) on Monday launched the Global Entrepreneurship Week (GEW) in Sri Lanka for the third consecutive year championing the importance of entrepreneurship  from 18 to 24 November.

Themed “Entrepreneurship is for Everyone,” GEW 2024 in Sri Lanka aims to embody the inclusivity and creativity that entrepreneurship offers to the world by celebrating and empowering entrepreneurs from various industries, ages, and enterprises through collaboration with investors, researchers, and experts.

GEW is an annual celebration of young entrepreneurs globally that dare to dream, bring and transform startup ideas into reality. Organised by the Global Entrepreneurship Network (GEN) and founded in 2007, GEW is a signature event spanning nearly 200 nations to forge meaningful economic ties, exchange invaluable insights, and grace the resilient entrepreneurial spirit that fuels global advancement. This is done each November, when collaborators worldwide join forces to provide extensive seminars and networking events to guide emerging entrepreneurs. 

In his welcome address, ICTA Associate Chief Digital Economy Officer Sachindra Samararatne expressed gratitude to the GEN and sponsors for supporting the ICTA’s efforts in hosting this year’s GEW. He emphasised the remarkable potential of entrepreneurship to address urgent socioeconomic challenges, strengthen economic resilience, and promote sustainable solutions across multiple sectors.  

GEW’s influence on business growth

 Speaking about GEW’s impact on the startup industry of Sri Lanka, Samararatne noted, “In the third quarter of 2024 alone, 7,143 new businesses were registered representing a robust 14.3% year-on-year (YoY) increase. From January to September 2024, the nation witnessed the incorporation of 19,784 businesses, marking a striking 18% rise compared to the same period in the previous year. This is because of GEW’s influence on the business growth of our country in the past years, and is also a testament to the country’s resolute recovery from the economic turbulence experienced in 2022.” 

He further attributed the successes of organisations such as Generation Alpha and the NSBM entrepreneur club to their participation in GEW. As a result of the know-how gained at GEW 2023, Gen Alpha has uplifted seven entrepreneurs while 15 entrepreneurs were encouraged by the university and continue to operate today. He commented that this progress is reflected in Sri Lanka being ranked 4th on the GEN Leaderboard. “The reason this step is encouraging is because when we do something like this, it is important to look back and question the extent of the impact created, how it is measured, and how we can expand and ensure this impact and success in all the districts,” he opined. 

Risk taking and resilience

 Microimage Founding CEO Harsha Purasinghe described his own startup as a 19-year-old which grew to become a multi-million dollar enterprise, underscoring the need for risk taking and resilience when navigating entrepreneurship regardless of age. “When I started my business a couple of decades ago, it was at a time when we had none of the opportunities present today. It was during the civil war and large swathes of people were migrating. We had a microimage club at school and we built something interesting when the world was moving from disc operating systems (DOS) to Windows 3.1, and one of the solutions we built to reach the Sinhalese masses became a market opportunity.

Elaborating on his beliefs surrounding the concept of entrepreneurship, he declared, “Although entrepreneurship is for everyone, not everyone can be an entrepreneur. Dedication and vision alone is insufficient in sustaining a business. Owners of startups must be able to withstand and brave the mental, emotional, and financial pressures thrown at them when bringing their vision to life.” 

Nevertheless, he acknowledged that anyone can have an entrepreneurial mindset – a set of attitudes, skills, and behaviours that help individuals identify and make the most of opportunities, overcome and learn from setbacks, and achieve in a variety of settings. Inculcating this way of thinking is crucial in providing all stakeholders, including the public sector and Government with the necessary problem solving skills required to alleviate the social, economic, and environmental challenges facing the country. 

Being an entrepreneur is a journey

 PickMe Founder and CEO Jiffry Zulfer spoke about development championed by entrepreneurs, claiming that, “Being an entrepreneur is a journey, and there must be an urge to be one because its importance is more than we would ever know. This country does not solely develop on the basis of political leaders, but requires the input, decision-making, and expertise of entrepreneurs for growth and development.”

Speaking about what an entrepreneurial spirit is, Zulfer said: “The entrepreneurial spirit is about being prepared to seize risks, learn from failure, and make sacrifices. Unlike in those days, today’s technological advancements have made knowledge on business environments and markets more readily available, minimising the threats startups would generally face. However, the biggest challenges threatening new ventures today is the red tape within the government. Therefore, it is crucial we remove this red tape to allow entrepreneurship to thrive in the nation.”  

Speaking about Gen’s influence in driving entrepreneurship worldwide, GEN Global National Ambassador for Sri Lanka Suresh de Mel said: “GEN helps people in 200 countries unleash their ideas and turn them into promising new ventures. This has helped create jobs, accelerated innovation, and strengthened economic stability around the world. When the GEW was founded, 37 countries were present. A total of 18 countries signalled they would act as host, including Sri Lanka. Since then, GEN has developed GEW as a platform that offers support, understanding, and expertise to individuals and corporations involved in them. GEN is able to effectively fuel better skilled ecosystems for startup companies through top-tier workshops and networking events available on its websites to members.” 

Mastercard Country Manager Sandun Hapugoda and ICTA member Danushka Liyanage repeatedly stressed on GEW 2024’s need to bolster Small and Medium Enterprises (SMEs) and Micro, Small and Medium sized Enterprises (MSMEs) which are key drivers of employment, innovation and economic diversification. “Mastercard Centre has always been a staunch defender of inclusive growth, supporting 14 million SMES and MSMES across the globe, 60% of which are women-centric enterprises. Therefore we hope that GEW 2024 focuses on providing guidance and encouraging these enterprises in particular, as they make up 19% of all businesses in Sri Lanka.”  

Financial and digital literacy

Reiterating Hapugoada’s statement about SMEs, Liyanage highlighted the necessity for greater financial and digital literacy to SMEs and MSMEs in preparation for the volatile market conditions they will undoubtedly experience. In addition to this, he also recommended the provision of programs to popularise the idea of entrepreneurship in schools and universities in Sri Lanka as a means of spreading the entrepreneurial spirit.

NSBM Green University Head of Marketing Venura Colombage described the university as a pioneer in promoting entrepreneurial initiatives, urging other institutions to follow its stead in integrating business creation into its curriculum as the younger generation is open-minded and visionary and therefore more prone to experimenting in business environments rather than seeking a job.

ICTA Head of Startup Ecosystem Development Abith Latiff concluded the event by expressing gratitude to all the partners, nations, startup companies, GEN, and volunteers involved in enabling Sri Lanka to host this year’s GEW, not only make it a participant but also one of the leaders of this global entrepreneurship movement. He believes this initiative will inspire more aspiring entrepreneurs into exploring the market.  

GEW 2024 has over 200 events and activities planned, uniting visionary thinkers, innovative thinkers, and business professionals across all 25 districts of Sri Lanka. With the support of over 100 ecosystem partners and over 20 universities, this dynamic initiative seeks to engage more than 20,000 participants this year 

-Pix by Lasantha Kumara