Ramping up local entrepreneurship at second John Keells X Open Innovation Challenge 2017

From left: JKH President, Leisure Sector/Director Krishan Balendra, JKH Deputy Chairman Ajit Gunewardene, JKH Group Finance Director Ronnie Peiris and JKH Executive Vice President and Chief Information Officer Ramesh Shanmuganathan at a panel discussion for the inaugural John Keells X program last year

Sri Lankan entrepreneurship is geared to hit the fast track at the second annual John Keells X Open Innovation Challenge 2017, as teams of aspiring innovators and inventors compete for a chance to gain entry into a six-month accelerator program at JKH which offers Rs. 2 million in seed investment, a curated growth-oriented curriculum, office space in Colombo, access to legal, financial and secretarial expertise, access to mentors involving senior JKH leadership, active interaction with JKH businesses as well as the prospects of further investment during or after the six-month accelerator program. 

John Keells X was first launched in 2016 with the goal of boosting creative and intellectual talent through a public competitive format. This year’s challenge has evolved into a fully-fledged accelerator program which will holistically educate participants on key factors to hone business performance. This will also include an entrepreneurship curriculum and growth hacking curriculum delivered by leading international trainers with extensive start-up experience. 

Additionally, participants will receive invaluable mentorship from some of the most respected entrepreneurs and business magnates in the country. 

The updated format of the open innovation challenge held last year, the John KeellsX Open Innovation Challenge 2017 will now include extensive support to accelerate business ventures over a six-month period and this was prompted as a result of the strong and enthusiastic response of the young entrepreneurial talent at the inaugural event last year.

Commencing from 2 May, competing teams must work to exhibit disruptively innovative ideas that hold the potential to complement the core sectors that John Keells Holdings Plc is currently engaged in, such that growth of their early stage business can be accelerated through aligning with any JKH business unit or industry vertical spanning leisure, transportation, consumer foods and retail, property, financial services, information technology and plantation services.

Applications for the John Keells X Open Innovation Challenge 2017 are open from 2 May to 25 June and can be submitted through the event website www.johnkeellsX.com. There, participants can also discover more information about the accelerator program, including details of the selection process and basic guidance on how to get started. JKH will host a series of road shows and meet-ups in order to provide guidance to the pool of potential applicants. 

Shortlisted candidates will go on to a Demo Day where they will pitch their ideas to an eminent panel of judges. The panel of judges for this year will comprise JKH Deputy Chairman Ajit Gunewardene, JKH Group Finance Director Ronnie Peiris, JKH President, Leisure Sector/Director Krishan Balendra, JKH President, Retail Sector/Director Gihan Cooray, JKH Regional CEO - Axiata Group South Asia/Non-Executive Director Dr. Hans Wijayasuriya, Hatton National Bank Plc Managing Director/CEO Jonathan Alles and JKH Executive Vice President and Chief Information Officer Ramesh Shanmuganathan.

Up to seven of the best teams from Demo Day will thereafter be selected to participate in a six-month accelerator program running from November through to April 2018. Through this program, JKH will offer access to interact with JKH companies and senior leadership level mentors at JKH along with opportunities for further investment in the selected winning entities during or after the six-month accelerator program.

Notably, the interaction with John Keells X does not end with ‘Demo Day’. The relationships built with JKH will help individuals and teams navigate the tough path of a start-up with much greater confidence. JKH may also support this year’s most promising start-ups to secure long-term funding provided they are capable of meeting the group’s rigorous internal evaluation criteria.

John Keells Holdings Plc is Sri Lanka’s largest listed conglomerate on the Colombo Stock Exchange. From managing hotels and resorts in Sri Lanka and the Maldives to providing port, marine fuel and logistics services, IT solutions, manufacturing food and beverages, running a chain of supermarkets, tea broking, stockbroking, life insurance, banking, real estate and inbound and outbound travel, JKH has made its presence felt in virtually every major sphere of the economy. Since its modest beginnings as a produce and exchange broker in the early 1870s, it has been known to constantly reinvent, realign and reposition itself in exploring new avenues of growth.