Seven UoM students’ ICT start-ups’ debut today under MIT initiative

Friday, 3 August 2012 00:01 - - {{hitsCtrl.values.hits}}

Seven innovative ICT start-ups will be born today as the end result of an intensive seven-week start-up incubator run at the University of Moratuwa. This incubator, known as Massachusetts Institute of Technology’s Accelerating Information Technology Initiative (MIT AITI), is run in collaboration with the MIT and aims to produce innovative companies and increase confidence in Sri Lanka’s blossoming ICT market.

At the event, seven teams of young entrepreneurs from UoM will pitch their ICT startups before an audience of nearly 200 distinguished guests from industry, academia, and Government. The event, sponsored by three of Sri Lanka’s major mobile operators—Dialog, Mobitel and Etisalat, will take place at the Hilton Colombo Residence this afternoon.

The event is intended to serve as a catalyst for technology entrepreneurship in the Sri Lankan market which is rich in technical talent.

During today’s launch, Industry leaders including Dialog, Mobitel, and Etisalat, and the pioneering entrepreneurs and researchers of MicroImage, Microsoft Research, and Aureos will provide judging and feedback on the companies’ pitches and products. Judges will present awards for outstanding business, technical and social innovation. For entrepreneurs, however, the ultimate goal will be to attract seed funding and to apply judges’ feedback in building sustainable, profitable enterprises.

Within the MIT AITI program, which began this year on 18th June, a select group of 34 UoM students have been working tirelessly to build their own software start-ups. The teams have undergone rigorous training in business and technology with coaching by four MIT-affiliated instructors and by numerous local entrepreneurs and business leaders.

The start-ups’ goal has from the start been to create applications providing innovative solutions to important problems affecting Sri Lanka and the world.

Within the program, the teams have been tasked with planning and executing every aspect of creating a start-up. Working tirelessly to get their companies off the ground, these start-ups have attracted the attention of brilliant mentors and potential investors.

With great promise in becoming Sri Lanka’s future ICT industry leaders, these companies today reveal themselves for the first time.

From 2000, companies in nine different nations across the world have launched through the MIT AITI incubator program, which aims to promote global economic development through cultivating a new generation of technology entrepreneurs.

This year marks MIT AITI’s second annual program in Sri Lanka.