Spark iT project to heighten businesses of young ICT entrepreneurs in Sri Lanka

By Shabiya Ali

Encouraging entrepreneurship by lending a helping hand, to take off what could be a mind blowing  business initiative, by coupling innovation with funding the Ceylon Chamber of Commerce (CCC), launched the ‘Spark iT’ competition to empower the Information Communications Technology (ICT) entrepreneurs of Sri Lanka.

The competition will provide the ultimate platform for ICT entrepreneurs to boost the start of their business by allowing access to potential private sector investors and expert guidance to help formulate their business plans.

Entries for the competition will be opened on 16 January 2013 and will close on 16 February 2013. All submissions are to be sent via email to [email protected].

More information regarding the entries could be obtained from the official website of the CCC. Selected entries of the competition will be aided by informative workshops with some of Sri Lanka’s top entrepreneurs, industry experts and business leaders.

After the initial pitch documents being evaluated by an expert panel, short-listed business ventures will be given the opportunity to present their findings before a panel of elite potential investors, opening them to a multiple capital and partner prospects.

Top five to 10 business plans will receive an investment award of Rs. 1 million in cash/equity to activate their business plans. The island wide competition will also be supported by the ICTA where the winner will receive expert start up support.

On recognising the ICT sphere of Sri Lanka having experienced an unparallel growth fuelled by sustained economic development over the past decade, the CCC launched the pioneering initiative alongside Venturengine and Sri Lanka association of Software and Service Companies (SLASSCOM).

“The chamber recognised weaknesses in funding in the ICT sector specially for young entrepreneurs to kick off and because of this and their lack of revenue to start up, intelligent ideas are lost,” said Ceylon Chamber of Commerce Chairman Susanthe Rathnayake.

CCC ICT Steering Committee Chairman  Dr Hans Wijaysuriya

Ceylon Chamber of Commerce Chairman Susantha Ratnayake

Envisioned to help sustain and provide start up possibilities for ICT professionals in the country, Spark iT is acknowledged to recognise and transfer good ICT business ideas into a great ones and this new stand is expected to turbo-charge the start up ecosystem in Sri Lanka.

“The project is aimed at supporting ICT start-ups over the next five years,” Rathnayake added. Ceylon Chamber of Commerce ICT steering Committee Chairman Dr. Hans Wijaysuriya said: “Sri Lanka has rich ICT personnel and the Chamber recognise that its time that we help bring such talents to the lime light.”

Further sharing his view on the project he said, “The chamber overall helps in the start up of larger businesses. Focusing on the ICT sector, the ingredients we need to add to drive out ICT market to a level which has global impact and competitiveness is the seeding and proliferation of ICT entrepreneurship.”

A statement released by the CCC stated while opportunities to build new business is noted to be increasing, through the Spark iT project the chamber hopes to extend start-up platforms for at least 125 businesses by the end of 2016.

The project that is geared to kick off and empower the ICT development of Sri Lanka is supported by Etisalat Lanka, the platinum sponsors of the competition.

Etisalat Director/CEO Dumindra Ratnayaka expressed at the launch that the company is privileged to support this worthy endeavour.

“Through this initiative we hope to inspire Sri Lankan’s towards achieving their entrepreneurial vision and enriching their lives,” he said.

Other sponsors for the competition include John Keels Holdings and MAS Holdings whereas the award sponsors for the event are Dialog and Brandix.