Sri Lanka rural youth create start-up successes and nail blue-chip projects

 Minister of Industry, Commerce, Resettlement of Protracted Displaced Persons, Cooperative Development, Skills Development and Vocational Training Rishad Bathiudeen (far left) hands over a NEDA business grant to a youth entrepreneur on 30 August in Colombo

• “We invested Rs. 100 m, created new entrepreneurs” – Rishad
• NEDA graduate entrepreneurship project reaps a new crop of SL business youth
• Says that these youth set a good example

Having dared to break into entrepreneurship despite graduating with a Sri Lankan university degree, 73 Lankan youth clinched financial grants from Sri Lanka’s National Enterprise Development Authority (NEDA) in a celebration of their start-up success. Some such SMEs have even succeeded in nailing projects for them from well-known blue-chips.

The grants, made under ‘Upadidaree Vyavasayaka Udanaya’ (Graduate Entrepreneurs’ Awakening –GEA of NEDA) imparts cash to small business start-ups (mostly) belonging to the rural youth graduates. The grants are given to new small businesses that proved to be viable and profitable after their NEDA backed business registrations were completed. Their entire new business setup process –from business registration, training, production outputs, and to sales and marketing were solely assisted by NEDA’s GEA program. 

With 30 August grants to 73 new SMEs, such NEDA supported youth entrepreneurs’ total count now stands at 173. Around 70% of who received grants on 30 August are from the rural sector. Grants ranged from Rs. 150,000 for single owner start-ups and Rs. 400,000 for jointly owned start-ups.

“Our Ministry is investing Rs. 100 million for NEDA’s GEA project. Today 73 more rural youth entrepreneurs who proved their start-up successes are getting grants from us to strengthen their SMEs,” said Minister of Industry, Commerce, Resettlement of Protracted Displaced Persons, Cooperative Development, Skills Development and Vocational Training (ICTPDPCDSDVT) Rishad Bathiudeen on 30 August. Minister Bathiudeen was addressing his NEDA’s GEA awards event at Narahenpita.

“I extend my best wishes for these youth entrepreneurs turned graduates who are setting an example by not running after government jobs but creating new jobs for others by themselves through their personal efforts.”

Despite being small and mostly rural, many new NEDA start-ups seem to readily embrace modern or advanced ideas and such tech for their new SMEs, in manufacturing and services. One such SME, now a company ‘La Leavens’ (Web: laleavens.com) began in 2015 with NEDA backing, by processing spice products with ‘KOLONNA’ brand, (to provide the natural taste and aroma of spices). It transformed to a private limited company in 2017. 

The company has recently entered ‘Industrial Automation and Customised Industrial Machinery Manufacturing’ sector, under another new brand called ‘Qtom’. According to Sajith Warnakula – the young entrepreneur CEO behind the creation of La Leavens – among the large companies now supported by La Leavens’ Qtom projects are MAS Holdings and Lanka Sugar Industry (Sewanagala).