Consulate General of Sri Lanka in Sydney along with BOV Capital, Colombo and Grant Thornton, Sydney organised an investor forum showcasing the Start-up Ecosystem in Sri Lanka on Wednesday 17 April. Over 50 entrepreneurs who are keen to understand and look at investment potential in the Lankan Start up Ecosystem participated in the investor forum and the business networking.
Over the last 10 years, there has been a meaningful change in innovation and entrepreneurship in Sri Lanka. The country has gone for a small, but vibrant and differentiated Start up Ecosystem, such as, creating awareness about entrepreneurship, creating a network of mentors who work with these companies, helping entrepreneurs to build the capacity, providing seed and follow on funding and helping companies to accelerate their growth.
Consul General Lal Wickrematunge in his welcome speech invited the Australian entrepreneurs to invest in the Sri Lankan Start up Ecosystem as the environment was now conducive for more business opportunities in Sri Lanka. He also highlighted that Sri Lanka is on its way to becoming a very powerful technology and innovation hub. “If we can get it right, we believe that we can get Sri Lanka to be a tech and innovation powerhouse in the near future,” he said.
BOV Capital Ltd. General Partner Prajeeth Balasubramaniam made the presentation on potentials for investment in Start-up Ecosystem in Sri Lanka. In his presentation he highlighted that young Sri Lankan talent is coming back to the country and wanting to build companies. They have a world view but wanted to be in Sri Lanka on its growth path. Lots of innovation potential is available in the domestic market. He said that Simplex has become the leading ecom logistic company in 24 months with annual revenue of $ 1 million. BOV Capital continues to play an integral role in Lanka’s Start up Ecosystem. BOV Capital’s plan is to raise a series of funds over the next 10 years and is currently raising capital for Angel network. Grant Thornton Australia Ltd. Partner Raj Deepan also spoke at the Investor Forum.