Xeleration enabling local startups to go global

Xeleration is a SLASSCOM initiative supported by ICTA, Lanka Angel Network (LAN), ReadMe, Mediawire and Open University of Sri Lanka in partnership with Infocomm Investments. It recently concluded the global startup exchange program in Singapore, which was a significant opportunity for four Sri Lankan startups namely AdroitLogic, Wifyer, PayMedia and nCinga to expand into global markets, mentored by some of the finest entrepreneurs across the globe as well showcase their startups across investors from the ASEAN region. 

Through this one month program, startups developed knowledge and capabilities to successfully enter and navigate Singapore and ASEAN markets through valuable mentorship from industry leaders and connections with global partners, thereby establishing strong relationships with fellow entrepreneurs, potential partners, customers and government agencies while being part of BASH’s community one of Singapore’s biggest integrated startup facility, where accelerators, investors and entrepreneurs congregate under one roof. Startups which were featured on the global startup exchange program can be accessed via www.infocomminvestments.com/GSX-1.html.

Startups at BASH (Building Amazing Startups Here) is Singapore’s biggest integrated startup space

The program encompassed of four weeks of intense training and global networking for startups, week one startups had the opportunity to discover and explore the startup eco-system in Singapore by having a local induction program which helped startups speed on the various national initiatives that they can leverage on.

Week two focuses on acceleration where startups get plugged into the local startup scene at IIPL’s co-working space where they get to personally interact with stakeholders from the ASEAN startup eco-system and take part in events hosted at BASH as well as meet with business mentors and local entrepreneur buddies who will guide them and give startups key insights into the local industry.

Week three consisted of startups achieving a deeper and better understanding of the opportunities in Singapore and the ASEAN market, the entire week is on startups tweaking their product/ service, building and refining their product to cater to a global audience. The final week was where after all the mentoring and product refining, startups get the opportunity to piece together everything they learned and to pitch to secure partners, customers and a diverse mix of investors.

What was remarkable was that in a very short period of time Singapore’s vibrant startup ecosystem is placed 10th in the 2015 Global Startup Ecosystem Ranking, becoming one of the top tech startup hubs in the world. Singapore has a supportive government programs intended to attract the best talent to come and incorporate their startups in Singapore. Some of these programs are specifically designed to encourage patent filing in Singapore and provide significant incentives towards this end. Singapore is also the regional hub for many investors and VCs across Asia and globally. 

Supportive legislative environment coupled with the availability of talent and capital makes Singapore a leading startup eco-system regionally and worldwide.

Singapore is an export oriented economy. This mindset is reflected in their startups as well. They look at a regional market from inception and as a result are better positioned to achieve scale compared to locally focused Sri-Lankan startups. Sri-Lankan startups who have been running for a substantial time needs a platform to have a global presence and some initiatives that can be taken into consideration when launching a local accelerator is to set up a focused team with mentors and investors drawn from the industry, attract startups by offering a structured mentorship program. SLASSCOM is the national chamber for the IT/BPM industry in Sri Lanka and acts as the catalyst of growth for the Sri Lankan IT and BPM industry by facilitating trade and business, propagation of education and employment, encouragement of research and innovation, and by supporting the creation of a progressive national policy framework. It has an ambitious 2022 Vision to strive to become $ 5 billion industry, creating 200,000 direct jobs and launching 1,000 start-ups.