NIBM Neo Ventures: Colouring passionate lives through Sri Lanka’s startup revolution

National Institute of Business Management Director General Dr. D.M.A. Kulasooriya

In a world where innovation drives progress, startups have become the lifeblood of economic growth and societal transformation. At the National Institute of Business Management (NIBM) in Sri Lanka, a dynamic initiative called Neo Ventures is empowering learners and young entrepreneurs to “colour their passionate lives” by turning bold ideas into thriving businesses.

With Sri Lanka’s startup ecosystem gaining momentum, Neo Ventures stands as a beacon of creativity, resilience, and entrepreneurial spirit. NIBM Neo Ventures is shaping the future of business in Sri Lanka, the current startup landscape, and the potential for exponential growth in the coming years.

The driving vision of NEO Ventures is a national project to position Sri Lanka as a thriving hub of innovation and entrepreneurship in South Asia. Recognising that traditional academic models often focus primarily on theoretical frameworks, NIBM designed NEO Ventures to bridge the critical gap between learning and application. Through this initiative, participants are encouraged to explore their creativity, challenge conventional thinking, and develop the courage to turn ideas into impactful ventures.

Neo Ventures: Igniting the entrepreneurial spark at NIBM

Neo Ventures is a startup incubator and accelerator program at NIBM designed to foster innovation among learners and young professionals. The initiative provides mentorship, funding opportunities, and industry connections to help budding entrepreneurs transform their ideas into viable businesses. The launch of the first cohort of Neo Ventures will take place on 28 August 2025 at the newly designed Neo Ventures Hub at TRACE Expert City, with the participation of Prime Minister Dr. Harini Amarasuriya, leading professionals, and many industry leaders in the country. Neo Ventures received nearly 200 applications from budding innovators, and 50 of them will be selected as Rising Founders, representing 17 national universities and other higher educational institutes.

Key features of Neo Ventures:

• Incubation and Acceleration – Supports early-stage startups with workspace, seed funding, and expert guidance.
• Hackathons and Pitch Competitions – Encourages creative problem-solving and pitches to investors.
• Industry Partnerships – Collaborates with leading corporations and investors to bridge the gap between academia and business.
• Focus on Tech and Sustainability – Promotes startups in fintech, edtech, green energy, and AI—key growth sectors in Sri Lanka.

The startup vibe in Sri Lanka

• Sri Lanka had around 1,500 startups in 2023, with nearly 200 new ventures emerging each year.
• Funding Growth: In 2023, Sri Lankan startups collectively raised over $50 million, with the majority of investments flowing into fintech, e-commerce, and SaaS.
• Top Sectors: Fintech (30%), E-commerce (25%), Agritech (15%), Healthtech (10%), and Edtech (10%) represent the leading domains driving Sri Lanka’s startup ecosystem.
• Government Support: Programs such as Startup Sri Lanka and targeted tax incentives for tech startups are accelerating the sector’s growth.

While funding gaps and regulatory hurdles persist, Sri Lanka’s startup scene shows resilience. The rise of digital adoption, a young tech-savvy population, and increasing foreign investments signal a promising future.

Neo Ventures is poised to play a crucial role in this growth by nurturing the next generation of disruptors. Neo Ventures at NIBM is more than just a startup program—it’s a movement that empowers young minds to “colour their passionate lives” through entrepreneurship. As Sri Lanka’s startup ecosystem matures, initiatives like these will be pivotal in driving economic recovery and global competitiveness. For aspiring entrepreneurs, the message is clear: The future belongs to those who dare to innovate. With the right support, mentorship, and determination, Sri Lanka’s startup revolution is just beginning. Startups are not just businesses; they are the dreams of passionate individuals shaping tomorrow.

The National Institute of Business Management (NIBM), Sri Lanka’s pioneering higher education institute, has embarked on an ambitious journey to reshape the nation’s entrepreneurial future through NEO Ventures, an innovative initiative of the School of Computing and Engineering Division of NIBM. Positioned at the intersection of education, innovation, and industry collaboration, NEO Ventures is more than a startup program; it is a national movement designed to inspire, nurture, and launch the next generation of Sri Lankan entrepreneurs onto the global stage.