NIBM launches Best Innovative Business Model Awards 2026 to recognise Sri Lanka’s most innovative organisations

From left: NIBM BIBMA 2026 Steering Committee Chair Dr. Baratha Dewanarayana, University of Sri Jayewardenepura Postgraduate Institute of Management Director and NIBM BIBMA 2026 Advisory Committee Member Dr. Asanga Ranasinghe, NIBM Chairman Dr. Chinthake Perera, Director General and BIBMA 2026 Advisory Committee Member Dr. D.M.A. Kulasooriya, NIBM School of Business Director Kolitha Ranawaka, and Central Bank of Sri Lanka Market Operations Director and NIBM BIBMA 2026 Advisory Committee Member Dr. Anil Perera

The National Institute of Business Management (NIBM) officially launched the Best Innovative Business Model Awards (BIBMA) 2026 on 14 July, reaffirming its commitment to fostering business excellence, innovation, and sustainable economic growth in Sri Lanka. 

As NIBM approaches six decades of excellence in education, research, consultancy, and industry engagement, the Institute continues to introduce initiatives that strengthen the country’s business ecosystem and promote globally competitive organisations.

BIBMA 2026 was introduced as a prestigious national platform dedicated to recognising organisations that have transformed the way they create, deliver, and capture value in today’s rapidly evolving business environment. The awards aim to establish a national benchmark for innovative business models while encouraging organisations to embrace innovation, sustainability, and long-term competitiveness.

The awards program is open to organisations across four sectors, Start-ups, Micro, Small and Medium Enterprises (MSMEs), Corporates, and Public Enterprises, with 30 awards to be presented across these sectors. Applications officially opened at the launch event, with submissions closing on 15 September. Shortlisted organisations will be notified by 15 November, before progressing to the final evaluation stage and the prestigious Awards Gala later this year.

BIBMA 2026 adopts a robust evaluation framework based on the internationally recognised Business Model Canvas developed by Osterwalder and Pigneur, integrated with the UN Sustainable Development Goals (SDGs). Organisations will be assessed across nine key dimensions: Key Partnerships, Key Activities, Key Resources, Value Propositions, Customer Segments and Customer Relationships, Channels, Revenue Streams, Cost Structure, and Sustainability Integration.

More than an awards program, BIBMA 2026 has been developed as a national initiative to promote business excellence, encourage continuous innovation, and strengthen Sri Lanka’s business ecosystem. Through a rigorous and transparent assessment process conducted by an independent Assessment Council comprising distinguished academics, industry experts, policymakers, and business leaders, participating organisations will receive valuable benchmarking against internationally recognised business model standards.

NIBM Chairman Dr. Chinthake Perera said: “Innovation is the cornerstone of sustainable business success in today’s rapidly evolving world. Through BIBMA 2026, NIBM is creating a credible national platform that encourages organisations to rethink how they create value, embrace innovation, and compete on a global stage. This initiative reflects our commitment to supporting Sri Lankan enterprises in building resilient, future-ready business models that contribute to the nation’s economic growth.”

NIBM Director General Dr. D.M.A. Kulasooriya stated: “For nearly six decades, NIBM has remained at the forefront of developing professionals, organisations, and industries that contribute to Sri Lanka’s economic progress. BIBMA 2026 introduces a new dimension to our business consultancy initiatives by recognising innovative business models that create sustainable value. Through this program, we aim to help organisations benchmark themselves against internationally recognised standards while fostering innovation, competitiveness, and long-term growth.”

NIBM School of Business Director Kolitha Ranawaka added: “The NIBM School of Business has long been recognised for its expertise in business education, executive development, research, and consultancy. BIBMA 2026 is a natural extension of this expertise, providing organisations with an independent and structured platform to evaluate and strengthen their business models. We believe this initiative will not only recognise excellence but also inspire organisations to continuously innovate and enhance their competitiveness.”

BIBMA 2026 Steering Committee Chair Dr. Baratha Dewanarayana said: “BIBMA 2026 was designed to celebrate organisations that have successfully reimagined how value is created, delivered, and sustained. More importantly, it establishes a credible national benchmark that encourages continuous innovation, cross-sector learning, and business excellence while promoting sustainable business practices across Sri Lanka.”

BIBMA 2026 Consultant/Lecturer and Project Lead Sandamini Withanachchi said: “BIBMA 2026 offers organisations an opportunity to benchmark their business models against recognised best practices, gain national recognition, and showcase their achievements. Beyond the awards, the program encourages participants to evaluate their strengths, embrace innovation, and build resilient business models capable of creating long-term value.”

Beyond recognising excellence, BIBMA 2026 also serves as a platform for knowledge sharing, collaboration, and networking among leaders from Sri Lanka’s business community. By bringing together organisations from four diverse sectors under a single nationally recognised framework, the initiative seeks to foster cross-sector learning and inspire the adoption of innovative and sustainable business practices that contribute to the country’s economic development.

Organisations interested in participating may submit their applications through the official BIBMA website. Applications are accepted under four categories: Startups – Rs. 10,000, MSMEs – Rs. 25,000, Public Enterprises – Rs. 30,000, and Large Corporates – Rs. 75,000.