People’s Bank and IDB launch ‘BizTeens Challenge 2025’ for young entrepreneurs

From left: People’s Bank  Retail Banking Assistant General Manager Nalin Perera, IDB Entrepreneurship Development Director Renuka Jayalath, IDB Chairman Ravi Nissanka, People’s Bank Chairman, Prof. Narada Fernando, People’s Bank CEO/General Manager Clive Fonseka and People’s Bank Retail Banking and Overseas Customer Services Deputy General Manager  Aruni Liyanagunawardana at the Launch of People's Bank and IDB 'Biz Teens Challengen 2025' in Colombo 

– Pix by Ruwan Walpola –

•  People’s Bank and IDB introduce ‘People’s BizTeens Challenge 2025’ for schoolchildren island-wide
• ‘YES’ savings account for young adults aged 13-18 years
• Cash prizes for national level winners
• Initiative to empower youngsters to develop innovative business ideas
• Fostering an entrepreneurial mindset crucial for Sri Lanka’s economic growth
• IDB plans new incubators and district-level industrial development initiatives
• Applications are open for students from 16 July to 30 September 

By Safna Malik

People’s Bank, in collaboration with the Industrial Development Board (IDB) of Sri Lanka, has officially launched the ‘People’s BizTeens Challenge 2025,’ a nationwide initiative aimed at empowering the next generation of young entrepreneurs. The pioneering program offers schoolchildren a platform to showcase their innovative business ideas and entrepreneurial concepts.

At the official launch event held at the People’s Bank Staff Training College, People’s Bank Deputy General Manager (Retail Banking and Overseas Customer Services) Aruni Liyanagunawardana highlighted the bank’s enduring commitment to national progress. She noted that as People’s Bank marks its 64th anniversary this year, it has consistently contributed to Sri Lanka’s socio-economic development through its inclusive financial services.

Liyanagunawardana explained that the launch of ‘People’s BizTeens Challenge 2025,’ in partnership with the IDB, demonstrates the bank’s continued dedication to national progress and youth empowerment. “Beyond our commercial objectives as a government bank, we continuously serve the nation,” she stated. “For the first time in Sri Lanka, we are specifically recognising children with an entrepreneurial mind, introducing an initiative to showcase them to the country and to the world.”

Reflecting on Sri Lanka’s entrepreneurial state, Liyanagunawardana raised a crucial point, stating that globally renowned innovators like Elon Musk, Jeff Bezos, or Steve Jobs have not yet emerged from our nation. While the term ‘entrepreneurship’ is not new to us, the concept still remains unfamiliar to many in Sri Lanka. Singapore, for instance, which is just marginally larger than Colombo city, boasts an economy significantly larger than our nation. Recognising the creative mindset of our children early and their drive to become future innovative entrepreneurs, we have built this initiative as a platform to provide them with the necessary support they need.

The program encourages school students to develop their own innovative ideas and understand their capabilities. Winners will be selected at both District and National levels. At the District level, the first, second, and third-place winners will receive certificates. Additionally, special recognition certificates will be presented to students aged 11–15 and 15–18 who demonstrate exceptional talent. At the National level, the first, second, and third-place winners will receive cash prizes of Rs. 250,000, Rs. 150,000, and Rs. 100,000 respectively. 10 consolation prizes of Rs. 25,000 will be awarded each.

People’s Bank has also pledged its support for the young entrepreneurs. “As their future banking partners, it is our duty to provide guidance and financial support to the students who participate in this initiative,” Liyanagunawardana affirmed. To facilitate their financial needs, the bank has already introduced the YES savings account for youngsters around the age of 13 to 18. The bank is actively working to provide transaction facilities, debit card access, and mobile app support for these accounts, enabling young entrepreneurs to manage their finances independently.

People’s Bank Chairman Prof. Narada Fernando also expressed his satisfaction with the introduction of entrepreneurship as a field of study within the school system. “As People’s Bank, we are pleased to see entrepreneurship being embraced within schools, fostering new ideas and making this important subject known to students. We are fully committed to supporting this initiative,” he said.

Prof. Fernando highlighted the pressing need to significantly grow Sri Lanka’s economy, which is relatively small at $ 80-85 billion. “We firmly believe the improvement of our economy relies heavily on future entrepreneurs.” 

He noted a concerning trend that is often overlooked, Sri Lankan students often show reluctance to pursue entrepreneurship related studies or choose it as a subject, considering factors like initial capital or fear of challenging the current market. “This mindset often leads to a generation that primarily seeks employment rather than becoming creators of careers,” he explained.

“It’s a point of concern that if we can introduce this subject and lay the foundation from the beginning within schools and colleges, we can develop better entrepreneurs for the country, and new pathways for national development will open up.” He made these remarks while sharing his experience at a recent Entrepreneurship Day held in the Gampaha district, where students from five schools successfully exhibited their talents and ideas.

Presenting global statistics on the world’s most influential personalities, he said that 75% are entrepreneurs, 15% are investors, 7% are athletes, and 3% are celebrities. “Salaried employees make up 0% of this group,” he stated. 

“We must encourage those within that 0% to become an entrepreneur.” He affirmed the bank’s plan to sponsor and support these individuals in every possible way, taking the first step in this change with the initiative People’s BizTeens Challenge 2025.

He said support includes not just finance, but also technical assistance through the IDB partnership. He clarified that entrepreneurship means more than just business or selling. It involves new ideas, creating innovative things, and those who think differently and look at things from a unique perspective.

Addressing the possibility of a 13-year-old managing business-related expenditures, he assured that schools would offer the necessary guidance and support for students on financial management.

The IDB’s existing “Industry Entrepreneurship Circles” initiative has already established 590 school-based entrepreneurship circles, facilitated by over 1,000 trained teachers, with more than 30,000 student members currently engaged. The IDB will register new students into both existing and newly formed circles throughout the competition period.

He further stated that the bank’s motivation for this initiative goes beyond profit, aiming to empower young entrepreneurs. Prof. Fernando highlighted that the ‘People’s BizTeens Challenge’ would not be limited to this year and they have plans to carry this initiative as an annual program. “People’s Bank is ready to offer any financial support for this requirement, and the IDB will be with us. Together we can develop entrepreneurs needed for the country’s economic advancement. This is how we can contribute to increasing our economy by several billion dollars,” he added.

IDB Chairman Ravi Nissanka shared insights into the national economic strategy and the impact of the new Government, noting an increase in tax revenue and a substantial government capital expenditure allocation, which he described as the highest ever. He also expressed his optimism for significant economic changes by 2027.

Nissanka detailed the IDB’s plan to increase dollar income by boosting exports and reducing imports. “We are analysing our highest-cost imports, such as electronics, machinery, plastics, and minerals, to identify what we could manufacture locally,” he explained. As part of this strategy, the IDB plans to establish nine new incubators across Sri Lanka to foster local manufacturing. He also shared findings from a recent survey of Sri Lankan startup ideas, noting that out of 600 startup ideas, 95% were in low-level productions like food manufacturing. “Most of them don’t opt for high-tech products because low-level products must be affordable for both consumers and manufacturers. So, taking this to the next level is a real challenge,” he stated.

Expanding its development initiatives, the IDB also plans to establish industries in 330 district-level regions. These operations will function as private limited companies, adhering to Sri Lankan law which permits a maximum of 50 shareholders. The initiative aims to create industries where shareholding is open to a broad spectrum of individuals and entities. This includes employees within the industry, technologists, academics, students, accountants, management professionals, and the general public, fostering widespread ownership and shared profits.

The 23-year-old Mochiato Founder Kavindu Fernando, also shared his entrepreneurial journey at the event. He introduced his ice cream brand, “Mochiato,” noting its impressive 154 flavours. Fernando explained his inspiration came from the market’s limited options, driving him to create a brand with such a wide array of choices. Started as a small venture three years ago, Mochiato has now expanded to 28 branches. During his address, he also expressed his ambition to become the number one ice cream brand in Sri Lanka, offering valuable insights from his success story to inspire the youth present.

The ‘People’s BizTeens Challenge 2025’ aims to nurture future entrepreneurs by encouraging students to contribute towards strengthening Sri Lanka’s economy through new products and business innovations. The program will run from 15 July to 30 September and is open to students aged between 11 and 18 years. People’s Bank and the IDB have signed a formal agreement for its successful execution.

Applications for the ‘People’s BizTeens Challenge 2025’ have been distributed to all schools island-wide and are also available for download via the official websites of People’s Bank (www.peoplesbank.lk) and the IDB. Completed applications must be submitted to the IDB via Registered Post, duly authorised by the respective school principals. All submissions will be evaluated by a panel of industry experts.

People’s Bank officials welcome enthusiastic young innovators from across the country to step forward and submit their entrepreneurial ideas, to lay the foundation for a future shaped by creativity, resilience, and enterprise.

The launch event was attended by representatives from leading educational institutions including Royal College Colombo, Ananda College Colombo, Sirimavo Balika Vidyalaya, Nalanda College, D. S. Senanayake College, Anula Vidyalaya, Bandaranayake College Gampaha, Mahanama College, Yasodara Balika Vidyalaya Gampaha, Mahinda Rajapaksha College Homagama, Sujatha Balika Vidyalaya, Lumbini College, and Ediriwira Sarachchandra School Himbutana. Members of the bank’s corporate and executive management and a large number of schoolchildren were present to witness the official launch of People’s BizTeens Challenge 2025.