Members Speak – October, “Setting up and operation in motion: Fight the dismal success rate of startups”

Monday, 3 November 2025 00:57 - - {{hitsCtrl.values.hits}}

TMC Colombo has successfully concluded the Members Speak series for October under the topic “Setting up and operation in motion: Fight the dismal success rate of startups,” on 16 October, at Hotel Cinnamon Grand.

The event brought together an audience of professionals, entrepreneurs, TMC members to listen to the pressing challenges faced by startups and how to overcome them. TMC Chairperson Duneeshya Bogoda welcomed attendees, highlighting the networking opportunities available through TMC membership and the numerous benefits with partners of TMC.

Keynote speaker was A and A International Ltd. Chairman and MD Ranee Ratnayake. She is also a founder member of The Management Club and an accomplished professional and an entrepreneur, who explained with some concerning statistics where 70% of startups fail within the first 2-5 years and up to 90% do not achieve long-term success, even with capital and investment availability, stressing the need for a solid understanding of business fundamentals like SWOT analysis, market research and strategic planning.

She quoted from the book “Why startups fail”, by Professor Thomas Eisenmann, where the writer admits the fact of startup failures but admitted even no one has a clear answer for that. Further she quoted from the book by Steve Jobs, “Stay Hungry, Stay Foolish.” to support the fact young entrepreneurs shall embody resilience and focus on continuous learning. Ratnayake also referred to Simon Sinek’s famous slogan, “Start with Why: How Great leaders inspire everyone to take action,” emphasising the importance of having a clear mission behind a business to inspire meaningful impact. She reiterates the importance of understanding and usage of the word “why” behind whatever we do, rather than just focusing on products or outcomes. Today’s young entrepreneurs face unique challenges, often relying on technology without extensive market research that was once necessary.

Participants shared positive feedback on the practical insights provided, with notable comments from Programme Associate of the Academic group Ragu Rakvan, who mentioned that the basics of the business highlighted are useful, and entrepreneurs to ‘start with why’, which is the critical point to lay a path for successful work. Further, Worldwide Logistic Lanka Ltd. Managing Director Rienzie Coorey mentioned that the views expressed at the event are more practical and inspiring for all startups and entrepreneurs.

TMC Vice Chairman and IMS Ltd. Director Samitha Senevirathne moderated the event, while Dr. Saliya Balasooriya proposed the vote of thanks to the audience for their engagement and encouraged the ongoing networking. TMC Colombo aims to foster enriching discussions that inspire and connect entrepreneurs. The TMC hosts Members Speak sessions as part of its mission to inspire, empower, and connect.