Sri Lanka’s Startup Development Strategy boasts of state-of-the-art technology parks, startup- friendly policies, a venture fund, and an entrepreneur visa, to name a few initiatives in our holistic approach to develop our startup ecosystem.
Sri Lanka’s innovation ecosystem is evolving rapidly as the government and other players look to nurture local talent, improve the business climate, and foster international connections. These efforts began to bear fruit when Sri Lanka was ranked in the top 20 Asian Economies on the Global Innovation Index in 2020. Sri Lanka ranks second in the region for ease of starting a business. A tropical paradise, the country also offers entrepreneurs a home base with a high quality of life that serves as a convenient entry point to massive neighboring economies. New laws recently designated Colombo Port City as a Special Economic Zone, making it an internationally focused business hub that offers incentives for companies to do business in Sri Lanka. The Ministry of Technology has commissioned five new technology parks in the country which will include incubator facilities for the establishment of startups and for creating high-income-generating jobs for youth by supporting technology-focused businesses. The identified cities include Galle, Kandy, Nuwara Eliya, and Kurunegala. An initiative to bolster ties between Sri Lanka and the EU got underway in 2020 with a series of meetings between European experts on innovation networks, incubation and acceleration, and startup funding and Sri Lankan stakeholders to identify collaboration opportunities between European and Sri Lankan startups. Notable companies emerging from the ecosystem include blockchain-as-a-service company NIFTRON, which recently raised over $100,000 in angel funding in April 2021 and nCinga, an enterprise solutions software company, had an exit of $15.5 million in 2019.
Ecosystem by the numbers
Agtech & New Food
Reasons to move your startup to Sri Lanka
Startup Friendly Government
Information and Communication Technology Agency of Sri Lanka
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