SLASSCOM recently organized an industry visit to the prestigious Indian Institute of Technology Madras (IIT Madras), Pravartak Research Park, marking a pivotal step in strengthening the ties between Sri Lanka’s Knowledge and Innovation (IT&BPM) industry and one of India’s foremost technological institutions.

The delegation included notable industry leaders such as Nishan Mendis, Chairman of SLASSCOM and Technology & Transformation Leader at Deloitte Sri Lanka & Maldives; Jehan Perinpanayagam Immediate Past Chairman of SLASSCOM and CEO of Infomate; and Ashique Ali, Past Chairman of SLASSCOM and Director of Talliance.

The primary objective of the visit was to create collaborative frameworks aimed at strengthening Sri Lanka’s start-up ecosystem. These efforts seek to boost global competitiveness, drive job creation, attract foreign investment and accelerate the growth of the country’s Knowledge and Innovation (IT&BPM) industry. This initiative aligns with SLASSCOM’s mission to position Sri Lanka as a global hub for IT innovation and entrepreneurship.

A key highlight of the partnership is the plan to establish a world-class incubator in Sri Lanka, modelled after the highly successful Pravartak framework. This will offer Sri Lankan startups the same level of support that has helped Indian startups grow into global giants, positioning Sri Lanka as a strong competitor in the global startup landscape.

Another was the potential for collaborative research and development. By working closely with IIT Madras, Sri Lankan startups will have access to cutting-edge research, in areas such as Gen-AI, blockchain, sustainability, and healthcare technology.

The partnership will also facilitate exchange programs for students, entrepreneurs, and professionals. These initiatives will not only create opportunities for learning and growth but will also foster cross-border market expansion.

Discussions with professors and resource personnel at IIT Madras revealed exciting opportunities for knowledge sharing, which in turn holds immense value for both countries, opening up avenues for collaborative growth and technological advancement.

Sri Lankan startups participating in the Pravartak IIT Madras incubation ecosystem will further benefit from having access to mentorship and training programmes to guide entrepreneurs through the ideation process, aligning their projects with commercially viable outcomes. Rigorous validation, market, and stress testing will help startups refine their business models and improve their chances of success. Additionally, they will have access to funding opportunities from venture capitalists and angel investors.

Nishan Mendis, Chairman of SLASSCOM stated “Our visit to IIT Madras has opened up exciting new avenues for collaboration. We are thrilled to bring these opportunities back to Sri Lanka, where our start-ups can benefit from the immense knowledge and support that IIT Madras offers. By working closely with IIT Madras, we aim to empower our entrepreneurs with the tools and resources they need to succeed on the global stage”

A special note of appreciation is extended to the Indian High Commission for its instrumental role in facilitating this collaboration that has not only opened doors for Sri Lankan startups to access world-class resources and expertise but also contributed to the broader goal of strengthening regional cooperation in the tech and innovation sectors. Overall, this partnership is poised to be a game-changer for the industry, establishing an innovation-driven ecosystem that will fuel entrepreneurial success and stimulate economic growth.