Sri Lanka unveiled its first ever SME incubator
Sri Lanka’s first ever Incubator and Technology Transfer Centre (ITTC) for SMEs was launched this week. It’s a joint collaboration between National Enterprises Development Authority (NEDA), Wayamba University and supported by Malaysian Technology Development Cooperation.
Targets of the ITTC
ITTC is focusing on helping to establish technology SMEs across the country. The target of this incubator is to create a large-scale industry zones beyond Hambanthota and all the way to Wellawaya, extending to Wayamba Province.
The establishment vowed that Sri Lanka’s third generation economic reforms will be led by innovation, technology transfer and SMEs.
The local accelerators in Sri Lanka are rare, while the co-working spaces demands are arising.
Corporate incubators have seen a rise in popularity worldwide. But there’s very few accelerators or incubators operating locally in Sri Lanka. Sri Lanka has seen a fair share of these with companies like Brandix, MAS, Hemas and JKH incubating startups within their organizations.
The current economic situation of Sri Lanka.
Sri Lanka’s economy has expanded at an average rate of about 6 percent over the past five years. Moreover, the population of this country ranks 43 in the world, providing an abundant labor forces to carry out SMEs.
The country has made a notable economic transition from fragility to relative stability. From the house hold consumption and inflation rate’s development curves, conclusions can be easily drawn that there is an increasing demand of consumption, making Sri Lanka a advisable place for startups.
