Sri Lanka to set up technology incubator

Sri Lanka will set-up the first technology incubator for the electrical and electronic industry. “Sri Lanka’s Electrical and Electronic industry (E&E) has been identified as a thrust industry.

'We believe that with the $90000 outlay from our Ministry, E&E industry will start its journey towards the ‘Made in Sri Lanka’ brand niche” said Industry and Commerce minister Rishad Bathuideen.

The MoU between the Ministry of Industry and Commerce and University of Moratuwa to set up the first technology incubator for E&E industry in Sri Lanka was signed recently.

The Ministry is funding the Rs 10m (US $ 90000) to initiate the E&E incubator which is expected to serve between 5 to 10 innovators and entrepreneurs at first. “This initial funding is directly sourced from the MIC with no outside funding yet” Minister Bathiudeen said. The incubator will verify whether the prototyped new product is commercially viable.

“After concept viability, prototyping follows.

The prototyping of conceptual models saves money since we can avoid the costly moulding stage” said Prof. Malik Ranasinghe, Vice Chancellor, University of Moratuwa . “When the concept viability and prototyping stages are passed, the business plan stage emerges. The incubator will assist all three stages and highlight the commercial viability of our new products” Ranasinghe told Minister Bathiudeen.

“Using the initial funding from MIC, the University of Moratuwa will assist entrepreneurs on product design, prototyping, knowledge, skills building and more important, easy access to the high-tech research and design facility located in the University,” said Ms T.M.B. Menike, Director, MIC. “Among the new products we are keen to see are precision electronics, specially in automotive and medical technology” Menike said.