'Spark iT' to empower new ICT entrepreneurs

By Sanjeevi Jayasuriya

The Ceylon Chamber of Commerce has embarked on a project titled 'Spark iT' to empower new ICT entrepreneurs into the field.

The initiative will provide an ideal platform for ICT entrepreneurs to accelerate business through access to potential private sector investors and expert guidance in developing business plans. 'Spark iT' also offers an opportunity to find funds for budding ICT entrepreneurs. The top five from among 10 selected business plans will receive an additional 'investment award' of one million rupees in cash to activate their business plans.

"The 'Spark iT' initiative was envisioned to help sustain and provide start-up support for ICT entrepreneurs in Sri Lanka. We hope to provide the ideal platform to transform a viable business idea into reality," Ceylon Chamber of Commerce (CCC) Chairman Susantha Ratnayake said.

"The innovative platform will help to turbo-charge the start-up eco-system in the country and aims at supporting ICT start-ups over the next five years," he said.

Sri Lanka is richly endowed with ICT talent and in terms of quality of innovation is clearly on par with regional and global standards. The ingredient we need to add to drive our ICT market to a level which has a global impact and competitiveness is the seeding and proliferation of ICT entrepreneurship, ICT Steering Committee Chairman Dr. Hans Wijayasuriya said.

This will bring together innovation and capital towards the creation of a large number of profitable ICT businesses, he said.

The CCC has commenced a journey to set in motion a wave of ICT entrepreneurship and will also draw upon its membership and knowledge resources to support this initiative by providing guidance and mentorship related to the multiple facets of business creation, he said.

This initiative will extend the country's ICT entrepreneurs the opportunity to launch businesses, aided by informative workshops with some of the region's top entrepreneurs, industry experts and business leaders.

All initial pitch documents will be evaluated by a panel and subsequently the streamlined business ventures and their founders will be given an opportunity to present their ideas before a panel of elite potential investors, opening them to multiple capital and partner prospects.

'Spark iT' will help perfect those entrepreneurship solutions to grow into successful businesses and also hopes to provide the platform to scale up, up to 125 businesses by 2016. Entries close on February 16.

The strategic partners are Venture Engine, along with SLASSCOM while the platinum sponsor is Etisalat Lanka.