Entrepreneurship programs for university students

A tripartite initiative to stimulate technology start-ups by Sri Lankan university students and recent graduates will be launched this month with corporate sponsorship and participatory input from Brandix.

Sri Lanka's single largest apparel exporter with the Sri Lanka Association of Software and Service Companies (SLASSCOM) and the Massachusetts Institute of Technology (MIT) will offer six-month incubation programs twice a year to Sri Lanka's most innovative undergraduates and recent graduates under the MIT Global Startup Labs' (MIT-GSL) Sri Lanka program.

The program enables participants to start innovative businesses through three distinct phases. GSL instructors will conduct two workshops in Phase I, while Brandix, other business leaders, and seasoned entrepreneurs will conduct a series of seminars, training, and mentoring sessions in Phase II, and MIT-GSL instructors will conduct further training in Phase III.

Each program will culminate with participants pitching their ideas to seek funding and mentorship at a public demonstration day attended by investors and industry leaders.

A milestone agreement signed by Brandix Lanka Limited and SLASSCOM envisages that Brandix will provide fund for the initiative for five years, and that the program will be offered to second-year or older undergraduates and recent graduates of Sri Lankan universities. "The landscape of the entire apparel industry has changed with the advent of new and disruptive innovations," Brandix Director Udena Wickremesooriya said.

"From raw materials to processes, machinery and equipment, packaging and supply chain, new technology will transform the way products are made and sold.

As a provider of inspired solutions for branded clothing, Brandix is in the thick of this evolution, and we are excited at the opportunities. Supporting a program of this nature, gives us immense satisfaction."

SLASSCOM Chairman Madhu Ratnayake said, "MIT's Global Startup Labs program has already helped thousands of students and universities globally through its unique initiatives to promote technology start-ups.

MIT Global Startup Labs was pioneered in Sri Lanka by the University of Moratuwa, and with the collaboration and funding support of Brandix, SLASSCOM is confident that the program can now scale new heights in Sri Lanka, paving the way for business and industry-specific innovation. Our vision is to get to 1,000 start-ups by 2022."

He said each MIT-GSL program to be conducted under the agreement in Sri Lanka is expected to accommodate about 100 student participants at the outset. The program is free for chosen candidates.