Brandix to invest $ 1m on new ventures

The Brandix Group has committed up to US$ 1 million over three years on a new venture that is intended to fast-track Sri Lanka's evolution into a knowledge and innovation hub for the apparel, textile and fashion accessory sectors.

The new venture 'Disrupt Unlimited' will run a seed accelerator that will inspire, mentor and fund start-ups with breakthrough solutions to disrupt products, practices, processes and business models in these sectors.

It will encourage innovators from across industries to develop technology-driven solutions that address challenges at every stage of the supply chains, leading to revolutionary changes in the way apparel, textiles and accessories are made, packaged, distributed and consumed.

Like other seed accelerators across the globe, Disrupt Unlimited will provide start-ups with access to seed funding, advisers, practical workshops, networking opportunities, collaborative workspace and legal and administrative services, with the opportunity to pitch game-changing ideas to venture capitalists and angel investors at an exclusive Demo Day.

Among the company's identified roles are collaboration with industry partners, securing the support of private partners, mentors, and advisers, development of idea and entrepreneur pipelines, building a network of investors in Sri Lanka and overseas, investing in start-ups, running seed accelerator programs and supporting start-ups through commercialisation.

This innovation-centric new entity was launched at Brandix Essentials at the two-week 'Disrupt-a-thon' at which 20 innovators grappled with eight industry-related challenges with mentors from companies in the Brandix Group and from the Group associate Textured Jersey Lanka PLC.

Brandix Director Udena Wickremesooriya said Disrupt Unlimited is the first attempt to do something the Group had always believed in. Stressing that only innovation will truly drive the economy of a small country such as Sri Lanka, he cited the example of Israel which has developed a US$ 4 billion IT industry. Disrupt Unlimited will conduct four Disrupt-a-thon challenges per year and to draw on founder pipelines including universities, the Sri Lanka Inventors Comission, MIT Global Startup Labs program, and Sri Lankans living overseas.