MIT Global Startup Lab - Sri Lanka program:

Seven start-ups pitch for funding

After seven weeks of brainstorming guided by international and local trainers and mentors, seven prospective Sri Lankan start-ups pitched their ideas and business plans to a panel of investors in Colombo recently, bringing to a close the 2015 MIT Global Startup Lab (GSL) Sri Lanka program which was supported by top apparel exporter Brandix and enterprise middleware specialist WSO2.

Innovative adaptation of Information and Communications Technology (ICT) for refined and more targeted products and services took centre stage, as the start-ups sought funding to commercialise ideas that could stimulate lifestyles, facilitate e-commerce and banking, assist and expedite recruitment and enhance the standard of education.

Conducted by the Massachusetts Institute of Technology (MIT) with Brandix and WSO2, the MIT-GSL program was designed to help identify, develop and commercialise successful technology-based enterprises.

The seven start-ups that pitched for funding at the 'Demo Day' were 'Viral' - a location-based social network that tells users what's happening in their neighbourhoods; 'Syna' - a Unified Payment Gateway for SMEs to engage in e-commerce; 'Prime HR' - an intelligent application process for an inbound recruitment platform; 'Pay Media' - a payment kiosk that serves as an unmanned bank; 'HandPiq' - a specialised search engine based on an instant messaging user interface; 'Captiosus' - an online micro tutoring platform branded 'Siplo' for GCE (A/L) students and those awaiting university admission; and 'ARton' - an app for interactive learning using augmented reality and 3D modelling.

"This was a committed and focused group that had the courage to visualise a new business and was then intensively coached on what it might take to realise its vision," panellist Girish Anand Sobti said.

A spokesperson for the MIT team of instructors said, "GSL Sri Lanka 2015 has been a fulfilling and enriching experience for all of us. Several of our teams were approached for investment and mentorship opportunities from angel investors and successful entrepreneurs on Demo Day."

"The feedback for the program curriculum from our students has been very encouraging. We received tremendous support from our sponsors and local start-up community during the duration of the program."

"The enthusiasm to grow the entrepreneurship ecosystem by universities and corporates alike makes us hopeful that Sri Lanka's entrepreneurial ecosystem will develop rapidly in the next few years," he added.