SLASSCOM launches accelerator program for start-ups

Startup Sri Lanka, an initiative by SLASSCOM Innovation and Entrepreneurship Forum, launched Xeleration, Sri Lanka's first accelerator program targeting budding entrepreneurs in Sri Lanka, at an event organized by the Information and Communication Technology Agency (ICTA).

Adding a new dimension to a conventional accelerator, Xeleration is also a global start-up exchange program for Sri Lankan start-ups.

Startup Sri Lanka is partnering Infocomm Investments (Pvt) Ltd (IIPL), the investment subsidiary of the Infocomm Development Authority of Singapore, to provide start-ups access to international markets through which start-ups can take their product and company to the next stage of growth and expansion.

Through Xeleration, five deserving start-ups with regional growth and potential will get the opportunity to participate in this global exchange program structured with Infocomm Investments.

The customized program will enable start-ups to understand the Singapore start-up ecosystem, receive mentoring from entrepreneurs and domain experts, and also exposure to valuable networks that would allow them to capitalize on regional growth opportunities.

Vice Chairman and Head of the Innovation and Entrepreneurship Forum, SLASSCOM, Ruwindhu Peiris said, "The Xeleration accelerator program is an effective platform to swiftly discover trends and business opportunities in new markets. The initiative was launched as a move to strengthen local start-ups to explore and access new markets, develop company offerings, and helps to overcome cultural differences."

The entrepreneurs will get an in-depth exposure of Singapore's start-up ecosystem while working at BASH, Singapore's largest integrated start-up space.

Head of Infocomm Investments, Dr Alex Lin said, "I'm pleased to partner with SLASSCOM and Start-up Sri Lanka to bring the acceleration model to Sri Lanka. An accelerator is a boot camp-like training regime that shapes, scrubs and polishes start-ups to what they need to be to succeed."

Xeleration is an initiative supported by SLASSCOM, ICTA, Lanka Angel Network (LAN) and the Open University of Sri Lanka.

The Open University of Sri Lanka has opened a dedicated space at the campus to host selected start-ups for acceleration and hope to expand the network across the country through its regional centres.