Sri Lanka’s Innovation Levers,IT and Biotech Surge

23 January 2024 12:00 am Views - 560

• Tapping into advanced technologies, such as all-photonics networks and quantum and edge computing, could be the linchpin in harnessing what’s beyond the horizon. Imagine a tomorrow where Sri Lanka paves its tech avenues with 5G, virtual reality, and augmented reality — a visionary dreamscape manifesting in real-time, shaking the foundations of its economic and competitive stratum
• A leap into the innovation frontier has its challenges. The lack of extensive citation networks, a shortfall in venture capital funding, and skill mismatches represent the systemic constraints strangling the pipeline of creativity and opportunity. Sri Lanka stares down these bottlenecks, aware that overcoming them is a prelude to any genuine advancement in global standing

In the heart of the Indian Ocean lies Sri Lanka, a nation whose innovation engine is rapidly churning, sparked by surges in Information Technology (IT) and Biotechnology — a duo, potent enough to redefine its economic story. This country, once overshadowed by the tigers of Asia, is now on the brink of a remarkable transformation that may very well turn it into an innovation powerhouse.
The pivot to innovation is no longer a lofty ideal but an urgent necessity for Sri Lanka, with statistics painting a stark contrast: a mere 0.11% of GDP spent on R&D in 2018, lagging the global average by over 2%. But beneath these figures lies a treasure trove of potential, fuelled by a nation’s resolve to excel. If well-mined, this potential could lead to a leap in GDP growth — experts predict a possible 1.5% to 2% rise within a decade.
At the heart of Sri Lanka’s strategic metamorphosis are key strategies, akin to cogs turning in a well-oiled machine, each vital to the nation’s upward mobility in the innovation race. First, the proposed National Innovation Fund and Innovation Enhancement Act — vehicles designed to amplify R&D investment and streamline regulations, fostering an environment where innovation can breathe freely.
Equally pivotal is the educational overhaul to produce industry-ready talent — a workforce naturally attuned to the nuances of groundbreaking technologies. Initiatives resembling Hong Kong’s Technology Leaders of Tomorrow program and Singapore’s cross-sectoral strategies like ‘Healthier SG’ may just offer the blueprint for inscribing success into the DNA of Sri Lankan innovation.
The undercurrents of change run deep with proposed intellectual property laws synchronized with global norms, potentially vaulting Sri Lanka onto the world stage as a hub for innovation legality. Furthermore, the Eco-Industry Growth Grants could harvest the fertile cross-pollination of sectors, blending the richness of Sri Lanka’s biodiversity with biotech’s precision and IT’s agility. Such bold measures can catalyze cross-sector innovation, much like Macrogen’s influence, which echoes through South Korea’s biotechnology success story.
A potent alchemy resides in the creation of global benchmarks and partnerships. Imagine Sri Lanka entering a Research-Exchange Memoranda of Understanding, akin to a tango between the nation’s inherent prowess and the cumulative wisdom from international counterparts. Together, they could engineer ecosystems fostering bio-diverse research with the shared objective of global knowledge wealth.
However, a leap into the innovation frontier has its challenges. The lack of extensive citation networks, a shortfall in venture capital funding, and skill mismatches represent the systemic constraints strangling the pipeline of creativity and opportunity. Sri Lanka stares down these bottlenecks, aware that overcoming them is a prelude to any genuine advancement in global standing.
Yet, the recipe for Sri Lanka’s surge in the IT and biotech sectors isn’t all avant-garde — a significant ingredient is resiliency. The very fibre of this nation is woven with the tenacity to withstand and adapt, to pivot, and to persevere against the tides of adversity, from political frictions to economic shocks. This resolve has Sri Lanka poised to transform its constraints and frictions into formidable strengths.
Tapping into advanced technologies, such as all-photonics networks and quantum and edge computing, could be the linchpin in harnessing what’s beyond the horizon. Imagine a tomorrow where Sri Lanka paves its tech avenues with 5G, virtual reality, and augmented reality — a visionary dreamscape manifesting in real-time, shaking the foundations of its economic and competitive stratum.
Net Assessment lays bare the facts: Sri Lanka’s journey to become an innovation crucible is fraught with challenges but festooned with opportunities. Can it navigate this tricky trajectory? Like any story of transformation, the devil is in the details — and the details here are a deliberate and data-driven strategy that enlists every stakeholder, from policymakers to private enterprises to academia.
The innovation narrative for Sri Lanka is unfolding, with chapters being etched that hinge on economic agility, research revolutions and global connectedness. And if these strategies are conscientiously implemented, the Pearl of the Indian Ocean might just emerge as a glistening emblem of innovation. The world watches, waits, and wonders: can Sri Lanka seize the digital and biotech sceptre to declare itself a regent of global innovation? Only time, tethered to tenacity, will tell.
Prof. Alex Lin and Saliya Weerakoon together possess nearly 70 years of combined experience in large corporations, start-ups, venture building, and advisory. Prof. Lin can be reached on - alex@jirafe.world