Local startups to gain from new partnership connecting SL and Europe 

A new initiative to connect innovation and start-up ecosystems has partnered with over 20 incubators and accelerators in Sri Lanka and Europe, the EU said. 

The programme titled  EU-Sri Lanka Innovation Partnership (EU-SLIP) initiative has been fostering innovation cooperation between Europe and Sri Lanka since 2020 with the ambition of reaching out to other countries in South Asia.

The initiative has brought together tech start-ups, incubators and accelerators from the EU, Sri Lanka and South Asia to stimulate networking, innovation collaboration, boost business co-creation, and technology commercialisation. 

Under this programme a network of incubators and accelerators from Europe and Sri Lanka are to meet in three networking events and explore opportunities for matchmaking, scaling up, co-creation, co-development and co- investment for incubators, accelerators and start-up entrepreneurs and innovators. 

Connecting incubators in such a way will enable them to support their portfolio startups with reciprocal market access to Europe and to Sri Lanka and South Asia, with Sri Lanka acting as an important gateway to the wider region.

 The partnership has already succeeded in creating a network of European and Sri Lankan incubators/accelerators to promote joint activities and start-up exchange programmes. The programme has also established the EU-South Asia Startup helpdesk to provide practical support to start-ups seeking access to new markets.

 Over 20 European and Sri Lankan incubators/accelerators, eight ongoing EU-Sri Lankan incubator partnerships underway, more than 24 start-ups have requested EU-SLIP helpdesk support to reach out to new markets. While 18 start-ups have submitted applications to participate in the EU-SLIP agri-tech thematic platform, over 10 investors and companies have launched open innovation calls for European and Sri Lankan start-ups. 

 Commenting on the programme Denis Chaibi, the EU Ambassador to Sri Lanka and the Maldives said, “It is encouraging to see the enthusiasm and initial results of the EU-SLIP in boosting innovation and business collaborations.” He added that “There is more work to do on digital transformation, investing in decarbonisation technologies, and socio-economic innovations to bring about positive change in people’s lives.”

   Jean Christophe de Tauzia, Director General of Incubateur Descartes – a French incubator that has partnerships with two Sri Lankan incubators said, “The EU-SLIP project helps incubators to better understand start-ups opportunities and needs in both regions. 

The Sri Lankan colleagues are very keen on collecting and implementing best practices. It is a great pleasure to work with them”.

Prof. Rohan Munasinghe, Director of the University Business Linkage Cell at the University of Moratuwa in Sri Lanka with an active collaboration with a European incubator highlighted that “With the support of the EU SLIP, we are going to design and implement a new course module on entrepreneurship for university students. We don’t have such a programme yet and it is an important missing piece right in the foundation. 

“We are working closely with EU consultants, gathering their good practices, to prepare an effective programme here at University of Moratuwa. I hope it will bear fruits within this year”.