SLASSCOM and IIT Madras to boost start-up ecosystem

MoU signing between SLASSCOM and IIT Madras Pravartak

SLASSCOM and IIT Madras Pravartak have inked a landmark memorandum of understanding (MoU) aimed at enhancing collaboration and fostering innovation in Sri Lanka’s start-up ecosystem. 

The agreement was facilitated by Dr. Shankar Raman from IIT Madras Pravartak and SLASSCOM Chairman Jehan Perinpanayagam, Rajendra Moortha and SLASSCOM Vice Chair Nishan Mendis. 

The MoU between SLASSCOM and IIT Madras Pravartak encompasses a comprehensive set of initiatives aimed at fostering innovation and entrepreneurship in Sri Lanka. It includes identifying and supporting high-potential start-ups through IIT Madras Pravartak’s incubator programme, offering mentorship and resources to accelerate their growth. SLASSCOM will establish a new incubator in Sri Lanka modelled after IIT Madras Pravartak’s successful framework, focusing on mentorship, funding and skills development. 

The collaboration will also drive collaborative research in technology, sustainability and healthcare sectors, while promoting cross-border exchanges through internship programmes. Additionally, joint efforts in funding, mentorship and market access initiatives aim to bolster Sri Lankan start-ups’ entry and expansion into the Indian market, leveraging synergies between both organisations’ networks and expertise.

Dr. Raman stated, “We are excited about the potential of this partnership to ignite a new wave of innovation and entrepreneurship in Sri Lanka. By combining SLASSCOM’s industry expertise with IIT Madras Pravartak’s proven incubation model, we aim to create a fertile ground for start-ups to thrive and scale. This MoU is not just about sharing resources and knowledge; it’s about shaping the future of Sri Lanka’s tech landscape.”

“This collaboration represents a pivotal moment for SLASSCOM and Sri Lanka’s start-up ecosystem. Together with IIT Madras Pravartak, we are poised to unlock unprecedented opportunities for local start-ups, equipping them with the tools and support needed to compete on a global stage. We look forward to fostering a culture of innovation and excellence that drives sustainable economic growth. We also extend our gratitude to the Indian High Commission for their support in facilitating this collaboration,” added Perinpanayagam.

Overall, this collaboration marks a significant step towards building a robust start-up ecosystem in Sri Lanka, driven by innovation, collaboration and strategic partnerships. It underscores SLASSCOM and IIT Madras Pravartak’s commitment to nurturing talent, fostering entrepreneurship and accelerating economic growth through technology and innovation.