Start-up Registry launched
A start-up registry, under the purview of the Ministry of Digital Infrastructure and Information Technology was launched last Monday in a bid to bring structure into local start-ups and freelancers who do techbased work.
Kanishka Weeramunda, Founder/ Director, PayMedia (Pvt) Ltd and an IT professional who partnered the Digital Infrastructure and Information Technology in launching this registry online – Startup SL - in his presentation noted that this registry will help identify Sri Lanka as an up-and-coming start-up destination. "We had a requirement to create a lobby group in the start- up and freelancer space. With this national level directory listing of start-ups and freelancers we can help start-ups and freelancers by promoting them,” he said.
Startup SL is now the single largest online platform for start-ups and freelancers in Sri Lanka, connecting them to thousands of other start-ups, freelancers as well as other key stakeholders such as investors, mentors and incubators.
How it operates is that when start-ups and freelancers visit the site and register in order to login and add their details, (once registered) they will be reviewed by a panel of experts. The panel will rate the start-ups and freelancers depending on their innovation, viability, tractions, achievement etc. Depending on the ratings, a certificate will be issued to them.
Then there will be a validation process to authenticate start-ups and freelancers which in turn will create a community to cross- sell and upsell through the platform, Mr. Weeramunda added.
The IT industry brings in Rs. 1.2 billion inflow into the country. Mr. Weeramunda added that Rs. 2 billion is brought in by freelancers and they get paid through PayPal. He noted that this is a sector which needs to be formally recognised.
He explained the exhaustive list of the challenges faced by start- ups and freelancers. Among them, access to tech talent, retaining tech talent, finding the first customers, funding, grants and investments, opportunities to bid for government projects, the right network access, scaling up and lack of mentorship were mentioned.
He added that with this many of these issues will be eliminated. “With this comes recognition and start-ups can now obtain loans based on the certificate that will be given by the Digital Infrastructure and Information Technology Ministry. It will carry weight,” he said.
M.C.L. Rodrigo, Secretary at the Digital Infrastructure and Information Technology Ministry noted that now there are 400 start-ups and 40,000 freelancers. “In six years the aim is to have 1,000 start- ups,” he said noting that in two years there's a target to build at least another 300 start-ups.( DEC)