ICTA launches ‘10,000 IDEAS’ to foster NextGen tech entrepreneurs
The Information and Communication Technology Agency of Sri Lanka (ICTA), the apex ICT institution of the Government and a catalyst in driving the startup ecosystem forward, recently launched the’10,000 Ideas’ national tech innovation program with an aim to empower the next generation of tech entrepreneurs along with startup ecosystem enablers. Facilitated by ICTA in collaboration with startup ecosystem enablers and partners for entrepreneurs, ‘10,000 Ideas’ sets the tone to achieve ICTA’s vision of establishing 1,000 tech startups by 2024.
ICTA through this initiative supports anyone with an innovative technology-based business idea, from school aged children onwards, who are willing to kick start their entrepreneurship journey by bringing them together to a globally scalable platform for them to come up with innovative ideas, validate a business plan whilst helping them to convert their ideas to successful businesses. In doing so, ICTA along with the partners hope to generate high quality and globally scalable business ideas from all parts of the country and benchmark global standards for tech entrepreneurship. ICTA will then facilitate these individuals/groups by connecting them further with the ecosystem of partners who will help them through mentoring, training, networking, funding etc.
Commenting on the ICTA’s latest entrepreneurship drive, Anura De Alwis, Chief Digital Economy Officer, ICTA shared, “We are indeed proud to set the stage for the next generation to thrive as successful entrepreneurs. Tech or tech-enabled businesses have a huge potential to succeed in the global arena with the level of assistance we can offer together with our partners. Our core message is to encourage innovative business ideas as ICTA and our partners are there to guide you in the entrepreneurship journey under this ‘10,000 Ideas’ initiative. This would indeed be a collaborative effort through which we can contribute to the growth of the economy and achieve individual aspirations as well.”
While creating a level playing field for more and more ideas to emerge from every corner of the island, ‘10,000 Ideas’ will be instrumental in creating a supportive structure for entrepreneurial activities in Sri Lanka, empowering the community building and education sector with an entrepreneurship-led approach and creating interest in entrepreneurship from the very young ages.
“We have implemented numerous ideation-level programs through the strong network of 20 University Student Branches of IEEE Sri Lanka Section, including University Level Hackathons and National Level Programs like IEEE Innovation Nation Sri Lanka. With the involvement through these, we have seen that it is needed to have a sound support system while having their ideas brought up to a recognizable level through mentors via a good standardized framework.
“Filling the gap between having an idea and building that up to a product, the ‘10,000’ Ideas campaign allows future entrepreneurs to rise above the ideation level. This initiative will give Start-up Industry massive support from the ecosystem collaborators of the program. With that, we at IEEE are more than happy to get on board with this initiative hoping to reach towards the common goals of Sri Lanka together.” says Dhammika Marasinghe – IEEE Sri Lanka Section, Student Activities Chair.
“10,000 idea launch is a great start to inspire youth to identify some crucial problems and to find solutions with the help of technology. The structured process which will be introduced through this programme will definitely help someone to bring their ideas to life and start their own venture by providing guidance and mentoring. Once these companies start growing and scaling, they will create a lot of job opportunities. It is also crucial to take this to the rural areas of the island and to work at the grass root level too.” says Ms. Abarnah Kirupananda – Yarl IT Hub, Organizing Chair – Yarl Geek Challenge.
Cabinet approves rationalization of VAT exemptions and abolition of SVAT System
The Cabinet of Ministers granted concurrence to the resolution forwarded by the Minister of Finance, Economic Stabilization and National Policies to remove most of the releases from Value Added Tax (VAT), further retaining releases that ease the pressure on low – income families to secure the fundamental sectors of the economy as well as the releases for sectors such as education, health and agriculture, as well as to revise the provisions applicable for the Value Added Tax (VAT) act so that the Simplified Value Added Tax (SVAT) methodology can be canceled with effect from 01.01.2024 by introducing a more formal methodology for repaying the Value Added Tax (VAT) and to instruct the Legal Draftsman to prepare a draft bill for the purpose.
Venora Lanka Power Panels to set up assembly plant in Australia
By Hiran H.Senewiratne
Sri Lanka- based, export- oriented manufacturer, Venora Lanka Power Panels (Pvt) Ltd, with a state of the art electric panel factory at the Export Processing Zone, Biyagama, will set up an assembly plant in Australia.
“Once we set up the electric panel assembly plant in Australia, we will export all our panels from Sri Lanka and that plant will do 30 percent value addition to the product to supply that market, the company’s chairman/ Managing Director, engineer Sagara Gunawardena told The Island Financial Review.
Gunawardena said that the company is a value- addition assembly plant and he would be investing AUS $ 2 million for the project to be set up in Melbourne and hire 100 engineers and other professionals. He explained that the venture has enormous potential.
Venora Lanka provides power panels to mega projects in Sri Lanka and exports to Bangladesh, Maldives, Kenya, Ethiopia, Seychelles and Myanmar. Panel assembling is strictly in compliance with IEC 61439 standards, it was explained.
Gunawardena added: ‘I firmly believe that, being a truly customer focused organization, every employee and every process in the organization has to be aligned behind delighting customers. Therefore, at a time when the country is facing a major dollar crisis, my company would be aiming at bringing dollars into the country, while providing employment for local professionals, especially engineers.
‘At Venora Lanka we do not try to change customers’ mindsets. Instead, we take time to understand what they really want and focus our brand on delivering that. Venora is values- driven first and cost- driven second – creating a unique brand proposition.
‘Since the US dollar rate has come down, it is our concern that importers and suppliers do not change their prices, which is really affecting the manufacturing sector.
Company sources added: ‘The company has several wings of operation, such as local and overseas projects, switch board assembling, telecommunication infrastructure installations, earthing, lighting and surge protection, incorporating world renowned brands.
‘Venora Lanka Power Panels is the first Sri Lankan company to receive the licence, in accordance with the UK Trade Mark Act 1994, to use the trade mark “Best Enterprise”. It won a global award at the event, ‘Golden Awards for Quality and Business Prestige’, held in Geneva, Switzerland, in 2015.
‘Within a short span of time, with the perfect blend of progressive thinking and expertise, Venora Group has expanded to consist of, Venora International Projects, Venora Telecom, Venora Industrial Solutions and Venora Lanka Power Panels (BOI approved). Further, Venora has established its overseas presence through Venora Engineering Kenya and Venora Engineering Myanmar.’
Share market moves into positive territory; indices up
By Hiran H. Senewiratne
CSE trading got off to a positive note yesterday but during the last session of the day the momentum slowed. However, the market is now moving towards positive territory following the Central Bank announcement of a downward trend in interest rates, market analysts said.
Amid those developments the market witnesses improvements in both indices and in the turnover.
The All- Share Price Index up by 12.8 points and S and P SL 20 rose by 6.97 points. Turnover stood at Rs 710 million with one crossing. The crossing was reported in JKH which crossed 430,000 shares to the tune of Rs 60.2 million; its shares traded at Rs 140.
In the retail market top seven companies that mainly contributed to the turnover were; JKH Rs 212 million (1.5 million shares traded), Access Engineering Rs 44.7 million ( three million shares traded), Lanka IOC Rs 34.5 million (264,000 shares traded), Browns Investments Rs 28.6 million (5.3 million shares traded), LOLC Finance Rs 23.8 million (4.7 million shares traded), Capital Alliance Rs 22.9 million (615,000 shares traded) and First Capital Holdings Rs 19.2 million (574,000 shares traded). During the day the 31.4 million shares volumes changed hands in 9000 transactions.
Yesterday, the Central Bank’s US dollar buying rate was Rs 285.16 and the selling rate Rs 298.85.
Sagala Ratnayaka leads Sri Lanka delegation to 20th IISS Shangri-La Dialogue
Prices of sixty essential drugs to be reduced from 15th June
Cabinet approval to publish draft bill on contempt of a court, a tribunal or an institution
‘Dates have the highest sugar content to fight Coronavirus’
Sunday Island 27 December – Headlines
#Sundayisland Sunday Island- 31 January- Headlines
Business6 days ago
‘ඇය සුරකින AIA’ celebrates one year of empowering half a million women to rise together
News6 days ago
AI demands immediate release of Natasha
Business6 days ago
DFCC Bank provides exclusive free access to DOC 990 for DFCC Aloka accountholders
News7 days ago
Misappropriation of Rs 195 mn: Fort Magistrate clears way for continuation of CID probe
Opinion7 days ago
Features5 days ago
Religious cauldron being stirred; filthy rich in abjectly poor country
Features7 days ago
Please, take charge of Poson celebrations: A proposal to Mahanayake Theras
Opinion5 days ago
Demystifying Buddhism: Need of the hour?