A team led by a young Sri Lankan was placed second in Australia’s most prestigious entrepreneurship award programme for his company’s innovative software product and business model.

This is the first time a Sri Lankan-led team has won this competition, which is into its eighth year, and sponsored by Asia Pacific’s largest business school, the Melbourne Business School (of the University of Melbourne) and KPMG. The programme attracts a large number of budding businesses every year and is judged by leading industry experts and academics during a rigorous process spanning nine months. That includes the preparation of detailed business plans, investor pitches and presentations to various forums over a number of rounds, the winning team said in a press note.

Chandika Jayasundara, Chief Executive Officer of Cinergix, said, "being recognised with an award like this is a real honour. As a group of foreigners to Australia from all parts of the world, it's a real coup to be placed in this competition – so it’s a huge victory for us. We are now in the process of executing our plans and taking business forward. We are very confident of the future.”

Mr Jayasundara and his two partners (from the UK and Singapore) designed and built a software product that is billed to revolutionise businesses model complex products and processes. The software helps to design a wide range of products from computer networks to architectural plans. Cinergix, headquartered in Melbourne Australia, recently expanded into Colombo to set up its research and development centre.

The company is looking to tap what it says is a large number of individuals in Sri Lanka with keen research interests, but lack the opportunity to work in cutting edge product development. Cinergix expects to attract these exceptional individuals to support its cause. Unlike the US, Europe, Australia or even India, Sri Lanka is rarely recognised as a location for software innovation, but rather a low cost base for IT outsourcing.