Spark iT to transform ICT businesses
View(s):By Duruthu Edirimuni Chandrasekera
In a bid to provide a platform for local ICT entrepreneurs with prospects to transform their business environment through access to potential private sector investors, the Ceylon Chamber of Commerce (CCC), launched a competition called the ‘Spark iT’ recently.
Platinum Sponsor for Spark iT, Etisalat Lanka, Director/CEO, Dumindra Ratnayaka told the Business Times on the sidelines of the launch that by stimulating private investment and expert guidance in developing ICT entrepreneurs’ business plans, this initiative will help accelerate business, while also giving an opportunity to attract funding (otherwise inaccessible) to them.
According to the CCC this programme aims to create awareness and inspire promoters to take the bold step to funding projects, while scaling up the existing start-up / entrepreneurial support communities across the country. “This project also hopes to partner / create several incubators, mentor and angle networks to support ventures in pre-prototype phase in order to assist budding ICT entrepreneurs,” Project Chairman of ‘Spark iT’ and Managing Director of Venture Engine Prajeeth Balasubramaniam said. He added that through ‘Spark iT’, aspiring entrepreneurs will have the opportunity to present new ideas and businesses, or new ideas for existing businesses in taking their business to the next level.
The strategic partners of the event are Venture Engine who has previous experience in this area, along with SLASSCOM, whilst the Platinum sponsor is Etisalat Lanka.
Chairman of The Ceylon Chamber of Commerce, Susantha Ratnayake said that the ‘Spark iT’ initiative was envisioned to help sustain and provide start-up possibilities for ICT entrepreneurs in Sri Lanka. “Through this initiative we hope to provide the ideal platform for a good ICT business idea to transform into a great one. The innovative new platform will help to turbo-charge the start-up ecosystem in Sri Lanka and is aimed at supporting ICT start-ups over eh next five years.”
Mr. Balasubramaniam said that initial pitch documents will be evaluated by an evaluation panel, and subsequently the streamlined business ventures and their founders will be given the opportunity to present their ideas before a panel of elite potential investors, opening them up to a multiple capital and partner prospects.
Chairman of the ICT Steering Committee, Dr. Hans Wijayasuriya, said , “Sri Lanka is richly endowed with ICT talent, and in terms of quality of Innovation is clearly on par with regional and global peers. The ingredient we need to add, in order to drive our ICT market to a level which has global impact and competitiveness, is the seeding and proliferation of ICT entrepreneurship, and the bringing together of innovation and capital towards the creation of a large number of profitable ICT businesses.” Entries for the competition which opened on 16 January will close on 16 February. 2013. All submissions are to be sent via email to sparkit@chamber.lk
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