Investing in youth
The youth of Sri Lanka has always been earmarked as a passionate part of the population. They’re daring, they’re motivated and they love the prospect of a good challenge. With international youth day just around the corner, we take a look at a topic that has been gripping the Sri Lankan youngsters – youth entrepreneurship. But has the atmosphere in Sri Lanka been conducive for entrepreneurs to succeed in the long run? We asked a few young entrepreneurs in the country, if the atmosphere was right and about the challenges they faced.
Kasun Madhusanka, 23, Member of the winning team at MIT Global Startup programme 2013
“I think Sri Lankan society is still getting ready to accept them. But they are being embraced positively and lot of able parties are rapidly teaming up to build and support young entrepreneurs pioneered by the likes of MIT Global Startup Labs, Lankan Angels Network and SLASSCOM. Understanding parents, genuine guidance and support from educational institutions would help a lot as well. Luckily, we were well guided by University Of Moratuwa and MIT.”
Anushka and Chaminda Goonetilleke, Co-founders of Knowrom.com
“Sri Lankan Youth definitely have a lot of potential but the atmosphere isn’t where it should be, yet. Among the problems are negative attitudes towards entrepreneurship and the fear of failure. Increasing opportunities for entrepreneurs to have mentors and have access to finances is a great way to support them. Social connections make it easier to break into markets, so networking opportunities are essential as well.”
Kasun Ediriweera, 20, Founder of Photoobooths Sri Lanka
“I believe that nothing can stand in the way of a truly inspired entrepreneur. By embracing their potential will-power and with the right ideas, success isn’t just an entrepreneur’s dream. The vision has to start from within; the tools are available to those who seek.
Intellectual property being abused by competitors is a common dilemma for young entrepreneurs. Educating them on strategies that can be used to defend their valuable Intellectual Property and encouraging originality in business practise will reduce such conflicts.”
Nadun Eranga, 23, Member of the winning team at MIT Global Startup programme 2013
“I think, most of the time success depends on the business that they choose and their talent. If they can identify a real world problem and come up with an amazing solution, definitely they can be success. In Sri Lankan culture, parents set their child’s mind from childhood to be a doctor or be an engineer. I have never seen parents advising their child to be an entrepreneur. It’s due to a lack of knowledge about entrepreneurship. We need to break that mind-frame.
Asma Naphiel, 22, Member of the runners-up team at MIT Global Startup programme 2013
“With groups such as the Lankan Angel Network, Blue Ocean Venture, SLASSCOM and Venture Engine being established, avenues to pursue entrepreneurship have been made easier within the country. These organisations or projects help and promote young entrepreneurs to make their dreams come true by providing valuable insight into business planning, mentoring on creating a successful business plan to gain funding, and access to a series of high profile potential investors. So anyone with a great idea need not worry anymore; there is high potential for you to succeed in the country”
Isuru Gunathunga, 23, Member of the runners –up team at MIT Global Statrup programme 2013
“With rapid development taking place in Sri Lanka; the need for innovative ideas from fresh minds and the contribution of young blood in economic development has become important. There are lots of new startups that have been formed through initiatives such as MIT GSL, Venture Engine, SparkiT, Hackathons. The most difficult part is identifying and catching the first customer. Additionally the lack of knowledge on developing revenue models and making financial projections are a challenge young entrepreneurs face”.
Hisham Shadir, 19, Founder Revolution Portfolio Photography
“The country is growing so fast the opportunities for young innovative entrepreneurs are limitless. The atmosphere has been set up. All you have to do is use it correctly. The lack of recognition for their work is a major problem faced. I think if there is any programme which is implemented for the young entrepreneurs to come out that will be a great boost.”
Manjaree Gamage, 20
“The word entrepreneur is the issue in my viewpoint. A stage has not been set where a young person willing to start up a business can go to a bank and request a loan. Banks don’t have enough confidence in young people as there is no credit rating. Also, there needs to be proper guidance and mentoring from an early age. Most of the programmes available are present are at university level, but entrepreneurship should be promoted from the high school level. There are platforms, but it has not penetrated to all levels out there.”
Jason Corea, 20, Coconut Grind
“In my opinion, potential to succeed depends on the entrepreneur itself and not on the atmosphere of the country. Entrepreneurship is about finding innovative ways of breaking through problems and challenges. But, I would say quite a decent atmosphere has been set up, it would probably need to spread to other parts of the island as well though. Who knows, the next Steve Jobs could be stuck in some far away village in Sri Lanka.”
Sandarangi Perera, 20, Founder, Picturesque Handcrafts
“Speaking purely from the view of my handcrafts business, one of the main problems I face is that people don’t really understand the value of a good product and the amount of work that goes into it. It would be great to be able to learn more techniques of promoting your own business, as it is sometimes hard to do everything from scratch.”
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