The Council for Startup (CFS) under the Ceylon Chamber of Commerce (CCC) has created a catalyst in Sri Lanka's startup ecosystem, by addressing strategic issues of national significance. The organisations did so by building meaningful synergies between industry and government over the last year.

The CFS was brought together to be Sri Lanka's one-stop shop for entrepreneurs, based on the belief that entrepreneurship is critical to stimulate long-term economic growth and national prosperity. As such, this council of experts leverages its collective pool of resources and networks to assist any local startup until exit or maturity. CFS also supports local startups through funding, mentoring, regional go-to markets, acceleration, finance and legal/policy advice and more.

The council's membership includes some of Sri Lanka's most up-and-coming, locally grown startups, ranging from sectors such as EduTech, AgriTech, Tourism, AI, Web3/NFT to name a few. This membership also consists of mentors, venture capitalists, corporate partners, startup programs and a global network.

CFS has benefited startups via its ability to anticipate and respond to evolving challenges, while also preparing startups and giving them an opportunity to grow through these changes.

The First Annual General Meeting (AGM) of the CFS was held on 30 August and reappointed Prajeeth Balasubramaniam as Chairperson of the CFS. In his address to the gathering, Prajeeth Balasubramaniam emphasized the importance, reputation, and credibility that members have gained from being a part of this CCC initiative, seen when entering markets such as Singapore.

“The Council was formed with the primary goal of assisting startups in going-to-market with over 75 countries and industries by leveraging the Chamber's various councils and to request any ecosystem policy pain points via the Chamber, which is the country's largest private sector body, which can make the ecosystem more conducive going forward” said Prajeeth Balasubramaniam.

During the past year, CFS conducted several events, activities and knowledge-sharing sessions for the benefit of its members and the wider startup ecosystem. Below are some of the highlights:

CFS partnered with Think Solutions LLP to deliver an Entrepreneur Development Programme with a key focus on “Go to Market”. This 4-week virtual programme brought insights fueled by 10 years of experience from Singapore-based startup incubators to assist 40 Sri Lankan entrepreneurs to navigate a turbulent economy.

Together with the EU-Sri Lanka Innovation Partnership (EU-SLIP), CFS also launched an Agritech thematic challenge to help European and local Agritech startups deploy disruptive solutions to the agricultural industry. These disruptions were expected to improve crop yields, market linkages and supply chains to promote food security and a resilient agricultural sector.

11 incubator and 5 startups participated in this challenge supporting the startups to co-create complementary innovative AgriTech solutions and potentially introduce them to the Sri Lankan and European markets.

Moreover, CFS teamed up with Lion Ventures, Hatch and Arteculate to host a group of powerful players, each with their own, impressive investment history. The event showcased some of the biggest entrepreneurial minds in Sri Lanka, alongside Dr. Cornelius ‘Conny’ Boersch, one of Europe's biggest Super Angels.

The council has also partnered with Hatch Works to grow its mentor pool and to conduct several one-on-one mentoring sessions with the CFS board members. These mentoring sessions supported over 30 startups by providing them opportunities to demonstrate their ideas, acquire knowledge from successful companies, and share valuable lessons that helped in developing their potential.

‘Pathway into South East Asia’ was organized by PriceWaterCoopers (PwC) with the aim of giving its participants an overview of the growth drivers in the South East Asia region. The presentations covered the common challenges faced by companies seeking to enter the South East Asian region and identified potential solutions for mitigation.

An exhibition was organized to support Sri Lankan startups in showcasing their products and services to international investors in order to secure investments.

B2B Meetings & Startup Exhibitions here held at the Sri Lanka Investment Forum. 18 startups representing diverse sectors including Agriculture, Education, Financial Services, Food & Beverage, Healthcare, Logistics, Marketing & Advertising and Retail were selected, on the merit of their offerings which address the current global issues and demonstrate high growth potential.

In the coming months, CFS is excited to drive digital adoption among Sri Lankan Micro, Small and Medium Enterprises (MSMS). To achieve this, CFS has partnered with Sri Lanka Signature Business Council and Dialog Axiata PLC, through Diriya.lk.

The Executive Committee of the CFS comprises of Mr. Prajeeth Balasubramaniam, Chairperson; Dr. Selvanathan Anojan, Secretary; Mr. Chandula Abeywickrema, Treasurer; Mrs. Brindha Selvadurai-Gnanam, Mrs. Dawn Austin, Mr. Eric Dathika Wickramanayake, Mr. Imal Kalutotage, and Mr. Shalin Balasuriya as the Executive Committee members for the year 2022/2023.

Visit the CFS website at www.councilforstartups.lk for more details and engage your business with CFS to reap the benefits offered to startups.