The evolving landscape of start-ups in Sri Lanka

January, 23, 2018

Today Sri Lanka is steadily positioning herself as a regional economic hub, thanks to the revitalization of foreign investment inflows due to recent policy changes, the prevailing business optimism and the country’s current standing as a emerging middle income market.

The island’s business climate is becoming increasingly favorable for the development of start-up companies and entrepreneurs.

Start-ups are innovative businesses that generate new ideas, products and ways of doing various things. The biggest value of a start-up is its entrepreneurial mindset, which eventually increases the chances of securing the successful growth of a business. It has been noted that an increasing number of stakeholders are showing interest in start-up companies. Venture capital investors, private wealthy individuals, event spaces and most importantly governments on account of the large economic benefits that come with hosting successful tech companies.

According to research Sri Lanka’s current start-up ecosystem appears to be in a state of expansion with 55% of entrepreneurs generating early or growing revenues.

However, the topmost obstacle in the growth of start-up companies and entrepreneurs is the lack of affordable workspace.

As 58% of entrepreneurs utilize personal savings to fund their business, while 12% of them rely on funds from family and friends, many of them find it a near-impossible task to find appropriate office space for an affordable cost.

However, efficient new solutions to this dilemma seem to be just around the corner, with organizations such as GrandSpace now entering the scene to provide professional workspaces such as offices, business lounges, team rooms and meeting rooms - custom built by artists, designers and engineers - for extremely affordable costs. In keeping with the changing nature of work, such organizations offer companies of all sizes the opportunity to grow in innovation and productivity in the ideal environment.

Organizations such as these are known to also provide a range of services for home and mobile working with reasonable monthly fees, as well as a wide network of professional locations available at minimal up-front costs and flexible terms.

In a world where reputation is key, especially when it comes to one’s business, entrepreneurs, start-ups and home-based companies can easily add to their prestige with a fully functioning office in a prime location.