Anuradha Perera
The drive to make Sri Lanka’s economy innovation-led is stronger than ever. The Inventors Commission Fuels Local Innovations, with a goal to use the talent of local people. Dinesh C.A. Sattrukalsinghe, the Director/CEO of the Sri Lanka Inventors Commission (SLIC), says we urgently need to use our own human and intellectual resources to grow economically. Despite the government trying hard, there are still big challenges. These include the low number of patented innovations and their market success.
The commission dreams of an Open Innovation Eco System. This is key to overcoming obstacles to innovation and boosting the Small and Medium-sized Enterprises (SME) sector. The SME sector is vital for Sri Lanka’s economy.
The “Sahasak Nimevum” exhibition shows how inventive the people at the middle and grassroots levels are. But, the SLIC sees big hurdles for inventors. These include needing money, technology, and legal help, which slow down the sale of local inventions.
Making Sri Lanka more innovative is hard. There’s not enough money, access to markets is tough, and entrepreneurial skills are lacking. To beat these issues, SLIC encourages working with the private sector. This includes seeking help from angel investors and venture capital to push the national agenda forward.
As Sri Lanka aims for an innovation-led economy, the Inventors Commission’s efforts become crucial. Let’s see how the SLIC’s plan to use regional talents, start partnerships, and guide inventors can be the foundation of a successful Sri Lankan economy.
Key Takeaways
- SLIC’s commitment to fostering innovation and converting patents into profitable ventures.
- The challenges inhibiting invention commercialization and strategies to address them.
- The role of partnerships and private sector engagement in nurturing local innovation.
- The strategic importance of funding mechanisms like angel investments and venture capital.
- The envisioned Open Innovation Eco System to support inventors across diverse backgrounds.
- The potential of grassroots innovations to propel the SME sector and the Sri Lankan economy.
Inventors Commission Fuels Local Innovations
Sri Lanka is on the rise with its innovation scene, thanks to the Sri Lanka Inventors Commission (SLIC). It’s a guiding light fuelling progress and pushing for a better future. SLIC’s support is key for turning new ideas into reality, boosting Sri Lanka’s economy with innovation.
The Role of Sri Lanka Inventors Commission (SLIC) in National Development
The SLIC does more than just spot new inventions. It builds up systems that keep innovation growing in the country. Through local innovation support and inventions funding, SLIC aims to make Sri Lanka a legend in creativity and business growth.
Overcoming Barriers to Commercialisation of Inventions
SLIC sees the hurdles inventors face and offers help. It combines money support with advice. With inventor incubators and networks for commercialising inventions, it provides inventors with the tools and money they need. This way, inventions can win in the market.
Partnerships with Private Sector for Inventors’ Success
- Creating win-win connections with industry leaders, making innovations practical and market-ready.
- Guiding new entrepreneurs with mentorship and business workshops for success.
- Helping inventions meet consumer needs and wants with marketing skills and market access.
SLIC dreams of a world where working with the private sector makes local ideas big. These efforts are vital for fostering innovation and making Sri Lanka a global center for creative invention.
Supporting Grassroots Innovation: Community-Driven Inventions Initiative
The community-driven inventions initiative fuels innovation at the local level. In Colombo, the All Ceylon Buddhist Congress (ACBC) hosts an event that boosts the renewable energy field. The event connects with the community inventors commission to create a big change in homes and industries. The Bank of Ceylon (BOC) and the Sri Lanka Inventors Commission (SLIC) work together. They aim for a sustainable future.
- BOC’s creative loan plans help more people use renewable energy, supporting a greener world.
- The ACBC has a five-year goal to get solar energy into all homes, helping the national grid.
- With a focus on the youth, these innovation initiatives prepare for a future where renewable energy is normal.
These community projects build a strong base for both economic and environmental health. The ACBC and its partners are planting the future of inventions. They create an energetic place for green inventions to grow, aiming at the country’s renewable energy and economic targets.
Empowering Innovators with Funding and Mentorship
In Sri Lanka, a movement to support local talent and creativity is gaining momentum. This initiative provides crucial funding and introduces grant programs for inventors. At the forefront is Amana Takaful Insurance PLC (General), celebrated not only for its financial growth but also for fostering innovation. The company has seen a 28% rise in Gross Written Premiums. It has become a symbol of progress for creative minds, showcasing commitment to innovation with tailored financial products.
This is not just about money. Amana Takaful Insurance believes in uplifting others through mentorship. Such guidance builds trust and offers quick, fair service. This method has won customer trust and loyalty. It shows the power of financial institutions to boost local economies. Moreover, it highlights their role in awakening the inventive spirit in local entrepreneurs.
Amana Takaful Insurance is expanding its reach. It now offers more products and extends to the Maldives. This growth represents strong support for innovation. The company aligns funding and business practices for the local economy’s long-term growth. This solid foundation helps Sri Lankan inventors turn their bold ideas into reality.
