Tech Startup Support Program (Spiralation)

This project is targeted towards developing new technology based business ventures in the country. The program provides everything a business or entrepreneur needs towards starting up and successfully running a business. Further, the program also organizes hackathons targeting university students to enable idea generation and university visits to promote entrepreneurship and identify budding entrepreneurs with innovative ideas.

This program provides seed funding for technology entrepreneurs for developing start-ups. Ventures forming a starting up or in very early stages of development will be targeted (less than 2 years in operation falling under the category of Small Enterprise). The award would provide a subsidy of upto 75% of project cost covering infrastructure, training, business development mentoring including both technical and managerial competencies which are essential for the growth and sustainability of a company and all third party costs or to a maximum of LKR 750,000. It is expected that a minimum of 10 (5 per round) awards will be made available every year. This will be dependent on the quality of the applications received. A competitive, multi stage selection process which will test both technical and business capabilities will be carried out.

objectives

  • To create awareness among students and undergraduates on innovation leading to entrepreneurship
  • To facilitate engagement between private and public stakeholders in the ecosystem
  • To support other initiatives which enable a conducive ecosystem for technology based companies

In Essence

The Startup accelerator program funded by the Government through ICTA which provides seed funding, training and market exposure to technology startups.

Partners

Industry Associations, Universities, Higher Education institutes, Schools
  • Ignited the Tech Startup culture in Sri Lanka
  • New businesses formed as a result of Hackathons eg. Audinary,
  • 200 new jobs created
  • Increase in sales and revenue of startups
  • Startups with an overseas footprint
  • 5 rounds with 32 startups supported
  • Over 50 workshops held

Hackathons:

  • University of Peradeniya – 102 participants
  • World Conference on Youth, BMICH – 86 participants

International events:

  • 8 startups participated at NASSCOM Emerge
  • 6 startups participated at 4YFN Barcelona, Spain
START-UP FUND

Start-up Fund

Seed capital covering 75% of total project cost up to a maximum of LKR 750,000 is to be awarded for the startups that are selected for the program. The seed capital will be given on milestone achievement. The milestones will be linked to the development each startup is engaged on and deliverables will be outlined by ICTA. The seed capital will allow the start-up to set up operations, hire employees and cover other development costs.

University visits

University visits and Hackathon’s will be carried out to promote entrepreneurship and identify budding entrepreneurs with innovative ideas. The cost will cover transportation, venue, refreshment, payments to experts, multimedia, tokens of appreciation and other stationary which will be required.

UNIVERSITY VISITS
EXPERT ENGAGEMENT EVENTS

Expert Engagement Events

Experts who have specific domain knowledge will be engaged to address more technical and critical elements of a startup such as software patenting, information system and web security, API integration etc. ICTA will evaluate and engage with consultants to facilitate these sessions. The cost will cover venue, refreshment, payments to experts, multimedia and other stationary which will be required.

Training Workshops

Workshops will be organized on different subject matter which is essential to run a company such as marketing, accounting, legal and administrative, software architecture etc. The workshop will be designing in an interactive manner so that the companies can discuss their individual company issue and will be no longer than 5 hours. The cost will cover venue, refreshments, multimedia and stationary which will be required.

TRAINING WORKSHOPS
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