The Open Innovation Challenge (OIC), aiming to empower the Sri Lankan startup ecosystem by identifying and nurturing innovative ideas that have the potential to transform into economically viable businesses, was started on February 13th, 2024.
On February 14th, 2024, a trial, “The Investment Game” was organized by Dr. Alex Lin from Singapore, who invested in and built the Singapore Startup Ecosystem into its status and helped build startup & innovation ecosystems in various countries. There were 12 investors, and 27 startups participated. The Investment game is app-based. At 2:00 pm, the game began. The innovators sought suitable investors to pitch for investment, and the investors spotted good startups/innovators to invest in. Dr. TANAKA Akihiko, President of Japan International Cooperation Agency (JICA), who is on three-day visit to Sri Lanka observed the game and listened to the pitching.
Dr. Tanaka appreciated and extended his gratitude to Dr. Alex Lin for providing such expertise based on his experiences in the startup sector. He is especially intrigued by the transaction data collected to analyse the participants’ performance for improvement.
After the game was closed, Dr. Alex gave feedback on his observations and shared the hidden financial manoeuvres investors deployed to maximize their investments and tips that the participants can adopt for their future fundraising.
Please watch the video below to see the game in action.
OIC program will continue until the middle of March, with the unique opportunity to work alongside leading corporates and receive guidance on building robust businesses that cater to pressing needs within the following areas:
- Developing a Startup Observatory to track and support the growth of local startups, especially agriculture technology deployment.
- Innovating attendance recording systems for educational institutions to accommodate flexible learning environments.
- Increasing general and business tourism in Sri Lanka opens new avenues for economic growth.
- Promoting Sri Lankan music culture on a global stage, alongside enhancing the marketability of Sri Lankan products like tea and textiles.
- Streamlining trade finance for Small and Medium Enterprises (SMEs) encourages more robust economic activity.
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https://www.facebook.com/jicasrilanka/posts/795392845936721