24th November 2015, Colombo - Sri Lanka and Singapore: Startup Sri Lanka, an initiative by SLASSCOM Innovation and Entrepreneurship Forum launches Xeleration, Sri Lanka’s first accelerator programme targeting budding entrepreneurs in Sri Lanka, at an event held by the Information and Communication Technology Agency (ICTA). Adding a new dimension to a conventional accelerator Xeleration is also a global start-up exchange programme for Sri Lankan start-ups. For that, Startup Sri Lanka is partnering with Infocomm Investments Pte Ltd (IIPL), the investment subsidiary of the Infocomm Development Authority of Singapore, to provide start-ups with an international market access opportunity through which start-ups can take their product and company to the next stage of growth and expansion.
Through Xeleration, five deserving start-ups identified with regional growth and potential will get the opportunity to participate in this global exchange programme structured in collaboration with Infocomm Investments. This customized programme will give start-ups an immersion into the Singapore start-up ecosystem, mentoring from entrepreneurs and domain experts, and exposure to valuable networks that would allow them to capitalize on the regional growth opportunities.
Ruwindhu Peiris, Vice Chairman and Head of the Innovation and Entrepreneurship Forum SLASSCOM said, "Xeleration accelerator program is an effective platform to swiftly discover trends and business opportunities in exciting new markets. The initiative was launched as a move to strengthen local start-ups to explore and access new markets, developing current company offerings, helping to overcome the cultural differences and the lack of both local connections and pave access to the international market in order to take a product or service to the next level".
During the intensive four weeks exchange programme Sri Lankan entrepreneurs will be able to identify trends and business opportunities in the new market while navigating cultural and regulatory differences. Through mentorship from Singaporean mentors, meetups with key players in the Singapore ecosystem, pitching to investors and potential partners, start-ups will be able to gain valuable insights into their product and thereby refine their product and business model. The entrepreneurs will get an in-depth exposure of Singapore and its start-up ecosystem all while working at BASH, Singapore’s largest integrated startup space that brings together members of the tech building community across the entire value chain - from accelerators, investors, incubators to entrepreneurs.
Dr Alex Lin, Head of Infocomm Investments opined, "I'm pleased to partner with SLASSCOM and Startup Sri Lanka to bring the acceleration model to Sri Lanka. An accelerator is a boot camp-like training regime that shapes, scrubs and polishes start-ups to what they need to be in order to succeed. With IIPL’s exchange programme packaged into Xeleration, we look forward to quality start-ups with scalable and commercially viable products coming over to Singapore to access the ASEAN market".
Xeleration is an initiative supported by SLASSCOM, ICTA, Lanka Angel Network (LAN) and Open University of Sri Lanka. The Open University of Sri Lanka has opened up a dedicated space at the campus to host selected startups for acceleration. The hope is to expand this network across the country at its regional centers.
All technology start-ups that have regional and global growth aspirations are invited to apply online to be part of this exciting opportunity at http://www.xeleration.xyz or www.slasscom.lk .
The application process will run over the next 6 weeks to select the most promising startups to join the start-up exchange programme in Singapore.
