Lankan entrepreneurs lack crucial business skills to commercialise innovations: academic

16 October 2018 12:00 am - 1     - {{hitsCtrl.values.hits}}


By Nishel Fernando 
The Sri Lankan entrepreneurs lack crucial business skills to take new innovations to the market despite coming up with a large number of innovations and excelling in international competitions, a top academic pointed out. Moratuwa University’s Enterprise Centre for Innovation, Incubation and Entrepreneurship Director Dr. Thusitha Sugathapala said that Sri Lankans have been good at innovating products but however have so far failed in commercialising these products.

He noted that despite around 20,000 new product innovations have taken place, only around 1,000 products were successful in breaking into the markets. 

“Even though we come up with products, we can’t commercialise them,” he said. He was speaking at a forum held last week organised by Jlanka Technologies, at the BMICH, on the sidelines of the Techno 2018 exhibition. 

Referring to The Global Entrepreneurship Index 2018, Dr. Sugathapala pointed out that out of the 13 indicators of the index, Sri Lanka lagged behind in 11 indicators, which involves business skills.

In the latest Global Entrepreneurship Index, Sri Lanka was ranked at 90th globally and 16th in the Asia Pacific region, below India.

Dr. Sugathapala emphasised that the Sri Lankan entrepreneurs scored poorly in crucial indicators such as process innovation and technology absorption capacity, while performing above the global and regional averages in competition and product innovation. 

In addition, Sri Lanka also lagged behind significantly in other indicators such as risk capital, tech sector, risk acceptance, networking and cultural support.

According to the index, Sri Lanka also lacked quality institutions that support entrepreneurs to grow. 



  Comments - 1

  • Bat Wednesday, 17 October 2018 09:19 AM

    typical academics. what have you done to fix it?

Add comment

Comments will be edited (grammar, spelling and slang) and authorized at the discretion of Daily Mirror online. The website also has the right not to publish selected comments.

Reply To:

Name - Reply Comment

Public transport 'side-laned'?

“Miss, mantheeru neethiya nisa api bus passen yanna one. Ithin drop eka par

Land acquisitions in Hanthana and Knuckles Mountain ranges

Sri Lankans will soon lose their opportunity to boast about the rich biodiver

Wanathawilluwa forest clearance: Whodunit?

Days after the Anawilundawa Ramsar Wetland, situated in Puttalam District, ma

‘I’m scared to see her face’

On August 13, a woman happened to meet a child who was in desperate need of h