NIBM NEO Ventures to nurture 50 startups from 1,000 applications

Dr. Gunathilake Tantirigama Pic by Nisal Badhuge

By Rukaiya Riza

National Institute of Business Management (NIBM) launched NEO Ventures program to commercialise student ideas into business ventures, with 50 startups shortlisted out of over 1,000 applications received across the country.

The program, initiated by the school of computing and engineering, NIBM, incorporates a learning model that is outcome based and does not focus on exam-based education. The shortlisted teams will be mentored, exposed to the industry and trained over the next 12 months and have access to investor funding during the final stage of pitching.

Prime Minister Dr. Amarasuriya, addressing the launch embraced the initiative to strengthening Sri Lanka’s innovation economy. 

“The future development of the country is set to rely on the creative power and energy of young people. Our youth, with their ideas and skills, will shape the future of our economy and society,” she said. In addition, policy changes will be aimed at breaking administrative barriers, boosting innovation and developing new business prospects.

NIBM Chairman Dr. Gunathilake Tantirigama emphasized the move as the step towards developing local talent. “These young entrepreneurs represent the vibrant future of our nation’s economy a future built on innovation, digital transformation and sustainable growth,” he stated 

Minister of Labour and Deputy Minister of Economic Development Prof. Anil Jayantha Fernando noted the necessity to change the education system of Sri Lanka to along with global competitiveness. He noted that incubation programs are vital because they turn failures into platforms for success and warned that technology and AI should always be centered on value creation to people.

Deputy Minister of Industries and Entrepreneurship Development, Chathuranga Abeysinghe, announced that data-driven startup ecosystems would be introduced in the following two years, “Institutional changes will establish incubators across the island, expanding access to funding, technology, and markets for startups,” he stated.

NIBM has a history of 57 years and collaborates with the top university institutions in the UK, Australia, Malaysia, and Russia, as such NEO Ventures will be launched by NIBM as a force to develop upcoming entrepreneurs in Sri Lanka.