During the last decade or so, a unique transition is being experienced by Sri Lanka’s business landscape. The ICT industry of the country is gradually but steadily booming, with start-ups mushrooming into existence – and making a big impact in spite of their small stature.
In fact, numerous Sri Lankans residing overseas have returned home to begin their own versions of tech paradise, or ensure that their tech operations are stationed in Sri Lanka and nowhere else. So what gives?
With almost no assistance from the government, it has been a labour of love and passion on the part of tech professionals who have begun companies (such as that for software outsourcing in Sri Lanka), attracted business and financially thrived to do it all over again.
Mobile development in Sri Lanka, for example, is constantly booming, as the world has now become increasingly digital. As more people connect online through their smart devices, the demand for both business and knowledge-based IT services has subsequently given tech companies in Sri Lanka incredible opportunities to innovate and disrupt.
Displaying an abundance of potential which in turn drives significant revenue into the country, Sri Lanka’s Export Development Board in collaboration with the Ministry of Development Strategies and International Trade and SLASSCOM (Sri Lanka Association of Software and Service Companies) have given the prosperous ICT and BPM industry a persona, called the ‘Island of Ingenuity’.
This campaign aims to give Sri Lanka’s IT sector the leverage it deserves, with a government-funded investment of 300 million rupees. The industry currently rakes in approximately 1 billion dollars of yearly revenue, and a target of 5 billion dollars has now been set, along with the creation of 200,000 jobs and the upliftment of 1,000 start-ups within the next 5 years.
As impressive as it all sounds, what are some outcomes we can anticipate, should the campaign perform as planned? Here are three potential payoffs.
1. Prosperity, money-wise.
This one’s a no-brainer. With the IT sector, namely the industry of software in Sri Lanka already thriving of its own accord, support from the government will enable better innovation, sourcing and infrastructure to make business more lucrative, while any existing roadblocks can be eliminated.
2. Other industries will be inspired to follow suit.
Almost every tech company in Sri Lanka has begun with minimum investments, in the spare room of one’s own home. As these organisations strived to be where they are today, recognition from the government was inevitable.
As the country reaches a benchmark in providing superior quality ICT services to the rest of the world, it’s a great example for other market sectors in the country to also follow suit – be it healthcare or banking.
3. An entire country that’s a thought leader.
Influencers, whether online or offline, are usually individuals or an organisation that provide powerful opinions on a certain topic or trend. As Sri Lanka succeeds in creating the epitome that the Island of Ingenuity aims to achieve, the country can be a go-to source – not just for services, but expert knowledge, for all things tech.
The Island of Ingenuity is an initiative that is much deserved for Sri Lanka’s IT and BPM community, and is something that will give the country the opportunity to compete with other leading tech hubs situated in Asia.
While The Island of Ingenuity only focuses on the tech industry, it is bound to motivate other market sectors to enhance their own service offerings, along with being a global trendsetter for IT and outsourcing.