PwC's Startup Accelerator and LIIN to develop a program for innovative startups

In an era where innovative business models such as Airbnb, Alibaba and Uber are increasingly challenging traditional value chains, Price Waterhouse coopers Startup Accelerator, and Lanka Impact Investing Network have joined forces to disrupt the startup ecosystem similarly. As a developing country, Sri Lanka, too, has increasingly looked to startups and their innovative methods to help change the business environment's monotony and help give Sri Lanka the vital boost it needs to raise and disrupt industries.

PwC's Startup Accelerator and Lanka Impact Investing Network (LIIN) recently signed a Memorandum of Understanding (MoU) to direct, mentor and finance startups to achieve their full potential, thereby further strengthening the base of startups across Sri Lanka.

Moreover, both organisations will focus more deeply on the social innovation and sustainability aspects of the startups and entrepreneurs. PwC Sri Lanka Advisory Leader Channa Manoharan and Chandula Abeywickrema, Chairman of LIIN, signed the MoU to work together and use tools to enable startups to grow globally, regionally and internationally.

PwC's Venture Accelerator will use its industry experience to provide startups with the requisite advice on market analysis, valuation and investor presentations, and capital raising while also providing a variety of suggested startup advisory services to LIIN. The agreement also offers PwC the ability to participate in networking sessions organised by LIIN.

"Through this MoU with LIIN, our ultimate goal is to create a powerful and sustainable startup network that can move the ecosystem forward despite the challenges," said Manoharan. He added that startups could play a more constructive role in moving the economy of the country forward. Abeywickrema stated during the ceremony, "This partnership between LIIN and PwC is undoubtedly a step towards driving entrepreneurial DNA within the local ecosystem. We hope to help entrepreneurs achieve their ultimate targets and find game-changing businesses to invest.

LIIN was instrumental in establishing the country's first fundraising forum for social entrepreneurs. Also, LIIN plans to introduce a new programme that will encourage early-stage entrepreneurs and startups to get funding in a reasonably short period. The PwC Startup Accelerator, established in 2018, aims to contribute to the development of the Sri Lankan startup ecosystem via incubation, mentoring, advisory services, capital raising and knowledge partnerships.

PwC 's Startup Accelerator was a significant stakeholder in the industry and helped transform the local innovation environment, powered by an established team with exposure to the global network of PwC. With initiatives such as the NextLevel team at PwC Germany and the FinTech Startup programme at PwC India, PwC aims to use their experience and these global networks to work with the entrepreneurs.

OSL Take: Sri Lanka's ICT sector has seen massive improvements. The startup concept has revolutionised the country's business landscape. With more Sri Lankans having access to disposable income, the government's plans to enhance the ICT sector encourage an economic culture of consumer-spending. The opportunity for startups to flourish in such an environment are manifold.

 VBS/AT/20200914/Z_TB1