PwC's Startup Accelerator to invest in new startups

 

In an age where disruptive business models such as Airbnb, Alibaba, and Uber are continually challenging conventional value chains, Price WaterhouseCooper 's Venture Accelerator and Lanka Impact Investing Network have joined forces to disrupt the startup ecosystem similarly. In an age where disruptive business models such as Airbnb, Alibaba, and Uber are continually challenging conventional value chains, Price WaterhouseCooper 's Venture Accelerator and Lanka Impact Investing Network have joined forces to disrupt the startup ecosystem similarly.

Sri Lanka has also increasingly looked at startups and their unconventional methods as a developing nation to help alter the monotony of the business climate and to help give Sri Lanka the all-important boost it needs to invigorate and disrupt industries. Therefore, 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 further to strengthen the foundation of startups across Sri Lanka. Furthermore, both organisations will focus more closely on the facets of social innovation and the development of startups and entrepreneurs.

The MoU was signed to collaborate and use tools to enable startups to grow globally, regionally, and internationally by PwC Sri Lanka Advisory Chief Channa Manoharan and LIIN Chairman Chandula Abeywickrema. PwC 's Startup Accelerator will use its industry experience to provide entrepreneurs with the requisite advice on market modelling, valuations to investor presentations, capital raising, while also providing recommended companies with a variety of advisory services to LIIN.

The arrangement also requires PwC to participate in LIIN-arranged networking sessions. "Through this MoU with LIIN, our ultimate objective is to create a powerful and sustainable startup network that, despite the challenges, has the potential to push the ecosystem forward," Manoharan said. He added that startups should play a more constructive role in moving the economy forward in the region.

Abeywickrema said during the ceremony, "This partnership between LIIN and PwC is surely a step towards driving the local ecosystem's entrepreneurial DNA." "We hope to help startups achieve their ultimate goals and discover game-changing startups for investors to invest in." LIIN has been instrumental in establishing the first social entrepreneurship network in the country to receive funding.

Furthermore, LIIN plans to initiate a new program promoting the funding of early-stage entrepreneurs and startups within a reasonably short period. The PwC Startup Accelerator, founded in 2018, aims to contribute to the growth of the Sri Lankan startup ecosystem through incubation, mentoring, advisory services, capital raising, and information partnerships. A major stakeholder in the ecosystem, PwC 's Startup Accelerator, has helped to uplift the local innovation environment, powered by an established team and access to the global network of PwC. With projects such as the NextLevel team of PwC Germany and the FinTech Startup program of PwC India, PwC aims to use their expertise and these global networks to partner with LIIN and accomplish the objectives as per the MoU.

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

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