TRACE’s five pillar strategy to uplift SL economy
TRACE (Technologically Re-Awakening Culture of Excellence), an organisation dedicated to fostering innovation, creativity, and entrepreneurship through technological advancements and collaboration across various disciplines, is currently developing a five-pillar programme aimed at transforming the Sri Lankan economy through enhanced knowledge and expertise.
These pillars will be Connector Hub, Incubator and Accelerator, Education and Talent, Industry and Biz Transformation, and Design and Creativity. There is a gap between what the world requires and what we produce in terms of education, Heminda Jayaweera, Executive Director of TRACE, told The Sunday Times Business recently. “We have initiated the startup factory and incubator model,” he said noting that TRACE will initiate the national startup accelerator model by this September.
“We as a country are missing the know-how in a lot of areas, although we have knowledge in most. We need to tap our one million-strong diaspora and foreign know-how in this regard. Now, TRACE is trying to connect with the diaspora and transfer some of this knowledge and know-how back to Sri Lanka. This will be done through the TRACE Innovation Connect Programme, initiated in December 2024.” He said that there is a plan to set up a facility for design and prototyping, which Sri Lanka is good at, which will cater to the entire South Asian region. TRACE is also working on a one-stop model, bringing foreign high-tech start-ups and SMEs to set up in Sri Lanka.
“We are seen as a neutral country in South Asia by global companies, but these firms need to go through the current very inefficient, archaic system, which has much red tape, to set up shop, Mr. Jayaweera said adding that TRACE wants to be the one-stop shop for them, facilitating them to set up companies and factories in Sri Lanka. “TRACE will work closely with all relevant government organisations to achieve a very efficient process for these world-class companies.”
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