Empowering Sri Lanka’s next generation of entrepreneurs
Across Asia, a quiet revolution is reshaping the global business map. From Seoul’s digital start-ups to Shenzhen’s smart manufacturing, and from Bengaluru’s tech corridors to Singapore’s innovation labs, entrepreneurship has become more than a career path – it is a national movement. These countries have proven that innovation, when strategically nurtured, can transform societies, create new jobs, and redefine what economic success looks like. As Sri Lanka looks to rebuild and reimagine its economic future, there is one clear message from Asia’s success stories: the future belongs to those who innovate – and those who never stop reimagining.
Asia’s Innovation Journey
In my recent book, Strategic Entrepreneurship and Innovation in Asia: Building a Global Competitor, I examined how entrepreneurship and digital transformation have redefined Asia’s growth trajectory. The story is not just about technology – it is about mindset, leadership, and strategic collaboration.
South Korea offers a remarkable example. Once reliant on low-cost manufacturing, it is now home to globally admired brands like Samsung, Hyundai, and LG – built through decades of investment in education, design, and technological innovation.
In India, a thriving start-up ecosystem has turned cities such as Bengaluru and Hyderabad into global innovation hubs. And in China, bold experimentation and digitalisation have turned local industries into global disruptors.
The common thread across these nations is clear: they built an entrepreneurial culture that rewards creativity, risk-taking, and continuous learning. Governments provided direction, but it was entrepreneurs – young dreamers and bold thinkers – who redefined the future.
Power of Strategic Entrepreneurship
Entrepreneurship is not merely about starting a business; it’s about strategically identifying opportunities that solve real problems and create long-term value. Strategic entrepreneurship blends creativity with vision – it’s about transforming small ideas into global impact.
In Asia, this has meant aligning innovation with broader national goals:
- South Korea’s investment in smart manufacturing strengthened its global competitiveness.
- India’s digital inclusion programmes brought millions of citizens into the online economy.
- China’s green-technology drive created new industries and global leadership in renewable energy.
These examples show that innovation is not accidental; it is cultivated through education, infrastructure, and collaboration.
Inspiration for Sri Lanka’s Next Generation
Sri Lanka’s young entrepreneurs have already shown resilience and ingenuity – from creative digital marketing ventures to sustainable tourism start-ups and export-oriented design brands. But to go further, we must embrace the mindset that drives Asia’s innovators: a belief that every local challenge is a potential global opportunity.
This means building more start-up incubators within universities, connecting business education with hands-on innovation, and encouraging interdisciplinary collaboration. It means rewarding creativity and experimentation – even when it comes with failure.
In fact, failure is often the first step toward discovery. Every successful entrepreneur in Asia’s innovation story has faced moments of uncertainty, yet perseverance turned those moments into milestones.
Role of Education and Collaboration
To prepare young Sri Lankans for the global stage, our education system must foster curiosity, problem-solving, and cross-cultural thinking. Academic learning should be complemented by opportunities to design, build and test ideas.
Partnerships with international universities, tech hubs, and research centres can bring global exposure to local talent. South Korea’s transformation, for example, was driven by its ability to integrate international knowledge while nurturing homegrown creativity. This same approach can empower Sri Lanka’s youth to lead regional innovation.
Innovation with Purpose
True innovation goes beyond profit; it contributes to sustainable, inclusive development. Today’s entrepreneurs are increasingly aware of their role in addressing social and environmental challenges. The future of business lies in balancing economic success with social value – creating what I call innovation with purpose.
From clean energy to digital healthcare, the opportunities for Sri Lankan entrepreneurs are vast. What matters most is building the courage to start, the discipline to grow, and the vision to make a difference.
Call to Action: Reimagine, Create, Lead
The world is entering a new era – one defined by artificial intelligence, digital ecosystems and rapid innovation. For Sri Lanka, this is not a moment to observe from the sidelines. It is time to lead.
The next generation of entrepreneurs must see themselves not as local players, but as contributors to Asia’s and the world’s innovation economy. With strategic vision, global collaboration, and the courage to reimagine what’s possible, Sri Lanka can transform its challenges into a powerful launch-pad for opportunity. As the stories across Asia remind us, innovation is not limited by geography – it thrives wherever ambition, creativity, and resilience meet.
(The writer is an Australian citizen and an Assistant Professor of Management at Woosong University, South Korea, where he has taught Management and Marketing for the past nine years. He can be reached at amarasena.anura@gmail.com)
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