Country overview of the startup ecosystem in Sri Lanka

The Startup Survey was one of the first steps in that journey – this survey report will help investors, policy makers and entrepreneurs to debate, deliberate and facilitate building an ecosystem to foster the ‘1,000 Startup Program’ initiative launched by SLASSCOM.
About Techcelerate Ventures

Tech Investment and Growth Advisory for Series A in the UK, operating in £150k to £5m investment market, working with #SaaS #FinTech #HealthTech #MarketPlaces and #PropTech companies.
Sri Lanka start ups Business entrepreneur Access fund investor market SLASSCOM Country ecosystem growth
About Techcelerate Ventures

Tech Investment and Growth Advisory for Series A in the UK, operating in £150k to £5m investment market, working with #SaaS #FinTech #HealthTech #MarketPlaces and #PropTech companies.
Sri Lanka start ups Business entrepreneur Access fund investor market SLASSCOM Country ecosystem growth
This project consumed huge amount of work, research 
and dedication. 
Implementation would not have been possible had it 
not been for the support of numerous individuals and 
organizations. We would like to extend our sincerest 
gratitude to:
	 Ruwindhu	Peiris	
Vice Chairman and Entrepreneurship Lead
	 Dharshan	Cooray	
Executive Director (SLASSCOM)
	 Usaith	Uwize	
Marketing and Brand Specialist (DMS Electronics) 
	 Anas	Akram	
Project Executive (SLASSCOM)
	 Ali	Marikar	Bawa	
Senior Research Analyst (Stax)
	 Randika	Rodrigo	
Senior Data Analyst (Stax)
Acknowledgements
SLASSCOM has an aspiration of achieving $ 5 Billion in Export 
Revenue and creating 200,000 direct and indirect employment 
opportunities in the IT/BPM industry by 2022. We believe that the next 
phase of growth in our industry will be powered by companies that are 
yet to be born or are still at their early stages.
Hence, it is absolutely imperative that we nurture and promote 
Entrepreneurship in Sri Lanka. 'Startup Sri Lanka' is an initiative by 
SLASSCOM to ignite Entrepreneurship and is an integral part of 
SLASSCOM's plan to launch 1,000 start-ups, which is one of our core 
initiatives in order to achieve our aspiration for 2022. 
In Sri Lanka each year,  million people enter the job market. Jobs 
need to be created, the government sector has almost reached its 
limit and the private sector has to now provide 8 out of 10 jobs. We 
believe fostering Entrepreneurship will not only create wealth but more 
importantly, create much needed Jobs.   
The Startup Survey was one of the first steps in that journey  this 
survey report will help investors, policy makers and entrepreneurs to 
debate, deliberate and facilitate building an ecosystem to foster the 
'1,000 Startup Program' initiative launched by SLASSCOM. 
My sincere thanks goes to Startup Sri Lanka and the SLASSCOM 
Entrepreneurship Forum, headed by Ruwindhu Peiris, for their efforts 
in conducting the survey and publishing this report.
Mano Sekaram 
Chairman 
SLASSCOM
Chairman's message
1.0 
Country Overview 
7
2.0 
Business in Sri Lanka 
7
3.0 
What is a Start-up? 
7
4.0 
Start-up Survey 
8
4.1 
The Sample Distribution 
8
4.2 
Sri Lankan Entrepreneurs - what are they like? 
9
4.3 
What does a Sri Lankan Start-up look like? 
10
4.4 
What do they think about the current start-up ecosystem? 
11
5.0 
Barriers to Growth for Start-ups 
12
5.1 
Specialization 
12
5.2 
External Funding 
12
5.3 
Addressing Market Needs 
12
5.4 
Restricted Access to Online Payments 
12
6.0 
Path to growing Sri Lanka's Start-up Ecosystem 
13
6.1 
Funding 
13
6.2 
Business Costs 
13
6.3 
Branding Sri Lanka as the Next Start-up Hub 
13
6.4 
Entrepreneurial Mindset 
13
6.5 
Regional Inclusivity 
14
6.6 
Strategic Input 
14
7.0 
What's in Store for 2016? 
14
7.1 
Opening up Markets to Start-ups 
14
7.2 
Improving Skills of Entrepreneurs 
14
7.3 
Enhance access to Technology, Infrastructure and Funding 
15
7.4 
Improve and Simplify the Regulatory Environment 
15
7.5 
Enhance Cultural and Community Engagement 
15
7.6 
Other Initiatives 
15
8.0 
Conclusion 
15
Table of Contents
6
Sri Lanka's strategic geographical position at the southern 
tip of India places it at the nexus of the world, connecting the 
Far East and the Pacific with Europe and the Americas. The 
country's economy has seen a steady growth and reached 
USD 74.94 billion in 2014a growth rate of over 7.5%. 
According to the Central Bank of Sri Lanka, the country is 
making steady progress towards becoming one of the fastest 
growing economies in South Asia; whilst managing inflation 
(3.3%) and unemployment (4.3%).
The growth momentum of the services sector continued 
with an expansion to 7.1% (of GDP) during the first half of 
2015 compared to 4.2% in the first half of the previous year. 
Overshadowed by the long-running war and the success of 
India's information technology (IT) industry, Sri Lanka was 
previously left unrecognized by most as a center for delivering 
IT, business process outsourcing (BPO) and other knowledge 
services.
If Sri Lanka looks forward to sustaining and perhaps increasing 
its level of economic growth, start-ups could provide an 
opening into a highly competitive and largely impenetrable job 
market, reducing unemployment by hiring handfuls of young, 
qualified individuals across a range of industries. Moreover, 
technological advancement and increased competition 
between small businesses, require start-ups to develop 
their products more quickly, efficiently, and cheaply, while 
combating macro-economic issues such as rising rates of 
inflation.
Sri Lanka's current standing as a middle-income emerging 
market, along with the prevalent business optimism and recent 
policy changes to revitalize foreign investment inflows, is 
helping to position it as a regional economic hub.
The business climate within the island is becoming increasingly 
favorable to foreign investors and regional players. It is the only 
country in the world to have Free Trade Agreements with both 
India and Pakistan; the government plans to set up 45 high 
Economic Development Zones and 11 Industrial and Technical 
Zones to attract investors; and Sri Lanka moved up six spots in 
the World Bank's overall 'Ease of Doing Business' ranking this 
year.
But is the country a favorable place for entrepreneurs and 
start-ups? SLASSCOM set out to assess the entrepreneurship 
landscape in Sri Lanka. Having started by surveying local 
entrepreneurs to understand realities on the ground, and 
entrepreneurs' biggest pain points. SLASSCOM already held 
a forum towards the end of 2015 highlighting key issues 
surrounding the growth of Sri Lanka's start-up ecosystem, and 
with these reports we hope to disseminate our findings further, 
and begin a broader conversation on this topic.
Start-ups are new businesses that are innovativethey 
generate new products and ways of doing things. Technology 
ideas are now driving innovation as much as business and 
product ideas, the definition of a 'tech company' has become 
increasingly obscure as most businesses today are built around 
technology creating a high growth, high impact business 
environment.
A start-ups biggest value is the entrepreneurial mindset that 
eventually increases the chances of growing a business 
successfully. There is increasing interest from stakeholders of 
all kinds: venture capital investors, private wealthy individuals, 
event spaces and most importantly governments to get 
involved as the economic benefits of hosting successful tech 
companies is a big plus for the future welfare of any region.
Countries such as Israel are cultivating a thriving, accessible 
and creative start-up environment comparable to that of the 
Silicon Valley. With its capital having a population similar to 
Colombo it currently hosts one of the highest concentration 
of start-ups with 62 accelerators, 40 co-working spaces, 
60 "tech-community" spaces, and almost 70 investors all 
within in a country of just 8.4 million people. Its entrepreneurs 
have created a near perfect 'innovation ecosystem' Whereby 
thousands of high-tech companies and start-ups, leading 
multinationals, accelerators, and dozens of networking events- 
coexist within an environment of raw urbanism and avant garde 
culture.
Israel's start-ups relies heavily upon investors and its 
government, which directly directly supports the company at 
every stage through 1:1 investments and initiatives such as the 
Tel Aviv-Yafo dedicated to elevating the cities global position as 
a start-up hub.
1.0 Country Overview
2.0 Business in  
 
Sri Lanka
3.0 What is a Start-up?
7
The survey was launched by the SLASSCOM Innovation and 
Entrepreneurship Forum to create a better understanding of 
the current start-up ecosystem in Sri Lanka. With quantifiable 
data on ground-level realities, we aim to fuel fact-based 
discussions on Sri Lankan entrepreneurship. Our overall goal 
is for these reports and forums to lead to a strategic, national, 
and inclusive action plan to further nurture and grow the start-
up ecosystem.
4.0 Start-up Survey
4.1 
Survey Sample
8
Our survey found that 75% of respondents were between the 
ages 20 and 35. China indicates a similar age profile with 65% 
of their entrepreneurs being from the same age band.
86% of respondents had a Bachelor's degree or higher - 
compared to 82.5% in the US. More than 65% listed Computer 
Science or Engineering as their core area of expertise.
4.2 Sri Lankan  
 
Entrepreneurs  
 
what are they like?
They are young
They are educated
9
They are predominantly male
Our research proved that 96% of start-ups in Sri Lanka 
consisted of male founders, a trend ubiquitous globally.
Sri Lanka's current start-up ecosystem appears to 
be in the expansion stage with 55% of entrepreneurs 
generating early or growing revenues (with 65% of them 
generating up to LKR150M in revenue).
58% of respondents utilized personal savings to fund their 
business, while 12% of them relied on funding from family and 
friends.
28% of funds were raised externally through angel investors 
and bank loans etc. Access to credit is consistently rated by 
small and medium firms as one of the greatest barriers to doing 
business in Sri Lanka.
38% of respondents work in a team of 2-5 people while only 
7% of them were listed as working on their own. According to 
EY's Global job creation and entrepreneurship survey for 2015, 
47% of global entrepreneurs expect to increase their workforce 
within the first year of the business being founded.
4.3 What does a Sri Lankan  
 
Start-up look like?
They are expanding
They are internally funded
They have a growing  
workforce
10
Respondents, were asked to rate a multitude of factors 
pertaining to the current situation of start-ups:
Affordable	Work	Space
Access to debt capital from banks
More reliable and cheaper access to internet bandwidth
Sri Lanka brand recognition and global marketing to help 
attract foreign clients
Access to experienced mentors to gain advice
Regulatory environment and ease of doing business
Access to technically proficient talent
A convenient means of making and receiving payments 
online (Such as PayPal)
Technical skills
Visible successes and role models that encourage new 
start-ups
Guidance from experienced entrepreneurs
A collaborative business culture
A pro-entrepreneurship culture and support from family 
to pursuit start-up dreams
Risk tolerance and celebration of failures
A supportive regulatory environment and ease of 
conducting business
Availability	of	Capital
4.4 What do they think  
 
about the current  
 
start-up ecosystem?
Ranking of obstacles for 
growth of a startup
Ranking of enablers for 
Startups to succeed
11
Our research showed most start-ups in Sri Lanka undertake 
rapid diversification in order to mitigate the risk of failure.
A group of 27 companies with revenues up to LKR150M was 
assessed to understand if the number of sectors they served 
bore a relation to the revenue they generated. We found that 
companies generating revenue within the range of LKR12M
150M served 2 sectors, while companies that served 3 or 
more sectors generated LKR 012M in revenue.
The strategy of early diversification has its positivescreating 
a larger product mix, increasing the odds of a great idea and 
building up an entrepreneur's skill-set. However, it can be seen 
that start-ups that focus on growing one product have the 
ability to generate greater revenue, possibly due to the fact 
that these players can focus their resources on developing a 
higher quality product. Diversification may be better suited for 
a later stagefollowing the execution of a successful primary 
product; when companies have more resources to develop 
a more sophisticated offering, as well as investigate new 
markets.
Start-ups that received funding from external sources (i.e., 
banks, angel investors etc.) were shown to have a higher 
growth rate than start-ups that were funded through personal 
savings. Adequate access to debt capital however was listed 
as a major problem for aspiring entrepreneurs, particularly for 
start-ups catering to the food/drink and education sector.  
This may explain why the majority of aspiring entrepreneurs 
(62%) look to either personal savings, or family and friends for 
funding.
Although present day start-ups can usually kick-off with no 
involvement from external investors, it is evident that this 
may be the difference between simply starting a business 
and building a sustainable one. Attracting external investors 
requires entrepreneurs to go through a vetting process 
formulating a sound business plan, one that will persuade the 
investor to take a worthy risk.
A start-up that does gain access to external funds may grow 
more rapidly connecting a product with a larger audience 
takes up considerable resources and planning, therefore a 
bigger marketing budget is more likely. Start-ups with big name 
backers also attract the visibility and reputational benefits that 
a self-funded project only receives from becoming successful. 
Furthermore, access to external funding gives businesses the 
capital to attract and hire greater talent to build upon a good 
idea. Investors may even join in as partners; a motivated, 
smart and connected partner may have benefits beyond 
just access to capital, active investors will likely be guides in 
critical business decisions  which in turn could impact the 
growth rate of a business. The dynamism of the tech start-
up environment allows for a limited response time, access to 
external funding may be the key to accessing a market before 
it peaks.
There is currently a mismatch between what investors see as 
potentially high growth sectors, and the sectors entrepreneurs 
are catering to. This misalignment between areas of interest 
could be the reason for lack of funding.
Sectors such as education, transportation and healthcare have 
gained significant interest from investors, but rank low in the 
interest of entrepreneurs.
Entrepreneurs looking to initiate a business are beset by this 
asymmetric information adverse selection problems arise 
when investors are unable to distinguish high from low quality 
ideas and rather place emphasis on the prevailing success of 
a specific industry. This short term-centric credit rationing has 
exacerbated the underinvestment of start- ups in Sri Lanka.
Forums encouraging a dialogue between entrepreneurs and 
investors will be an integral part of bridging this knowledge 
gap. SLASSCOM aims to align the interests of investors and 
entrepreneurs through a multitude of platforms; setting up 
forums to establish an open mechanism to share ideas and 
mentor start-ups, media campaigns to strengthen awareness 
around entrepreneurship and, organize events to showcase Sri 
Lanka's start-ups to further attract investors.
The survey showed that a large number of existing and aspiring 
entrepreneurs saw the lack of convenient online payment 
gateways such as a major operational issue. Sri Lanka is 
currently restricted from receiving payments through PayPal, 
hindering many business owners from growing their businesses 
globally.
Although a variety of other payment gateways are available, 
PayPal is said to have more than 173 million active users 
worldwide. The restricted access to PayPal has been as a 
result of the Central Banks regulations to curb illegal money 
laundering. Majority of Sri Lankan businesses however 
still have access to smaller international gateways such 
as 2Checkout and MoneyBookers; it is imperative that the 
government addresses these issues as it could prove to be a 
major growth obstacle to Sri Lanka's start-ups.
5.0 Barriers to  
 
Growth for  
 
Start-ups
5.1 
Specialization
5.2 
External Funding
5.3 Addressing Market Needs
5.4 Restricted Access to  
 
Online Payments
12
With over 50% of aspiring and existing entrepreneurs opting 
to utilize personal savings to start their business, it is evident 
that external funding and the lack of support from the banking 
system are clear barriers to Sri Lanka's start-up ecosystem.
The current slump in global capital markets and Sri Lanka's risk 
averse nature of investors has led them to look for more stable 
avenues for investment. A mutual fund catering exclusively to 
start-ups can be considered an alternative to the conventional 
investment paths for venture capitalist and angel investors 
diversifying risk as well as portfolio, while having potential to 
bring in exponential returns.
Encouraging enterprises and individuals to make angel 
investment in the IT/BPM industry by extending triple tax 
deductions for angel investments of up to Rs.25 million rupees 
with matching investment from the state; funds will be required 
to be managed via a chosen development bank.
The current restrictions imposed on foreign investors should 
be relaxed private foreign investments are risk free to the 
country and whilst providing funding for start-ups, they bring 
with it the advantages of advanced technology, management 
best practices and assured markets. This will also open up the 
possibilities of bringing in websites such as 'Kickstarter' one 
of the largest crowdfunding platforms for start-ups that have 
a played a pivotal role in uplifting the start-up ecosystems in 
countries like Australia.
A government supported technology investment fund is 
proposed to support businesses at different stages. Proactively 
engaging in private public partnerships has led to the rapid 
development of start-up ecosystems in countries such as 
Singapore where the government has put into place initiatives 
such as the $1B 'Technopreneurship' Investment Fund, offering 
up to $2M per start-up.
The survey showed that over 50% of existing and aspiring 
entrepreneurs find the lack of affordable workspace to be an 
issue. Furthermore, the cost of electricity which remains one 
of the highest among countries of similar standing is a key 
concern if Sri Lanka is to compete as a tech start-up hub.
Fostering incubators and co-working spaces that provide low-
cost space, and subsidized electricity is proposed to tackle 
heavy costs of operation during the company's infancy. Public-
private partnerships to identify suitable areas to be converted 
to 'incubator zones' offering affordable rental and electricity 
rates as per a pre-defined scheme.
Over 50% of aspiring and existing entrepreneurs consider 
brand recognition and the ability to attract foreign clients as 
an issue; it is evident that majority of existing entrepreneurs 
are yet to identify its national marketing strength and branding 
as an important factor to differentiating their businesses. 
Furthermore, the recognition of start-ups by the government 
and initiatives taken to position the country as a start-up hub 
has played an instrumental role in developing the start-up eco 
system in places such as Hong Kong.
It is recommended that fund be created under the supervision 
of the IT/BPM Industry Advisory Committee of the EDB for:
 The continuation of country reports by globally recognized 
commentators and analysts (Gartner) to provide a credible 
view of the ground realities.
 
Invitation of foreign media and press to promote and 
highlight Sri Lanka as a Start-up hub.
 Sri Lankan entrepreneurs attending and taking part in high 
level events such as 'Tech in Asia', to gain exposure to the 
international market.
 Continue focus on e-Government initiatives with a "Buy Sri 
Lankan" policy
It is evident that there exists a culture of low risk taking 
propensity amongst aspiring entrepreneurs in Sri Lanka.
When evaluating feedback from the survey respondents it can 
be seen that majority do not see social and cultural factors as 
conducive to developing start-ups. Furthermore, aspiration to 
go beyond the local market is not adequate even for start-ups 
within the Rs.150M revenue band.
It is recommended that a consolidated effort be made to 
influence the mindsets of students, parents and the public to 
generate more interest in start-ups. Primary and secondary 
education should be structured to foster entrepreneurial 
thinking whilst inculcating the learning and application of 
essential core skills into curricula.
6.0 Path to growing  
 
Sri Lanka's  
 
Start- up  
 
Ecosystem
6.1 
Funding
6.2 Business Costs
6.3 Branding Sri Lanka as  
 
the next Start-up Hub
6.4 Entrepreneurial Mindset
13
SLASSCOM plans to initiate, incubate and accelerate the 
start-up ecosystem in Sri Lanka through focused plan targeted 
towards the key areas mentioned below:
 Diaspora-Connect: Identifying Diaspora with high potential 
business ideas and matching them with the necessary local 
tech talent required to bring the idea to reality.
 
Identifying Start-ups with similar interests to current 
government ICT initiatives to encourage government 
participation and interest.
 
Industry-wide alignment through events similar to 'Sri Lanka 
Tourism 2.0' for potential high growth industries to position 
Sri Lanka as a unique destination for start-ups.
 Establish a partnership with IIPL an accelerator based 
in Singapore to promote the regional expansion of high 
potential start-ups.
87% of the IT/BPM workforce are from areas outside Colombo, 
this has created an environment of increased urbanization and 
living costs. Analysis of the geographic spread of the survey 
respondents revealed majority of the investment community 
and aspiring/existing entrepreneurs were from Colombo.
It is important to ensure inclusive growth in order to achieve 
national prosperity initiatives such as the entrepreneurship 
workshop held in Jaffna to create awareness of start-up 
potential of regions outside Colombo. Tax incentives for 
existing IT/BPM companies to set up operations outside 
Colombo will ensure a balanced development of the ecosystem 
and infrastructure throughout the country.
Access to experts that have an objective view of the business 
similar to that of an investor  can be paramount to 
streamlining a company's goals and providing it with a long-
term plan to fruition. Specialist input towards a realistic 
valuation may aid the funding process by providing lenders 
with a more credible foundation to invest, while consultation on 
strategy and in-depth market research will allow the company 
to follow a focused path to growth.
Possible government subsidies will help start-ups gain access 
to professional help to better understand markets, identify 
pathways to organic growth and discover untapped areas of 
opportunity. Furthermore, steps should be taken to organize 
similar initiatives to SLASSCOMS Xeleration, Sri Lanka's first 
accelerator program with regional access; which provides 
start-ups with immersion into the international forum and, 
mentoring from entrepreneurs and domain experts whilst 
providing exposure to valuable networks to help capitalize on 
regional growth opportunities.
7.0 What's in store  
 
for 2016?
7.1 
Opening up markets  
 
to Start-ups
6.5 Regional Inclusivity
6.6 Strategic Input
 Develop partnerships with relevant institutions to encourage 
the teaching and cultivation of an entrepreneurial mindset at 
an early age.
 
 Synergize an appropriate university/ institute to offer a 
'SLASSCOM Tech Entrepreneurship' to help identify ideas 
with high business potential.
 Create a structured industry mentoring mechanism focused 
on product engineering to refine offerings of start- ups with 
high potential, with the ultimate aim of doubling its value.
7.2 
Improving Skills  
 
of Entrepreneurs
14
 
 Establish cost-friendly co-working space with an effective 
shared services network (legal, secretarial, HR, marketing, 
etc).
 Forum with banks to help promote start-up friendly credit 
facilities through a dedicated model for infant IT/BPM 
companies.
 Support existing accelerator programs to mentor and grow 
high potential start-ups.
 
Identify key bottlenecks in the prevailing regulatory 
framework and advocate with respective bodies.
 Organize events in association with Kandy IT week to 
create awareness of entrepreneurship in areas outside of 
Colombo.
 Recognize successful existing tech start-ups through 
extensive media coverage.
 Create an open-source forum for entrepreneurs to share 
and mentor each other by their area of expertise.
In addition the initiatives above, SLASSCOM hopes to engage 
in dialogue with the government and other regulatory bodies to 
discuss implementing the following:
 The introduction of free or subsidized work space for high 
potential start-ups for up to a year.
 Reduction of Incorporation fees from the currently 
stipulated Rs. 20,000 to Rs 5,000 for IT start-ups with a Rs. 
500 annual fee, and the removal of the fees imposed on 
companies looking to liquidate.
 Undertake targeted capacity building for high value 
entrepreneurs in areas such as digital marketing, UI/User 
Experience design and life-cycle management. In addition 
to this, start-ups will be educated on how to attract 
investors and facilitate management buyouts.
 Relaxed regulations on foreign-hires to enable start-ups to 
receive expert consultation and guidance.
7.3 
Enhance access  
 
to Technology, 
 
Infrastructure and  
 
Funding
7.4 
Improve and simplify  
 
the regulatory  
 
environment
7.5 
Enhance cultural  
 
and community  
 
engagement
7.6 Other Initiatives
Over the past few years Sri Lanka has made significant 
progress in areas related to physical infrastructure development 
in order to promote business. However, Sri Lanka appears to 
be of weak standing with regards to institutional coordination; 
ranked relatively low for the cost of registering a business and 
time taken to enforce a contract (although higher than most 
other South Asian countries).
The bureaucratic bottlenecks are exacerbated by limited 
access to finance, a comparison of the strength of collateral 
and bankruptcy laws to protect the rights of borrowers and 
lenders ranks lower to other developing countries. Sri Lanka 
secured three out of twelve important policy prescriptions 
based on the strength of legal rights that facilitate lending for 
business start-ups, behind countries such as Vietnam and 
Cambodia which scored seven and eleven respectively. With 
approximately 80% of businesses being SMEs contributing 
to over 50% of the nation's GDP, it is necessary that these 
regulatory hindrances be managed to establish an enabling 
environment.
The success of creating a global start-up hub can be 
accredited to creating a conducive ecosystem an enabling 
government policy direction, social awareness, entrepreneurial 
skill development, business acumen and seed funding.
Sri Lanka's thriving service sector, technology and finance 
skills base and a growing IT/BPM ecosystem makes it a prime 
candidate to become a regional start-up hub. A focused 
national program driving key issues, aligning the interests of 
the public and private sectors, and increasing awareness as 
per the recommendations made will drive the country towards 
achieving this goal.
8.0 Conclusion
15
Section	1
 
 Competitive Benchmarking: Sri Lanka Knowledge 
Services. ATKearney. Available from: https://www.
atkearney.com/documents/10192/430128/country_
competitiveness_study-sri_lanka.pdf/7d3033a4-5935-
41d8-bf99-a1462bf7d553 [Accessed January 12, 2016].
 
 Location and Connectivity. Board of Investments. 
Available from: http://www.investsrilanka.com/why_sri_
lanka/location_and_connectivity [Accessed January 10, 
2016].
Section	2
 Annual Report 2014. Central Bank of Sri Lanka. 
Available from: http://www.cbsl.gov.lk/pics_n_docs/10_
pub/_docs/efr/annual_report/ar2014/english/5_
chapter_01.pdf [Accessed December 20, 2015].
 Doing Business in Sri Lanka. Doing Business. 
Available from: http://www.doingbusiness.org/data/
exploreeconomies/sri-lanka/ [Accessed January 11, 
2016].
Section	3
 Digital Travel in Tel Aviv. Tel Aviv Non-Stop City. 
Available from: http://www.telavivstartupcity.
com/#!digital-travel/c1yu8 [Accessed January 18, 2016].
References-SLASSCOM
16
Startup Sri-Lanka is a brand represented by SLASSCOM's Entrepreneurship Forum. A national 
initiative to educate, enable and empower entrepreneurs, startups and investors in building a 
startup ecosystem in Sri-Lanka
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http://www.slasscom.lk/startupsrilanka
http://www.lankanangelnetwork.com/default.php
http://readme.lk/business-setting-startup-sri-lanka/
http://roar.lk/startups/hottest-sri-lankan-startups-2015/
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