Sri Lanka's rural youth create start-ups and nail blue-chip projects

Having dared to break into entrepreneurship despite graduating with a Sri Lankan university degree, 73 Lankan youth clinched financial grants from Sri Lanka’s National Enterprise Development Authority (NEDA) in a celebration of their start-up successes, the Ministry of Industry and Commerce and Vocational Training said.

The Ministry pointed out that some such SMEs have even succeeded in nailing projects from well-known blue-chip companies.

The grants, made under ‘Upadidaree Vyavasayaka Udanaya’ (Graduate Entrepreneurs’ Awakening –GEA of NEDA) imparts cash to small business start-ups (mostly) belonging to the rural youth graduates. The grants are given to new small businesses that proved to be viable and profitable after their NEDA backed business registrations were completed. Their entire new business setup process-from business registration, training, production outputs, and to sales and marketing were solely assisted by NEDA’s GEA program. With 30 August grants to 73 new SMEs, such NEDA supported youth entrepreneurs’ total count now stands at 173. Around 70% of who received grants on 30 August are from the rural sector. Grants ranged from Rs 150000 for single owner start-ups and Rs 400,000 for jointly owned start-ups.

“Our Ministry is investing Rs 100 Million for NEDA’s GEA project. Today 73 more rural youth entrepreneurs who proved their start-up successes are getting grants from us to strengthen their SMEs,” said the Minister of Industry, Commerce, Resettlement of Protracted Displaced Persons, Cooperative Development, Skills Development & Vocational Training (ICTPDPCDSDVT) Rishad Bathiudeen. Minister Bathiudeen was addressing his NEDA’s GEA awards event at Narahenpita.

Baithiudeen extended his wishes to the youth entrepreneurs and praised their efforts to become entrepreneurs rather than running after government jobs.