Since the end of the Civil War in 2009, Chalinda Abeykoon has been instrumental in shaping Sri Lanka’s startup landscape. He designed the first government-funded incubator, Spiralation, and launched the equity crowdfunding platform Crowd Island. He later joined the Lankan Angel Network, where he, as the CEO, helped attract significant investment, including international investors, to support local startups.

Today, as a Managing Partner at nVentures, a VC fund based in Singapore, he continues to empower entrepreneurs across South Asia.

In this interview, we explore Abyekoon’s experiences, insights, and unique aspects of Sri Lankan entrepreneurship. The conversation offers valuable perspectives on the past, present, and future of entrepreneurship in the island nation.

Edited excerpts:

How long have you been involved in Sri Lanka’s entrepreneurship scene? What initiatives did you take in your initial years? What inspired you to launch nVentures?

I have been involved in Sri Lanka’s entrepreneurship scene since the Civil War ended in 2009. I first joined the government as part of the ICT Agency of Sri Lanka, the apex body at the time, fully funded by the World Bank and under the Presidential purview.

ICT Agency provided small grants to encourage people to start companies because, at that time, we didn’t have an entrepreneurial culture due to the war. People either wanted to leave the country or join one of the existing large corporates and conglomerates.

As the project coordinator, I launched and ran Spiralation for about four and a half years, supporting over 30 companies. I travelled extensively, visiting every state and private university to promote entrepreneurship and organise meetups. We had to encourage people to gather and share their ideas, as there was no existing meetup culture. I was also part of the first Startup Weekend in India, participating in Mumbai, while my friends attended in Bangalore. We held similar events in Sri Lanka.

From 2010 to 2014, there was growing interest in entrepreneurship. By 2014, people were eager to start companies and explore new opportunities.

I then joined Disrupt Unlimited, a fully-owned subsidiary of Brandix, one of the largest apparel manufacturers in the country. It accounts for about 2-3 per cent of GDP and has over a billion dollars in revenue.

Also Read: Small market, big dreams: Meet the 30 Sri Lankan startups that are punching above their weight

At Disrupt Unlimited, I raised a million dollars to invest in technology companies building solutions for the clothing industry. We identified key areas like supply chain and product innovation, provided market insights and customer problems, and invited entrepreneurs to build solutions. We invested in about four or five companies and ran the programme for about two to three years.

As the startup scene grew, companies struggled with angel funding, which was still new. I exited Brandix and, with a few others, launched Crowd Island, an equity crowdfunding platform. We helped companies with pitching and campaign launches, raising about US$700,000, primarily from overseas Sri Lankans. We were profitable, supporting around 10 companies.

In 2019, we faced significant challenges, including the Easter Sunday attacks and a political coup in 2018, which affected our business. The primary source of capital, the Sri Lankan diaspora, became hesitant. By this time, I had accumulated considerable experience.

I was then invited to be the CEO of the Lankan Angel Network (LAN). I joined the LAN in December 2019, attracted about 100 investors, and created the Angel Fund, pooling standard flat amounts from investors.

All investors were Sri Lankans, 30 per of who lived overseas. We deployed the fund to about four or five companies.

In 2020, I took a break and went to Oxford University. Upon returning, I partnered with Imal Kalutotage and Ashok Verma to launch nVentures, a regulated VC fund with a license from the Monetary Authority of Singapore (MAS).

I joined as a managing partner in July, and over the past 24 months, we have made about ten investments in India, Bangladesh, Sri Lanka, Singapore, and the UK.

Why did you incorporate nVentures in Singapore, not in Sri Lanka?

My partners Imal Kalutotage and Ashok Verma have extensive experience in technology, having held regional roles at IBM, Cisco, and HP while based in Singapore. They launched a startup in 2014, which was acquired for around US$15 million, the largest acquisition at the time by a Singaporean soonicorn.

We learned that while product development could happen in Sri Lanka or other locations, having headquarters in Singapore would provide strategic advantages. Singapore offers excellent regulatory governance, a straightforward framework, and a robust operational model.

Ashok is originally from India but has lived in Singapore for the last 20 years. Imal returned to Sri Lanka in 2014. Our strategy leverages the best of both worlds: high-end talent and a great place to build products in Sri Lanka, combined with the regulatory and business benefits of Singapore.

Sri Lanka’s tech industry is really old. How were the early years of the startup scene in the country, and what challenges did it face?

Before 2010, Sri Lanka didn’t have an ecosystem. We had a few companies like Virtusa, WSO2, 99X, and MIT, which built the world’s fastest stock trading platform, later acquired by the London Stock Exchange. However, these were isolated successes driven by individual teams.

The real ecosystem started to emerge around 2010 after the Civil War ended. The major challenge then was encouraging people to start companies, as most aspired to be doctors, lawyers, or engineers. A significant mindset shift was required.

Additionally, there was no culture of sharing knowledge or collaborating outside one’s circle, which is essential for building companies. Software engineers needed to work with business professionals, and fostering community collaboration was a primary challenge.

Another challenge was that early startups were solving problems specific to Sri Lanka, a small market that limited scalability and investor interest. Many successful companies from that era bootstrapped without raising capital and are doing well now.

Currently, we’re in phase three, where Sri Lankan entrepreneurs are solving regional or global problems using local talent, often with an international focus. The pandemic and other factors have accelerated this trend over the last five years.

There are quite a few problems in Sri Lanka for entrepreneurs to solve. What kind of problems did you see initially, and how was the initial interest from entrepreneurs?

Sectors like agriculture, fintech, and education are prime areas right now. We are still early in these spaces. I specifically focus on fintech, but there’s also significant potential in agriculture.

For example, 50 per cent of Sri Lanka’s land is used for agriculture, but its contribution to GDP is only about 6 per cent, so there’s a lot of room for optimisation. We don’t need to reinvent the wheel; we can take lessons from India, Bangladesh, and other parts of the world to move up the value chain and create opportunities.

There’s also a ton of potential in education. In my personal view, the biggest opportunity lies in the B2B segment, regardless of the vertical.

In the past, e-commerce was nascent. The first significant exit was a company called Anything.lk, which was a mix of Groupon and e-commerce. It was acquired by Wow and then acquired by Dialog, the leading telecom company in the country. Now, we have Daraz, which has kind of taken over that space.

What makes Sri Lankan entrepreneurs unique?

Sri Lankan entrepreneurs are extremely resilient and resourceful, shaped by decades of civil war and political uncertainties. This has made them adept at finding innovative solutions despite challenging circumstances. While many consume information from the US and aspire to the flashy, rock-star image of entrepreneurship, we prefer those who are more grounded.

Though smaller than India, the Sri Lankan market offers substantial opportunities due to higher disposable incomes and per capita GDP. This makes it a good market to validate products and develop MVPs. Sri Lanka offers a quality of life and business environment similar to Singapore, making it attractive for startups.

How did local entrepreneurs initially survive without much capital?

There was always a small community of angel investors. However, many early entrepreneurs were encouraged to bootstrap. If you look at South Asia, including India, our economies post-independence grew based on labour arbitrage. The value proposition was to outsource work to us because we could do it cheaper and better.

India is now ahead by about 10-15 years, having moved beyond this model. Large industries like tea, apparel, and tourism in Sri Lanka and similar sectors in Bangladesh and Pakistan heavily relied on labour arbitrage. But now, people don’t want to be low-cost workers. You don’t need a formal education to gain skills; people can learn coding and other skills through resources like YouTube.

This shift creates opportunities for automation, digitisation, and IoT in large organisations. Many of our successful exits were based on products built for these traditional industries. Because of our deep domain expertise, we have a strong foundation for B2B opportunities.

For instance, Sri Lanka’s contribution to the apparel industry is significant. Brandix, a Sri Lankan company, has created the Brandix Apparel City in Vizag, India, which is an entire village converted into an apparel manufacturing hub.

Do you think the startup industry will significantly impact the GDP in the coming years? How is the government supporting this growth?

Absolutely. The government is supporting the startup industry, and initiatives like the recent conference are a testament to that. There’s always the notion that the government can do more, and people will always feel that way in any country.

Personally, I believe in taking the initiative rather than waiting for the government to act. I’ve been fortunate to receive support from Sri Lankans living overseas, and we don’t heavily depend on the government. However, when the government organises events like this conference, they are very much involved.

Top ten verticals in Sri Lanka

How supportive is the corporate sector?

The corporate sector engages in some acceleration programmes and other supportive activities. However, I haven’t worked closely with the corporate segment in the last four to five years.

Our strategy has been to identify promising companies, help them set up in Singapore, build their products, and take them regionally from day one. Most of our network is now based in Singapore and its surrounding areas.

But does setting up in Singapore make sense for Sri Lanka from an economic point of view?

Absolutely. Dealing in dollars makes a lot of sense for many of these companies. Working with international clients brings significant value to the economy, as it generates foreign currency and allows employees to earn dollars or other foreign currencies.

Also Read: Climate champions in the making: Meet Southeast Asia’s 30 rising stars in cleantech

This strategy facilitates regional expansion much faster. Building a company is hard everywhere, be it in India, the US, or anywhere else. Despite the support from ecosystems, government, or private sector, it’s always challenging. So, if you’re going to play the game, it makes sense to aim for a bigger market. It’s like playing cricket; you can play on the streets, but aiming for the World Cup is where the real value lies.

Which Sri Lankan cities have the highest concentration of startups?

There are 885 startups spread across Sri Lanka. For this conference, we had startups from 18 or 19 out of the 25 districts in the country. We selected the 50 best startups from about 1,000 companies, and they came from various regions.

Colombo is the primary hub, much like Bangalore or Mumbai in India. The second largest city with a growing startup presence is Jaffna, close to Kerala. However, great companies can emerge from anywhere, even in areas without a robust ecosystem.

For example, we’ve invested in companies from Kuliyapitiya and Bandarawela, both of which are far from Colombo and lack established ecosystems.

In an article, you mentioned there is a need for local founders to develop sales acumen. What initiatives are you undertaking to address this gap?

With our portfolio companies, we work closely with the Sri Lankan diaspora, particularly those who left in the 1970s and 1980s and are now our investors. We connect these investors (LPs) with our portfolio companies to share their knowledge and expertise. We also run curated workshops specifically for our portfolio companies.

For instance, we focus on the fintech market, helping companies understand how to sell products to banks and telcos, which are the major customers. This approach helps build in-house knowledge and sales acumen essential for engaging with these large clients.

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Image Credit: nVentures.

The post 🇱🇰 From civil war to innovation: nVentures’s Chalinda on the rise of Sri Lanka’s entrepreneurship appeared first on e27.

While each startup has its own culture, there is also an overarching startup culture. Founders who launch their own ventures inevitably find themselves falling down this rabbit hole, despite their best intentions.  

Some caricature startup culture is hustle porn, but it’s much deeper and more multifaceted than simply glorifying the grind. I would like to single out some of the pillars of startup culture so that founders can focus more on business activities that actually move the needle.

Conflating pitching with business-building

Pitching is an essential part of any startup. Founders must pitch potential employees, users, customers, investors, and in more regulated spaces, government stakeholders. Because pitching is a fundamental part of founder work, they often conflate pitching competitions with actually conducting business. 

Make no mistake: Pitching competitions are not venture-building, even if the judges may be investors or there are monetary prizes at stake. Pitching competitions are artificial constructions — that’s why many of them have a theme (i.e. such as only startups from a certain industry or that use a particular technology) that act as constraints that do not occur in the real world. To wit, most investors do not limit what pitches they receive by vertical or technology – they only care about the best businesses, period.

Also Read: Amidst funding slowdown, these 5 Vietnamese tech startups inspire hope for the rest of the year

Pitch competitions may indeed be exhilarating, but they are distinct endeavours from building a scaleable and successful business. 

Selling cultures that only exist on paper 

Every founder has an idealised version of their product or service — what it would look like if they had infinite resources in time, money, and manpower. In much the same way, founders also have idealised versions of their own culture.

When recruiting early employees and even other co-founders, founders tend to sell this idealised version of their own culture, which may be far different from what is happening on the ground. For example, one founder might preach about a flat structure, when, in reality, the company is micromanaged through him. Another might harp on team-buildings and outings that rarely happen in between the grind of building their business.

Although some amount of salesmanship may always be necessary, founders should not recruit employees based on an organisational culture that is a far cry from reality. 

Expecting the same commitment from early employees 

Founders have much larger skin in the game. Even if they have already raised some angel funding or funds from friends and family, they still own a disproportionate amount of equity. As a result, they put extreme amounts of dedication into building the company, knowing that in the event of a liquidity event — such as a buyout from a larger firm — they would profit handsomely.

There is no inherent problem with this structure. Problems only start to occur when founders expect the same unwavering commitment, loyalty, and drive from early employees, even when their rewards are on a different scale. Many early employees may have stock options, but unless your company becomes Google, these will typically not amount to much of anything: Some may have an even better chance of making money by rolling dice at a crap table. 

Also Read: Unlocking the secrets to successful fundraising: 5 essential reads for startup founders

Because there is this mismatch, founders need to have more grace when evaluating early employees: These talents should not be held to the same standards that they hold themselves.

Drowning out the noise 

All of these problems are symptomatic of a larger trend: Founders — like many in this generation — are focused on fanfare and clout. They pitch in competitions to win prizes and get featured in tech publications. They promote a culture that doesn’t exist to make themselves feel good to both potential and current employees. They drive their employees to work endlessly hard because that’s what gets the pat on the back.

Founders, in short, are often much more focused on building their personal brand than their business. The root problem here is often fear. It’s easier to get likes on Facebook, talk about what separates our startups from others, and crack the whip on employees than it is to answer much tougher questions. 

Do we have a compelling minimum viable product? Have we found product-market fit? Do we have the expertise necessary to capture the market before competitors? These questions are considerably tougher because they require introspection, and dare I say, soul-searching, but they are essential if we want to restore course why we began our startup in the first place: To build something great.

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Image credit: Canva Pro

The article was first published on June 24, 2024

The post Don’t drink the Kool-Aid: Remembering why we build appeared first on e27.

As technology continues to reshape traditional financial services, embedded finance has emerged as a key enabler, allowing businesses to seamlessly integrate financial products and services into their existing offerings.

As part of e27‘s flagship conference, the Echelon X keynote speech titled ‘Moving Together in the SEA Ecosystem through Opportunities in Embedded Finance’ revealed the transformative potential of embedded finance in Southeast Asia’s dynamic business landscape from speaker Siddharth Ravichandran, Group CTO at BigPay, a free money app with a global-use card.

The talk explored how embedded finance is revolutionising industries in Southeast Asia, presenting real-world examples of businesses integrating financial services into their platforms. It highlighted the benefits of this model, such as enhanced customer experiences, new revenue streams, and improved customer retention.

The talk also explored Ravichandran’s work at BigPay, highlighting new product offerings that enhance the embedded finance sector. He claimed BigPay offers the best exchange rates, tracks and categorises expenses, and facilitates local and international transfers, making budgeting and money management easy.

Ravichandran also addressed the challenges and potential solutions, emphasising the need for strategic partnerships and regulatory collaboration to fully realise the transformative power of embedded finance in the region.

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Fundraising or preparing your startup for fundraising? Build your investor network, search from 400+ SEA investors on e27, and get connected or get insights regarding fundraising. Try e27 Pro for free today.

The post Echelon X: BigPay CTO Siddharth on unlocking SEA’s embedded finance potential appeared first on e27.

Dear reader,

Sri Lanka’s startup scene has undergone a remarkable transformation since the end of the Civil War in 2009, evolving from a nascent ecosystem into a burgeoning hub of innovation and entrepreneurship. Chalinda Abeykoon has been instrumental in this growth, spearheading initiatives like Spiralation, the first government-funded incubator, and Crowd Island, an equity crowdfunding platform. These efforts have paved the way for a culture of entrepreneurship, encouraging Sri Lankans to venture beyond traditional career paths.

Abeykoon’s journey reflects the resilience and resourcefulness of Sri Lankan entrepreneurs, who have navigated decades of civil war and political uncertainties. His work with the Lankan Angel Network and nVentures, a venture capital fund based in Singapore, has attracted significant investment to the region, empowering local startups to thrive.

The strategic advantages of operating from Singapore, coupled with leveraging Sri Lanka’s local talent, have positioned nVentures to make impactful investments across South Asia. Key sectors like agriculture, fintech, and education hold immense potential, with startups addressing regional and global challenges.

Sri Lanka’s startup ecosystem is now characterised by a strong sense of community and collaboration, supported by the diaspora and international investors.

The future looks promising, with an increasing number of Sri Lankan entrepreneurs poised to make their mark on the global stage, driving economic growth and innovation.

Sainul
Editor.

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NEWS & VIEWS

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This deal will bolster M-DAQ’s local payment capabilities in Malaysia, creating synergy with its existing B2B solutions for FX and cross-border payments; M-DAQ now has a presence in 7 countries and territories and serves 39K clients worldwide.

Vietnam’s VinFast expands to the Middle East
The opening of its first Middle East showroom in Oman marks a significant milestone in its expansion into the Middle East market; The showroom offers sales for VinFast’s smart electric vehicles, including the VF 6, VF 7, VF 8, and VF 9.

Beep secures US$3.3M to expand interoperable EV charging network in Thailand, Malaysia
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Thailand’s APX Logistics nets funding from SBI Ven Capital for Vietnam expansion
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UAE firm invests in Singapore’s cross-border payments startup Aleta Planet
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Hong Kong’s Pichi Finance raises US$2.5M in seed funding
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FEATURES & INTERVIEWS

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As spending becomes realistic, SEA e-commerce is now driven by consumers’ choices instead of supplies
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THOUGHT LEADERSHIP

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FROM THE ARCHIVES

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Image Credit: 123RF.

The post Ecosystem Roundup: Sri Lanka’s entrepreneurship is on the rise | Indian startups gut valuations ahead of IPO push | VinFast drives to Middle East appeared first on e27.

e27 has been nurturing a supportive ecosystem for entrepreneurs since its inception. Our Contributor Programme offers a platform for sharing unique insights.

As part of our ‘Contributor Spotlight’, we shine a spotlight on an outstanding contributor and dive into the vastness of their knowledge and expertise.

In this episode, we feature Lydea Quek, Country Manager for Singapore and Regional Sales Director for APAC at Hackuity, whose mission is to transform how organisations in APJ address cyber threats by precisely prioritising vulnerabilities.

Her journey in the tech world is driven by a passion for solving complex challenges, particularly in helping customers navigate the intricacies of their security processes and tailoring solutions to fit their unique needs.

Thoughts, goals, and journey

Quek’s journey in cybersecurity began as a curious learner, intrigued by the cat-and-mouse game between hackers and defenders. Over the years, this curiosity evolved into a passion for protecting businesses from cyber threats. With a cybersecurity career spanning nearly a decade, she has honed her expertise at leading companies like Fortinet, Thales Security, and currently, Hackuity.

Her expertise in risk-based vulnerability management includes observing a shift towards integrating AI and machine learning for more effective threat prioritisation, along with an increased emphasis on automation and orchestration to streamline processes and reduce human error.

She said candidly, “My upcoming professional goal is to expand Hackuity’s footprint in APAC, ensuring our innovations help more organisations fortify their security postures with better precision. Personally, I’m excited about deepening my understanding of AI’s role in cybersecurity and maybe even finding time to train for my next hiking adventure.”

The driving force

“My motivation stems from a desire to share insights from my startup journey and demystify the world of cybersecurity for a broader audience,” Quek remarked. “Contributing to e27 gives me a platform to connect with like-minded professionals, exchange ideas, and hopefully inspire others to dive into this dynamic field.”

She joined the e27 contributor club earlier this year and, through her articles, shares insights into cybersecurity and reflections on her tech journey.

Also Read: Fanny Fajarianti: Leveraging digital marketing to drive SME success

Advice for budding thought leaders

According to Quek, to become a thought leader, one should:

• Adopt a learner’s mindset: Stay curious, keep exploring, and be open to sharing your unique perspective
• Prioritise clarity in communication: Avoid jargon and focus on delivering value
• Utilise storytelling: Weave insights into relatable narratives to make them memorable
• Engage with your audience: Listen, respond, and evolve based on their feedback

Juggling too many things?

Quek said, “Balancing work, contributing, and personal life as a working mum is indeed a juggling act. I prioritise by setting clear boundaries and focusing on what truly matters.”

She uses time management tools and a structured routine to stay on track. For growth, she invests in continuous learning through formal courses or self-study and ensures she takes time to recharge, whether through exercise, hobbies, or quality time with family and friends.

Staying in the loop

“Staying updated in cybersecurity is like trying to keep up with a high-speed chase. I rely on a mix of industry blogs, podcasts, and webinars. Engaging with professional communities on platforms like LinkedIn and attending conferences also help me stay ahead of the curve. And, of course, nothing beats good old-fashioned networking with peers and industry experts,” Quek noted.

Her recommendations for cybersecurity resources include:

• A classic in the field: The Cuckoo’s Egg by Clifford Stoll
• For staying current: Security Now podcast by Steve Gibson
•  For daily updates: APAC Insider and ZDNet Security
•  For a broader tech perspective: Wired and TechCrunch

“I’d like to leave readers with this thought: In cybersecurity, the only constant is change. Stay curious, stay adaptable, and never stop learning. Whether you’re just starting or you’re a seasoned professional, remember that our collective efforts make the digital world a safer place. And don’t forget to take breaks and enjoy the journey — balance is the key to sustaining success,” she concluded.

Take a look at her articles here for more information and perspectives on her expertise.

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Are you ready to join a vibrant community of entrepreneurs and industry experts? Do you have insights, experiences, and knowledge to share?

Join the e27 Contributor Programme and become a valuable voice in our ecosystem.

The post Lydea Quek: Championing cybersecurity innovation in APAC appeared first on e27.