Sri Lanka, a beacon of technological progress two millennia ago, has faced daunting challenges in recent years. From high inflation to budget deficits and a declining economy, the island nation has struggled to find its footing in the modern world.
However, a bold initiative aims to rekindle the country’s once-glorious legacy of innovation and technological excellence—TRACE (Technologically Re-Awakening Culture of Excellence).
“TRACE is more than just an organisation; it’s a vision-driven movement that aims to make Sri Lanka a globally recognised innovation hub. By fostering collaboration, technological advancements, and entrepreneurial spirit, TRACE is charting a course for the nation to reclaim its position on the global innovation map,” says Executive Director Heminda Jayaweera.
Also Read: Small market, big dreams: Meet the 30 Sri Lankan startups that are punching above their weight
With a philosophy centred on nurturing ideas and transforming them into tangible realities, TRACE is building the foundation for a knowledge-driven economy.
A historical legacy, a modern mission
Sri Lanka’s past is one of technological brilliance, but recent economic hardships have obscured that legacy. Yet, TRACE is determined to rewrite the narrative.
“Emerging from a simple concept, it has evolved into a powerful movement grounded in the belief that Sri Lanka can lead in technological innovation again,” Jayaweera added.
“TRACE’s mission is the belief that innovation, creativity, and collaboration can drive national progress. Developing innovative products and services across various industries provides Sri Lanka with the tools to thrive in the global economy, attracting local talent and much-needed foreign remittance despite the country’s economic struggles,” he shared.
The birth of TRACE Expert City
One of TRACE’s most iconic achievements is the development of TRACE Expert City, an ecosystem for innovation housed in the former Tripoli Market Premises in Colombo.
Born from a public-private partnership with Sri Lanka’s Urban Development Authority (UDA), TRACE Expert City took underutilised urban spaces and transformed them into powerful engines of growth.
Since opening its doors in 2014, TRACE Expert City has flourished into a critical part of the national economy, generating over 150 million Sri Lankan rupees (~US$500,000) in annual rent revenue for the UDA and creating over 2,500 high-skill jobs.
More importantly, the City has become the “Silicon Valley of Sri Lanka,” housing cutting-edge technological innovations and entrepreneurial ventures and hosting events that promote a knowledge-based economy.
Also Read: From civil war to innovation: nVentures’s Chalinda on the rise of Sri Lanka’s entrepreneurship
With over 100,000 square feet of developed infrastructure, TRACE Expert City seeks to foster the next generation of entrepreneurs and position Sri Lanka as a global player in technology.
Extending innovation beyond Colombo
TRACE’s impact extends beyond the borders of Colombo. In 2018, it launched the TRACE BREAD Centre, a food-tech incubator in Makandura that supports food innovators and entrepreneurs.
Although COVID-19 disrupted operations, TRACE took over the centre’s management in 2023, and by early 2024, the initiative had bounced back, with exports resuming in full force.
In Ratnapura, the TRACE Creators Space offers a vibrant platform for co-working, entrepreneurship, and creativity training. Nurturing innovation in this historically rich region unlocks the hidden potential of areas outside the capital and ensures that opportunities for growth and innovation are available across the nation.
Education and workforce transformation
The TRACE Theory to Trade (T2T) programme is another cornerstone of TRACE’s mission, bridging the gap between academia and industry. This programme equips students with the hands-on skills and experience they need to succeed in the rapidly evolving world of information technology.
By offering career guidance, industry-expert instruction, and certification, T2T is creating a future-ready workforce to drive Sri Lanka’s next phase of economic growth.
Like Sri Lanka’s National Apprentice and Industrial Training Authority (NAITA), T2T started focusing on IT, but TRACE has ambitious plans to expand into other sectors. Operating on a fee-based model, it ensures both sustainability and a high-quality learning experience for students who leave the programme well-prepared to meet the demands of the global economy.
Cultivating the innovators of tomorrow
TRACE’s vision extends beyond higher education and entrepreneurship—it reaches into the classrooms and minds of young people.
“The ‘TRACE Journey’ initiative is designed to inspire the next generation, from school-aged children to young adults, encouraging them to dream big and realise their potential,” stated Jayaweera. “Through company visits, career talks, and hands-on opportunities, we bridge the gap between education and the professional world, giving young Sri Lankans a roadmap to success.”
Empowering Startups through TRACE Open Pitch
For budding entrepreneurs, TRACE Open Pitch provides mentorship, networking opportunities, and access to potential investors, helping visionaries realise their ideas.
Also Read: Exploring Sri Lanka’s potential as a premier global IT hub
Through the TRACE Open Pitch platform, entrepreneurs gain access to a thriving ecosystem of like-minded individuals, industry experts, and key resources that can propel their ventures forward. It’s not just about starting a business—it’s about building something that can impact the world.
Bridging gaps through TRACE Ventures
TRACE Ventures builds on the original concept of TRACE by expanding into high-tech industries, market access, and diaspora engagement. By reinforcing partnerships with research and development centres and focusing on product engineering, TRACE Ventures is opening new avenues for growth, providing opportunities for startups, and strengthening Sri Lanka’s position as a player in the global innovation economy.
A bright future for Sri Lanka
The story of TRACE is one of hope, innovation, and the belief that a small island nation can once again lead the world in technological excellence. Through its diverse initiatives—TRACE Expert City, the BREAD Centre, T2T, and TRACE Ventures—the organisation is building a future where Sri Lanka can compete and thrive globally.
With each new venture, TRACE lays the groundwork for a knowledge-driven economy that will benefit all Sri Lankans, whether they live in bustling Colombo or the rural heartlands.
—
Image Credit: TRACE
The post Re-awakening Sri Lanka’s legacy of innovation: The story of TRACE appeared first on e27.