Hatch launches Startup Nation initiative to uplift entrepreneurial spirit
Daily FT: In a bid to further foster and support entrepreneurship in Sri Lanka, Hatch, its leading startup ecosystem, recently unveiled the Startup Nation initiative to discover, build and fund disruptive innovations from around the country.
Under this initiative, Hatch is set to host a national start up competition, where the top 100 of 1,000+ applicants will be shortlisted. The winners will receive support and funding from investors, where the MVP (Minimum Viable Product) revenue generating startup that emerges victorious will be eligible for best efforts to receive a funding opportunity of $ 100,000, with the possibility of follow-on investment.
Speaking at the event, Hatch Co-Founder Jeevan Gnanam said, “Over the last five years, Sri Lanka has faced immense challenges. But guess what? Despite setbacks, we are witnessing the emergence of the next wave of global enterprise from Sri Lanka; local talent solving global problems. But startups need a strong ecosystem. No founder succeeds alone. They need a network, resources and environment that encourages their bold ideas. This is exactly what Hatch provides; a support system where sales can grow, learn and launch globally.”
Gnanam said that through this program, Hatch aimed at supporting ideas and innovation of small and beginner entrepreneurs, creating a system that provided them with access to capital and global exposure. Hatch would then help those startups to develop sustainable solutions to expand and thrive globally. Fostering startups this way would result in Sri Lanka being a top contributor to the global startup ecosystem, he explained.
Under the Startup Nation initiative, Hatch will target businesses that are MPV revenue-generating. The competition will feature deep tech solutions, B2B and B2C innovations, enterprise software, and startups solving key national problems with potential for global scalability.
“When startup founders face obstacles, they don’t give up, they rise up. Sri Lanka must do the same. At Hatch, we don’t see our nation’s challenges as limitations, we see them as opportunities. Entrepreneurs thrive in problem rich environments and Sri Lanka is in the perfect storm to become a startup nation. We must not let our past define us, but instead let it refine us,” Gnanam said.
While having only 18 startups in 2018, Hatch has grown to over 700 and 800 seats today. Now, it aims to grow to 3,000 seats in 2026, solidifying its status as the pillar of Sri Lankan entrepreneurship. In doing so, Hatch will also identify and accelerate the growth of Sri Lanka’s top 100 startups, bringing them together to create a powerful entrepreneurship ecosystem.
In supporting Sri Lanka’s most innovative minds to build on their ideas, the Startup Nation program will not only provide those entrepreneurs with mentorship, resources, and exposure, but also subsequently contribute to Sri Lanka’s economic development. It would position Sri Lanka as an emerging hub of innovation in the eyes of global investors and corporates, Gnanam highlighted. Startup Nation is set to foster world-class, scalable startups that address critical national and global challenges while creating a space for these entrepreneurs, investors, policymakers and corporate partners to collaborate and build sustainable, high-impact businesses.
Over the past 12 months, Hatch has laid a solid foundation to bring this vision to life, engaging investors and partners from Singapore, Vietnam, Korea, Malaysia, and Australia. Hatch has also utilised a proven incubator model that integrates investment, market expansion, and patent development, demonstrating tangible success.
OSL take:
Sri Lanka’s expanding economy has created openings for the emergence of many entrepreneurs. With the increasing business/investment opportunities in the country, there has been a growth in start-ups and expansions of local SMEs in the country. Given the steady growth recorded by Sri Lanka on its path to becoming a regional hub, which has also increased the country’s business potential, the opportunities presented by start-ups could offer lucrative business ventures for foreign businesses/investors. In such a backdrop, initiatives like Startup Nation could present foreign businesses/investors with business opportunities in Sri Lanka. The strong bilateral and trade ties enjoyed by Sri Lanka with many foreign countries, foreign businesses could look at partnering with local start-ups with the aim of further expanding operations locally and internationally. The increasing business potential in Sri Lanka has attracted many foreign businesses/investors to explore the emerging opportunities in Sri Lankan start-ups and SMEs.
| Article Code : | VBS/AT/20250324/Z_4 |