government will launch IT Initiative, an exclusive fund to develop the IT industry with the assistance of the island’s universities.
The Minister of Finance Mangala Samaraweera in his budget for next year announced that the government will launch its “Angel Fund for the IT industry” and invest Rs. 3 billion in the fund within the next five years. The initiative will be operated through the Export Development Board.
In his budget speech Minister Samaraweera said the IT and the IT related sectors have the potential to reach USD 5 billion in export earnings in the next 5 years.
“As such, to support this industry, especially the SME IT companies, we will launch, the ‘IT Initiative’, which is in effect the Government’s angel fund for the IT industry,”
The initiative, in the next five years will support the local startups and also attract foreign startups, and Small and Medium sized IT Companies. It will support creating the enabling environment by supporting establishment of Incubators, supporting the acquisition and augmentation of skills and knowhow in collaboration with the local universities etc.
The IT Initiative will at the outset finance 50% of the rent expenditure for 24 months on the Hatch Incubator and similar support to any such